Blockchain Technology News and Updates

Crypto mining company Argo today reported that in the midst of the current bear crypto market, it is registering significant growth and more demand. Up until mid-November, Bitcoin prices had been holding out at the $6,500 but dropped to $3,500 at one point before going up to the $4,000 mark.

The London-based mining firm made its debut early this year in the London Stock Exchange and has stated that the number of crypto mining packages has increased from 4,200 to 10,325 as of the time of press, beating its January 2019 target package sales. It is the first ever cryptocurrency technology-based company to seek listing on the stock exchange. By getting listed, the company founders were hoping that Argo will be able to get the recognition and credibility it deserves and be able to attract global investors.

Argo’s founders, allow their users to mine the altcoins from the comfort of their home. The amount of electricity required to mine cryptocurrencies is huge and incurs crazy costs that may a bit too much for potential miners. Argo president and founder, Mike Edwards, has invested in cheap and green hydropower to run the mining systems, with a capacity to mine at scale.

Argo offers mining services to its users to tap into the mining network for a monthly subscription fee. The idea behind this kind of service is Netflix (yeah, that was the inspiration behind the mining company). According to Edward, the idea behind the service is because crypto mining is majorly controlled by elites, therefore making it impossible for regular people to access. By offering scaled subscription services, the service is democratized and easily accessible.

After subscribing to the company’s mining service, a user is allocated ‘hashing’ power from a mining rig that will allow him to use it for mining purposes. The service is very convenient as the Argo system provides the user with options of which cryptocurrency to mine, which mining pools to join, wallets to use and finally credit card approvals.

This gives Argo a competitive edge against other crypto mining companies. The listing of the company removes the risk that all crypto users are afraid of, fraud and scams. It commands a level of trust that no other mining company has.

This is solely the reason behind the mining activity that is being registered by the company despite the market conditions right now. The demand is so high that by September, the company had a waiting list of almost 50,000 new customers waiting to get listed on their subscriptions. Also, it is worth to note that although Argo’s shares have registered a growth of 25% in their share profits since they got listed on the LSE, the shares are highly discounted as compared to the time of listing.

 

 

 

 

 

 

Do you need to know more about Bitcoin and blockchain tech in a hurry? Want to learn what mining is or what block time is? Or just more about the topic in general? The sheer volume of information online on the subject is staggering. Not all of us have the time or inclination to wade through pages and pages online, though.

If you want to cut through the noise and get the information that you need quickly, start with the Bitcoinfy’s infographic below. You’ll see everything that you need to know about Bitcoin and it’s underlying blockchain tech in an instant.

And no, they’re not the same thing. Bitcoin is a cryptocurrency. That is, a digital currency that exists solely online. Blockchain, on the other hand, is the ledger or the permanent record itself. Essentially, it’s the tech that makes BTC possible.

To understand the difference further, think of it like this. Blockchain is kind of like the processor in your laptop. It keeps everything running smoothly, but it doesn’t have to be used by just one brand of laptop. Whether your laptop is a Dell, HP, or Acer, it will need a processor to run it.

Bitcoin, on the other hand, is like the laptop itself. Just as your laptop would be useless without a processor, BTC is useless without the tech that underpins it. It’s an important distinction to make, and one not everyone is aware of.  

What’s more interesting, though, is that blockchain has so many different applications. We’re probably most aware of BTC, but this technology is a lot more versatile than just one simple application. At the moment, there are around 2,100 other cryptos in the mix, and each brings its own special touch to the party.

The tech has always been open-source, which means that not only can everyone use the code, but they can also adapt it to suit their purposes. Ethereum and Ripple, for example, are two other applications that have taken the basic concept and expanded on it, but there are many more others out there.



Start by reading through the infographic to understand the basic concepts, and then have fun with your own research into this fascinating new world.

Read More : https://bitcoinfy.net/bitcoin-and-blockchain-technology/

The presidential candidate of Nigeria’s leading opposition party has promised to support blockchain and cryptocurrency, local news outlet the DailyPost article reported Nov. 24.

The Nigerian news outlet reportedly analyzed the Peoples Democratic Party (PDP) candidate Atiku Abubakar’s “Get Nigeria Working Again” policy that he reportedly promised to enact if he is elected president February 16, 2019.

DailyPost reports that in the document, the politician declared that “he aims to speed up the economy positively through blockchain and cryptocurrency.”

According to DailyPost, Abubakar stated that to unlock “the potentials of the new economy” PDP “shall promote the production of a comprehensive policy on blockchain technology and cryptocurrencies.”

DailyPost also quoted Abubakar platform as stating “regulation will provide clarity” in this “industry that consists of 1,800 currency types.” The terms of the mandate are also promised to be “controlled  in a way that provides job opportunities as well as  revenue  for the government and people of Nigeria.”

As we reported in mid-October, the Nigerian government has been partnering with local startups to develop blockchain in the country. In March, Nigerian regulator Nigeria Deposit Insurance Corporation (NDIC) warned against the use of cryptocurrencies because transactions are not insured.

