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Petro Officially a National Currency

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Maduro

Maduro announced on Monday the official launch of the petro, supposedly an oil-backed cryptocurrency created in February. In a televised address, he said:

Venezuela makes history! Today we take a step forward with the launch of petro as a national currency and platform for strengthening our financial sovereignty.

Telesur TV subsequently quoted him declaring that the petro, “unlike other digital currencies, doesn’t need to be mined because it already has a value; it is shielded with Venezuelan oil and mining wealth.” According to the publication, Maduro was also referring to “the country’s gold, diamond, iron, and aluminum.”

Following Monday’s announcement, the Venezuelan government published a new whitepaper for the petro. In contrast to the previous whitepaper, the new version states that the petro is using Dash’s X11 mining algorithm for Proof of Work, as well as a staked masternode system for Proof of Stake verification. The hybrid system will employ four-megabyte blocks and a one-minute block interval.

A page of the new whitepaper, describing the basic concepts of the technology behind the petro, displays illustrations taken directly from the Dash and Bitcoin whitepapers.

“Lol Venezuela’s new petro token is a blatant Dash clone,” tweeted Ethereum developer Joey Zhou upon reading the document.

Furthermore, the petro is no longer backed fully by a barrel of oil. Instead, it is now backed by 50 percent oil, 20 percent gold, 20 percent iron, and 10 percent diamond, the new whitepaper details.

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Ethereum’s Constantinople Hard Fork Is Being Delayed Until 2019

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Ethereum

Ethereum’s next hard fork, dubbed Constantinople, will be postponed until early 2019, developers confirmed in a meeting Friday.

Initially targeted to activate in November this year, developers opted to postpone the hard fork push after several bugs were found in the code that was released on a test network. Now aiming for sometime in late January or February, developers on the call Friday agreed that moving ahead with the hard fork next month would be unwise.

Speaking to this during the live-streamed meeting, developer Afri Schoeden remarked:

“I keep getting the feeling that we’re trying to rush this and I would second that we should breathe and see what happens.”

Constantinople features five backward-incompatible changes to the network, from minor code optimizations to more controversial changes like one that would reduce the amount of new ETH created with each transaction block.

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Qart Personalizes QR Codes for Bitcoin Cash

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Bitcoin Cash

Kim Jinyrul is a developer from South Korea who recently published the beta version of a new bitcoin cash (BCH) wallet that offers the ability to modify address QR codes. Jinyrul thinks that QR code technology used in traditional cryptocurrency wallets needs to change so they become more recognizable and personal to the owner.

Qart wallet was created to offer this feature to bitcoin cash users and the platform’s addresses can be tied to a customized QR code with a picture of anything the user desires. In a recent interview with the blogger Jared Schlar, the Qart wallet developer explained that the idea was conceived so people can recognize which wallet is theirs by identifying the pictures attached to them.

“As you know, a person can not see any information by just looking at a QR code. I thought it would be more interesting and meaningful to share QR if it could show the personality of the owner,” Jinyrul detailed in his interview with Schlar.

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Huobi Wallet now supports TUSD, DAI, PAX, EURS, GUSD, and USDC

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Huobi Group

In light of recent customer demands, Huobi has upgraded Huobi Wallet, its professional multi-chain light wallet, to support six additional stablecoins.

In addition to Tether (USDT), Huobi Wallet now supports True USD (TUSD), Dai (DAI), Paxos Standard Token (PAX), STASIS EURS (EURS), Gemini Dollar (GUSD), and USD//Coin (USDC), making it the first wallet to support all seven coins.

“Huobi believes in giving users maximum flexibility and choice when it comes to handling their digital assets so this upgrade was a natural move for us,” said Huobi Vice President Livio Weng.

Consisting of ten upstream and downstream enterprises, Huobi Group is the world’s leading blockchain company. Establishment in 2013, Huobi Group’s accumulative turnover exceeds $1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries.

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Venezuela Government: Six Websites Authorized to Sell Petro

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Venezuelan

The Venezuelan government has authorized six websites it claims are cryptocurrency exchanges to market and sell the petro, the country’s new national currency. Noticiero Digital elaborated:

The petro will be available from this Wednesday, October 17, at six exchanges, although President Maduro announced previously that there would be 16 certified companies that could market the digital currency.

The six places are Cave Blockchain (caveblockchain.com), Bancar (bancarexchange.io), Cryptia (cryptiaexchange.com), Amberes Coin (amberescoin.com), Afx Trade (afx.trade), and Criptolago (criptolago.com.ve). Some of them are already advertising the petro on their websites. In his speech earlier this month, Venezuela’s president Nicolas Maduro said that the petro would be available at “the six most powerful [exchanges] in the world.”

Amberes Coin describes itself as a cryptocurrency exchange “authorized by the Venezuelan State for the purchase and sale of the petro, bitcoin, ether and any digital assets” that are allowed by the country’s regulation. Afx Trade explained that it is a regulated cryptocurrency exchange platform in Venezuela for buying, selling, and safeguarding “digital assets inside and outside the national territory.”

