Coin News

Blockstack Public Benefit Corporation (Blockstack PBC) has released the first “ecosystem-wide, universal” Dapp Store with over 150 Dapps on launch.

With the growth in number of blockchain-based decentralized apps (Dapps) that are running on various networks and protocols, it is becoming increasingly difficult for users to locate and make use of these Dapps. According to the announcement, the Blockstack Dapp Store is “a discovery tool for decentralized apps built on Blockstack, Ethereum, EOS, IPFS, Steem, and more ... serving as an aggregator of usable Dapps for gaming, social networking, productivity, and financial services.”

The store features decentralized counterparts to many popular applications, such as Stealthy for WhatsApp, DTube for YouTube, Peepeth for Twitter, and Graphite for Google Docs. Many of these Dapps are not yet at a 1.0 release level and, depending on the network they are running on, may require you to pay processing fees for the network, like gas for Ethereum.

The store is nicely arranged, clearly showing the category that the Dapp is part of as well as the blockchain protocol it supports, such as Ethereum or Steem. A usability feature that is currently missing is the ability to search, sort and filter, which needs to be addressed in the near future to allow the platform to scale. There is a simple form to fill in to add your Dapp to the store, but it is not made clear what the process and timeline for approval might be. According to their announcement, Blockstack uses the following criteria to evaluate if an app is in fact a Dapp:

• Do customers own their network identity? Can anyone else revoke that identity?
  
• Is private user data encrypted with user-owned keys?
  
• Is customer data stored on decentralized networks with reconfigurable APIs?
  
• Is the app open source? Can community members contribute or fork the software?
  
• Is the app publishable and hostable by others or only a single company?
  
• Is the app running client-side or on a server?
  
• Does the app limit or clearly communicate the scope of data logging?
  

Blockstack PBC will initially curate and maintain the Dapp Store, but have plans to eventually implement user ratings for ranking Dapps across the ecosystem as it gains wider acceptance. Their goal is for wide-scale community involvement to show how a truly decentralized experience can work outside of the stranglehold of a few large corporations on software and information.

Blockchain identity verification platform Civic has emerged from Consensus 2018 with clear progress and updates for its identity attestation technology.

The project imagines a network of validators and service providers who work together to verify individual identities. A new platform user would submit relevant identity information to a validation smart contract, which the validator would then review for approval. If approved, the validator would store references to this information on the blockchain, attesting to its validity. Anytime the corresponding user needs to submit identity information to another service provider (a bank, government agency, etc.), that service provider could request the validator to cross-check the user’s information with the blockchain’s attestations to verify their identity.

In practice, such an ecosystem could streamline identity verification procedures and keep its users and participating service providers from having to go through lengthy ID checks whenever the occasion arises.

Coming out of Consensus 2018, Civic is showing that it’s taking steps to turn theory into a reality. These steps include the first iteration of its ID codes protocol alongside its revamped token economy white paper, and — the kicker — the “world’s first crypto beer vending machine.”

The idea of giving out free beer may seem kitschy at first glance, but its novelty is matched by what it means for Civic’s utility. Using the Civic app, anyone verified on the platform can scan a QR code to prove that they’re of legal drinking age. In a partnership with Anheuser-Busch, Civic unveiled the vending machine at Consensus 2018, offering anyone who used it a free brew.

To Vinny Lingham, Civic’s co-founder and CEO, the campaign isn’t some flashy promotion or an excuse to crack open a cold one. It’s a way to prove that, without relinquishing any other ID information, Civic can utilize a zero-knowledge age check: a use case that could be applied to more than just alcohol purchases.

“It’s a proof of concept,” Lingham told Bitcoin Magazine in an interview. “It could be beers, weed, pharmaceuticals — lots of things that are age restricted or are limited in access for certain people.”

This proof of concept is just one of many uses for Civic’s ID protocol, the instruments responsible for such a practical application of the technology. 

Their newly released ID codes are another proven manifestation of Civic’s protocol, and according to the team, it’s the “first-ever blockchain-based verification mechanism.”

While surfing the web, anyone will be able to use these codes to verify businesses, social media profiles, team members, advisors and any individual with attested information on the blockchain per Civic’s protocol. Lingham and the Civic team built these ID codes with ICOs and cryptocurrency projects in mind, wanting to provide a digital lie detector of sorts that will allow investors to steer clear of fraudulent projects.