In recent times, blockchain has become a magic word for organizations, who are using the technology to resolve advanced issues. Some of that magic looks to be rubbing off on career prospects for those operating within the Industry.

There are various statistics which are a testament to the growing demand and salaries for blockchain developers. Glassdoor, a jobs review website, found that demand for blockchain-related jobs this year increased by 200%  as compared to last year. New York accounted for the most blockchain Job openings followed by San Francisco and San Jose. Chicago and Seattle rounded out the top five.

Upwork, a website for freelancers, noted that demand for freelancers with a “blockchain” tag grew by 3400%  this year as compared to last year. The skyrocketing demand for blockchain-related jobs has additionally translated into improved Salaries for those in that Field. online jobs website Employed, told CNBC that the average Salary payment for blockchain developers is between $150,000 and $175,000 – which is $15,000 to $40,000 more than what Software engineers take home. That salary range puts blockchain developers at par with another in-demand field –engineers dealing with AI(Artificial Intelligence ).

What’s The Reason Behind The High Salaries For Blockchain Developers?  

The high Salaries for those working in the Blockchain space is primarily a  function of supply and demand. Tireless media coverage has ensured that the Blockchain technology is on everyone’s mind. Big and Established firms such as Microsoft, IBM, Samsung, have embraced blockchain and announced initiatives specifically related to the technology.

Microsoft has started a Blockchain-as-a-service (BAAS) within its cloud Division, Azure.Facebook has Tasked a team to explore blockchain uses in its business.

There are  Few programmers with the relevant skill set on Blockchain Technology which has helped inflate the salaries for those with the technical Expertise.In order to fill the gap that has been created with the shortage of Blockchain developers, several Initiatives have been Launched to motivate budding developers.

This includes :

  • Bounty Programs – These programs allow the developers to discover and resolve bugs before the general public is aware of them, preventing incidents of widespread abuse.
  • Boot camps- Held a few times in a year, Boot camps bring together developers who share ideas and challenges facing the Field.
  • Universities have also not been left behind. They have started Online courses focused on Blockchain Technology. University of Nicosia is offering MSc in Digital Currency.The program seeks to fill an important gap that exists today between the supply and demand for academic and practical knowledge in the area of digital currency and blockchain Technology.

IBM has filed a patent for a blockchain-based system which will prevent players of augmented reality games entering physical spaces that are undesirable.

They cite as examples “high-risk locations, culturally sensitive locations, locations marked by property owners.” Augmented reality is a technology which adds layers to physical reality. An example is Zombie GO, an AR game which places zombie in real life or perhaps the most famous example, Pokemon Go. AR can have other applications than games, however, such as displaying historical views of locations.

The aim of the technology IBM seeks to patent is to improve the political and actual use of AR in physical space, in an effort to prevent collisions of AR with locations that are not desirable by either party. An attack vector in location-based AR games is when “actors or users may maliciously profile a location for different purposes (e.g., misleading game players by falsifying the profile of a location where the ARC can be placed).”

IBM Uses Blockchain to Keep AR Players Out of Trouble

Blockchains will be used in the patented system to accurately document information about locations used in such games and systems.

Thus, it is important for the system to verify/validate any location related transaction. Accordingly, the method 300 includes tracking 310 or verifying recommended locations, labels, or tags using a location/label/tag blockchain-based system.

The blockchain system securely tracks, stores, and maintains location related transactions along with other location metadata. A blockchain is a distributed database that maintains a continuously-growing list of data records hardened against tampering and revision. It consists of data structure blocks–which hold exclusively data in initial blockchain implementations, and both data and programs in some of the more recent implementations–with each block holding batches of individual transactions and the results of any blockchain executables. Each block contains a timestamp and information (e.g., a hash of a previous block) that links it to a previous block.

The system will also include a neural network which will learn the results of interactions in various locations and record the data in the blockchain used.

Thus, risk prediction can occur based on rules learned by the cognitive neural network from past transactions in the blockchain, for example, a pattern of many user movements combined with discrete results such as incident reports, complaints against users, etc. By running the learned rules on more recent patterns of user movements, it is possible for the cognitive neural network to identify potential risks to users with varying degrees of confidence.

The patent process can be lengthy and it could be years before IBM releases a product based on the new patent. IBM has for years been involved in the blockchain space to varying degrees, targeting mostly enterprise clients, but its involvement in entertainment has been rare.

Blockchain technology is probably one of the most impactful discoveries in the recent history. After all, it has a massive potential to change how we handle online transactions. Despite some skeptics, the majority of experts agree that blockchain has the potential to disrupt the banking and financial industry, and many other ones!

But what is this technology exactly? We at CryptoCoinJunky will try to explain that in Layman’s terms, as well as provide you with insights into how different industries can benefit from blockchain.

To put it simply, blockchain enables decentralized transactions across a P2P network. There is no need for a middleman, resulting in almost instantaneous operations and most importantly, low fees. Plus, transactions carried out through a blockchain are much more secure, transparent, and private.

As mentioned earlier, different industries will have different benefits from implementing blockchain technology, and that is what this infographic is all about. For example, the banking sector will get faster transactions, lower costs, improved security, and better record keeping. Also, the blockchain technology can improve electronic voting systems. With this technology integrated into a voting system, governments won’t be able to tamper with votes because blockchain creates publicly viewable and singed transaction that can’t be changed or rewritten.