“One of the problems with ICOs is that all these advisors are fake, the investors are fake, the teams are fake, and so with Civic, now you can get verified,” Lingham told Bitcoin Magazine. “And you [the investor] can quickly look at the site to see whether or not the people are real.”

These ID codes are the core of Civic’s mission, the nucleus of its composition and the feature that could potentially revolutionize how we, as a society, verify information for anything from job applications to vacation planning.

“We have a ton of uses,” Lingham said. “It’s everything from verifying identities for authors, journalists, etc. … printing ID codes on your business cards, luggage tags: anywhere we want to put your ID information, or make it available to somebody, you can use a QR code from Civic.”

All of this will be facilitated using the Civic app, and what’s more, users don’t need to even own any of Civic’s tokens (CVC) to use the services.

“That’s the beauty of it. You don’t have to own a Civic token to use Civic. You just need the app.”

Still, this hasn’t kept the team from revamping its token’s utility. With the help of Newtown Partners, a blockchain investment and advisory service co-founded by Lingham, they’ve also released a fresh token-economy white paper. The team claims that using game theory mathematical models and economic incentives, the newest version reimagines Civic’s Identity Verification Marketplace. Special focus was placed on demonstrating how CVC can incentivize use and circulation without providing monetary rewards or dividends, practices that have given regulators leeway to scrutinize tokens as securities, especially those with staking rewards.

To avoid running into such regulatory roadblocks, Civic took pains to avoid any practices that might have made its token sale operate like a securities offering, such as coaxing investors with discounts and bonuses. “We looked at the way security sales are done and we did the opposite of everything they did,” Lingham explained.

Lingham believes Civic’s token model and design could serve as an example for the rest of the industry to follow. To him, the end game is a practicality and usability that doesn’t just attract big league investors and entities; it’s a platform that acts as a “consumer-focused company,” because without everyday users, the technology will never mature beyond its growing pains.

“We’re focusing on driving consumer adoption to this industry for identity and blockchain. Unless this technology gets in the hands of consumers and they can actually find practical use cases for it, it’s going to be a digital idea, not a device that gets used. So we’re very focused on engagement and building engaging experiences for users.”

Bitmain, the largest of the Bitcoin mining operations, is putting its muscle behind mobile payments and cryptocurrency trading firm Circle by leading a $110 million Series E round of funding, the companies announced on Tuesday, March 15, 2018, at Consensus in New York City.

Several other venture capital firms, including Breyer Capital, General Catalyst and Accel, joined the round, which now pushes the value of Boston-based Circle to $3 billion, from a reported $480 million in 2016, according to a statement by Circle.  

Bitmain is also joining forces with Circle to create a so-called “stablecoin,” a cryptocurrency that is pegged to a stable asset. The goal is to eventually have lots of stable tokens, all backed by different fiat currencies, but the first will be Circle USD Coin (USDC), a coin backed one-to-one by the U.S. dollar with the fiat to be stored in an auditable bank account and redeemable by verified buyers.

The tokens will be based on Ethereum’s ERC20 standard and developed and governed by CENTRE, a foundation that will manage a collection of new, fiat-backed tokens. CENTRE is a wholly owned subsidiary of Circle, but Circle CEO Jeremy Allaire said that the foundation would become more independent as other members joined.

Alongside Circle and Bitmain, other CENTRE members will be able to produce their own fiat-based stablecoins and help set rules around how the coins will operate. According to the CENTRE’s whitepaper, governance of the network will include a type of voting that will leverage a forthcoming CENTRE-specific token that is separate from fiat tokens.

The way Circle sees it, a price-stable token is critical for enabling mainstream adoption of blockchain technology for payments and supporting financial contracts built on smart contract platforms, such as those for controlling token securities, loans and property.  

Circle’s new stable token joins a growing list of stable tokens meant to ease volatility of cryptocurrencies, like bitcoin, which can fluctuate wildly in value over even a few hours. Tether (USDT), introduced in 2015, is the biggest of the stablecoins, with about $2.2 billion in circulating supply.

Circle made news earlier this year when it purchased cryptocurrency exchange Poloniex. Circle plans to offer USDC through Poloniex. It will also incorporate USDC in its social payments app and over-the-counter (OTC) trading desk.

The Polish Credit Office BIK, the largest credit office in Central and Eastern Europe, in partnership with Distributed Ledger Technology (DLT) provider Billon, will implement a blockchain technology solution for storage and secure access to highly sensitive customer information.

“Our cooperation with Billon is long-term,” said Mariusz Cholewa, president of BIK. “We believe that blockchain technology will transform how the financial sector communicates sensitive data with clients. Our solution will soon be expanded to include electronic delivery with active confirmation and remote signing of online agreements. It is also important that the solution meets the legal requirements of a durable medium of information, as well as the requirements of the EU General Data Protection Regulation [GDPR], which comes into force this month.”

BIK, which is owned by domestic and foreign banks in Poland, including the major banks, tracks over 140 million credit histories of over 1 million businesses and 24 million people in Poland, providing data on the credit history of bank clients, credit unions, etc. from the entire credit market in the country.

“Our partnership is a start of a true revolution in information management,” said Andrzej Horoszczak, founder and CEO of Billon. “It is our firm belief that the cooperation between Billon and BIK is the first step to introducing mass use of blockchain technology for trusted document management.”

According to Horoszczak, the solution that Billon has created with BIK provides the world’s first GDPR-compliant blockchain platform which can streamline customer service processes and manage the implementation of customer rights such as the “right to be forgotten.”

Founded in 2012, Billon is an FCA registered eMoney institution with offices in the U.K., U.S. and Poland. According to the company, Billon’s DLT solution, self-described as the “document blockchain” and built on a proprietary blockchain structure that does not require use of central databases, allows the safe, convenient and cost-effective storage, and sending of documents without running a risk of unauthorized access, tampering with the content or information loss.

“This solution returns control of user data back to consumers, creating a level playing field between individuals and big corporations,” added Horoszczak. “The benefits of this solution can have an impact beyond the financial sector, and we anticipate that it will soon be adopted by institutions across industries such as telecommunications, insurance and utilities.”

The DLT solution used for the BIK project will keep every document in accessible, long-term storage, independent of the status of the contractual relationship status between the service provider and the user. Patents have been filed and, according to Billon, the technology is ready to be implemented at performance levels that rival traditional centralized databases.

"Over the years, BIK has gathered over 140 million credit histories cross different sectors that will benefit from superior security, integrity, and immutability,” Horoszczak explained to Bitcoin Magazine.

“This revolution will also change the paradigm in the financial and insurance world — now consumers will command the visibility and integrity of their insurance claims, bank and loan documents all through to retirement plans using our blockchain technology. With Billon, you will also be able to clearly see when and what changes have been made to documents, giving consumers the capability to challenge and provide counter terms if required; all tracked on the blockchain.”

Decentralized energy platform ImpactPPA announced at Consensus 2018 in New York City that it has partnered with the Indian government to re-energize India’s cottage industry.

Under the auspice of the Honorable Minister Shri Giriraj Singh, ImpactPPA will be working with India’s Ministry of Micro, Small and Medium Enterprises to carry out the government’s Bhartiya Harit Khadi Gramodaya Sansthan (BHKGS) initiative. Translated roughly as “Indian Green Cotton Textile Village Development Organization,” the initiative will push to introduce some 50 million jobs for female workers in India’s more rural states.

Starting in Khanwan village in Bihar, the program plans to install textile looms in the homes of women workers. Per the partnership, ImpactPPA is charged with delivering renewable energy to power these looms, using the Ethereum blockchain to manage supply-chain logistics for the initiative.

“It’s an honor to work with the government of India to deploy out technology solutions,” Dan Bates, CEO of ImpactPPA, said in a statement. “A project of this scope clearly demonstrates that the use of renewable energy and blockchain technology has reached the mainstream. This partnership perfectly aligns with our fundamental mission to help improve quality of life with energy as the engine for social good and greater economic justice.”

The project estimates that its female workers could generate 8,000–10,000 rupees (~$115–145 USD) a month right out of their homes. This would mean that some families could experience a 60 percent increase to their monthly incomes, as the joint monthly income for families in some of India’s poorest villages just barely clears 7,000 rupees ($~100 USD).

Come June, the program expects to unveil the first iteration of its project, ushering in the milestone with a ribbon-cutting ceremony by Indian Prime Minister Narendra Modi. The inaugural facility in Khanawa will consume 100 KW of energy provided by ImpactPPA, as well as 2 KW systems to deploy the facility’s solar-powered looms.