This infographic will help you understand how the blockchain technology can and will improve 16 different industries, from music to government. So, read on and find out what their future will look like.

Link to source: 16 Blockchain Disruptions (Infographic)

 

Visa is integrating open-source blockchain code from the Hyperledger Fabric ahead of the commercial launch of its own blockchain service for enterprise payments in Q1 2019.

Visa B2B Connect, the payment giant’s enterprise blockchain platform that enables cross-border payments between businesses, is partnering IBM to integrate the latter’s development of the open-source Hyperledger Fabric framework.

As reported nearly two years ago to the day, Visa first announced the blockchain platform co-developed with blockchain industry startup chain Inc.., as an alternative solution to global payments rail SWIFT for making large payments between businesses across borders.

The service tokenizes a participant’s information including account numbers and other sensitive data with a unique identifier to facilitate faster transactions susceptible to fewer fraud. Fundamentally, cross-border corporate transactions sent through B2B Connect are processed from the bank of origin directly to the receiver at the beneficiary bank.

Integrating Open-Source Blockchain Tech

Hosted by the Linux Foundation, the Hyperledger Fabric was first developed by IBM and New York-based industry startup Digital Asset as a blockchain framework and formally released its production-ready software, the Hyperledger Fabric 1.0, last year.

Including the Hyperledger Fabric’s functionality into Visa’s core assets’ will help improve and facilitate financial transactions on a scalable permissioned network to ensure “a frictionless cross-border payment experience with utmost security, trust and transparency,” Visa said in a press release on Monday.

IBM Blockchain Services general manager Jason Kelley added:

“IBM Blockchain Platform and Hyperledger technology are delivering real business value today and B2B Connect is one of the most powerful examples to date of how blockchain is transforming payments.”

Last month, Thailand’s largest bank by market capitalization, Kasikornbank, became the first financial institution in the country to pilot cross-border payments using Visa’s blockchain platform.

 

CCN

Ticketmaster, the major global ticket sales distribution company, has recently acquired the blockchain company “Upgraded”. They plan to utilize their DLT and “smart tickets” technology in order to combat the rising fraud issue within the industry as well as claims that they have been scalping their own tickets .

Ticketmaster merged with Live Nation back in 2010 to form Live Nation Entertainment, which is the music behemoth that you see today. The company currently leases, operates, and has equity interest in many of the entertainment venues sold throughout the US. Ticketmaster also promotes 30,000+ concerts as well as sells hundreds of millions of dollars’ worth of tickets annually.

Live Nation Entertainment generates over $10 billion in revenue so the potential for blockchain technology through “Upgraded” will more than validate their results. Live Nation Entertainment has become so dominant within their market sector that their main competitors AEG, accused them of unethical practices which eventually led to the Department of Justice investigating the matter earlier this year.

This acquisition has also come at a pivotal moment due to the fact that Live Nation was recently hit with a class-action lawsuit for allegedly operating their own ticket scalping scam. Only time will tell whether the blockchain company acquisition will help alleviate and reinvent this music giant as a company that prides itself on transparency.

The founder of Upgraded, Sandy Kaund, noted that the partnership between the 2 companies would bring “promise of blockchain to millions of music fans”.

Khaund, who founded Upgraded in 2016, hinted that many more applications for the technology would be released soon, as stated in this Forbes interview. The founder also highlighted that his company was not only useful for preventing fraud but also enabling the tickets to serve as a high-tech marketing tool.

He went on to state that the potential of our blockchain technology allows anyone to set price restrictions and hide their barcode until two hours before the event. The technology also has the ability to reveal the barcode within 1 km of the venue.

A group of 61 Japanese banks which are responsible for 80% of Japan’s banking, has just started using a consumer retail payments app which utilizes the Ripple blockchain technology named MoneyTap.

As confirmed in tweet on Ripples official twitter account, the company confirmed that the app went live on Thursday, which was 7 months after its initial announcement earlier this year. This app is a product of SBI Ripple Asia, which is a banking group that was launched in November 2016 with a focus on Ripples blockchain technology for domestic banking transfers.

MoneyTap, will enable real time, domestic money transfers between Banks using the xCurrent enterprise blockchain network hosted by Ripple.

Payments can be executed by scanning a simple QR code or the recipient’s phone number which can be made available on both iOS and Android platforms. The app also includes zero cost transfers between 3 specific banks – Suruga Bank, SBI Net Sumishin Bank and Resona Bank.

MoneyTap is designed to be a quick, small money transfer service between everyday residents which allows for a maximum transfer amount of 30,000 Yen (around $262) per transaction and a cap of 100,000 Yen ($875) per day.

The launch of this app is the first notable implementation of commercial blockchain technology on a consumer scale in Japan. A similar application, which is powered by Ripples xCurrent, is available to retail banks across Spain, UK, Brazil, and Poland. The blockchain system can settle international payments in a matter of 3 clicks which equivalates to around 40 seconds.

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