“Having worked with the government of India on various solutions and projects for social impact, this alliance is a game-changer,” remarked Aradhana Singh, CEO and managing director of Sarang Services Pvt. Ltd., a company serving as India’s domestic partner for the project. “We are thrilled that ImpactPPA will be the provider of energy and blockchain technology and services for the project, bringing tangible economic growth opportunities while advocating women’s empowerment.”

ImpactPPA’s Mission and Story

With a history of providing renewable energy to underdeveloped areas for over 10 years, ImpactPPA wants to cut through the bureaucratic processes that it claims keeps clean, reliable energy from circulating in areas that need it most.

ImpactPPA plans to cut through the red tape of centralized NGOs and governments with its distributed platform and token (MPAQ). Through a combination of blockchain technology, smart contracts and its SmartPPA energy protocol, the project will streamline energy financing by allowing anyone to submit a project proposal to the network for consideration. Community members can then vote on which projects should see funding with the MPAQ token. If approved, ImpactPPA can then easily deploy energy to electricity anchors, called smart meters, whose data is connected to the blockchain.

ImpactPPA believes that its tokenized model can free energy innovations and electrical infrastructure projects from outdated financing processes. Most of all, it seeks to serve the underprivileged and destitute, as it envisions a future in which energy projects can easily enter into poorer areas thanks to a decentralized, global approach to funding and approval.

Israeli-based social trading platform eToro is expanding to the U.S. If all goes according to plan, U.S. citizens will be able to trade cryptocurrencies on the company’s platform sometime later this year.

The announcement, which eToro made today, May 15, 2018, at Consensus in New York City, comes on the heels of a $100 million funding round that eToro received in March 2018, bringing its total funding to $162 million. The company said at the time it would use the funds to expand into new markets.

eToro is a regulated global brokerage firm for trading cryptocurrencies, stocks, commodities, ETFs and more. Currently, the company has offices in Israel, throughout Europe and in the U.K. Now it is gearing up to launch in the U.S. American citizens will only be able to trade cryptocurrencies on eToro at first.

According eToro CEO and founder Yoni Assia, who spoke with Bitcoin Magazine, the company is currently in talks with U.S. financial institutions, regulators and regulatory advisors, and has already registered with the Financial Crimes Enforcement Network (FinCEN). The company is opening an office in New Jersey, says Assia.

“We believe we are going to see trillions of dollars moving into crypto and blockchain assets, and as we are one of the largest players in Europe and expanding to Asia as well; it seems logical to also have a significant footprint in the U.S,” he said.

The company is also aiming to launch a crypto wallet later this year. The digital wallet, which will enable users to hold multiple cryptocurrencies, will be available on the Apple App Store and Google Play Store.

About eToro

Founded in 2007, eToro now has over 10 million registered users trading more than 1,200 instruments, including Apple, Microsoft, Snap and Facebook, on the platform. The company has 500 employees.

In January 2014, eToro launched bitcoin (BTC) trading, becoming one of the first mainstream trading platforms to embrace cryptocurrency. But, really, eToro began getting involved in the crypto scene even earlier than that. Assia started looking into Bitcoin in 2011, going to conferences and meeting people in the crypto community. Two years later, he co-wrote the Colored Coins white paper with Ethereum creator Vitalik Buterin. (Colored Coins basically allows the creation of multiple assets on top of the Bitcoin blockchain.)

Cryptocurrency trading has turned into a profitable business for eToro. Between 2014 and early 2017, only 5 percent of eToro users were trading cryptocurrencies, Assia says. Then in March 2017, eToro added Ethereum (ETH) and five more coins in September 2017. At that point, “we started seeing a lot of our users flocking to cryptocurrencies,” he said.

Today, eToro carries the top 10 cryptocurrencies by market cap, and more than half of eToro users are trading cryptocurrencies on the platform. “They are interested today in cryptocurrencies more than they are interested in any other asset,” Assia said.

Social features are what sets eToro apart from other cryptocurrency exchanges. Users can send messages and share trading info among themselves. A feature called CopyTrader allows users to replicate other users’ trades. The concept is similar to mirror trading, a well-established trader strategy. eToro also lets traders invest in a Crypto CopyFund, which provides a diversified portfolio of major crypto assets.

Assia sees blockchain technology as a true game changer. “I think that it is an invention that is potentially as big as the internet and electricity, so one of the core big inventions of humanity,” he said.