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Stablecoins Show More Action Than Most Cryptocurrencies This Week

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BTC

Markets have been trading in a triangular and consolidated pattern since the last big spike on Sunday, Oct. 15. That day, bitcoin core (BTC) spiked to a high of $6,760 on a few exchanges like Bitstamp, and bitcoin cash touched $501. Additionally, exchanges that use the stablecoin tether (USDT) saw BTC and BCH prices rise even higher than most spot markets and BTC values saw highs above $7,000. This market behavior was due to USDT dropping below the value of USD, hitting a low of $0.86 per token.

Other stablecoins like TUSD, GUSD, and USDC saw significant volumes this week as lots of money poured into these specific markets. On Oct. 16, Circle’s stablecoin USDC grew 2,000 % in seven days on partner exchanges and that day’s USDC volume surpassed the week prior’s.

During that time, other stablecoins like GUSD and TUSD rose above their dollar pegs while USDT dipped below. Following the jump in value, BCH and BTC prices have dipped a hair and USDT values have regained momentum.

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Bitmain, Canaan and Ebang IPO Plans Snared by Trump’s Tariffs on Chinese Cryptocurrency Mining Gear

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Cryptocurrency Mining

Chinese cryptocurrency mining hardware maker Bitmain is bracing for harder times as the China-US trade war shifts into high gear, with shipments to one of its overseas markets facing new tariffs since August 23.

That could be a problem for Beijing-headquartered Bitmain, which filed for a Hong Kong stock market listing in September, and is seen as the most exposed among Chinese mining hardware makers to US trade barriers, according to analysts.

The tariff, which affects all Chinese cryptocurrency mining equipment makers exporting to the US, has come a time when other players such as Cannaan and Ebang International have filed applications to list on the Hong Kong bourse.

The office of the United States Trade Representative in June categorised Bitmain’s mining hardware, called Antminer S9, as “electrical machinery apparatus” which is subject to a 2.6 per cent tariff. Previously the goods were classified as “data processing machine”.

The reclassification brought the mining hardware under the list of Chinese goods subject to the additional 25 per cent tariffs, which took effect in August. The outcome is that Chinese cryptocurrency mining gear makers now face tariffs on their US shipments of 27.6 per cent, up from zero previously. In September, Bitmain filed for a Hong Kong listing which would reportedly raise US$3 billion.

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Realecoin Launches New Digital Security Using Securitize Platform

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Ethereum

Realecoin™, the world’s first real estate fund built on the Ethereum blockchain, is launching a new digital security designed to offer 24/7 liquidity to a traditionally illiquid investment vehicle. Realecoin is working on the offering in partnership with Securitize, the compliance platform for digitizing securities on the blockchain.

Realecoin aims to address the challenges of liquidity and accessibility in the real estate industry through this offering. The Realecoin digital security, RC™, will represent a fractional ownership interest in Realecoin, a diversified real estate fund. Realecoin provides holders of cryptocurrencies, and other investors, the opportunity to buy into a fully compliant tokenized real estate fund that invests in multi-family assets and non-performing mortgage loans across the United States.

“We at Realecoin have aimed to build a product that first and foremost benefits our investors,” said Andy Strott, Co-Founder of Realecoin. “We have partnered with leading experts in the field in an effort to ensure a compliant, secure and successful product. With the help of Securitize, a pioneer in this industry, we plan to stay at the forefront of blockchain technology as this industry develops, always striving to implement its most advanced aspects for our investors.”

“Realecoin offers a unique investment opportunity through the tokenization of real estate assets, usually considered to be a very illiquid asset,” said Co-Founder and CEO of Securitize, Carlos Domingo. “The management team’s lengthy track record, alongside their commitment to regulatory compliance makes this an exciting venture for Securitize.”

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Canadian Cloud Mining Powerhouse Nuvoo Revolutionizes Cloud Mining Industry with a Month-to-Month Contract and 50% Cheaper Rates!

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Cloud Mining

Nuvoo, the largest crypto ecosystem mining company in Canada, is now taking giant strides towards emerging as the world’s leading platform for convenient and profitable cryptocurrency mining. The company has just released a new bitcoin contract that will completely change the game for the industry, with a month-to-month concept based on a 24-month payment for an open-ended contract. 

As one of the world’s most trusted crypto mining companies, Nuvoo proudly announces the release of a new bitcoin contract that promises to have a significant impact in the global crypto space. With these new contracts, backed by the latest ASIC technology, Nuvoo has already started offering a low pricing structure to challenge the likes of Genesis, Hashflare, and other competitors. Nuvoo is pleased to say that their Bitcoin mining rates are currently 50% cheaper, including a lower maintenance fee, compared to Genesis Mining. 

With the launch of this new contract, Nuvoo becomes the first company ever to offer customers the benefit of making payments in up to 24 installments. For example, someone purchasing a $3000 contract from Nuvoo will enjoy the privilege of paying just $125 each month, spread out over 24 months. This creates an opportunity for Nuvoo customers to get larger contracts for lower monthly payments, and it allows the market to grow in a major way. 

Nuvoo1

With a bitcoin mining system that is ideally suited for beginners, Nuvoo offers a smart and easy way for crypto hobbyists to take their first steps into the crypto world. At the same time, their system has been used to great effect by crypto experts and entrepreneurs to operate large-scale mining farms. As part of their rapid diversification drive, Nuvoo will soon be launching their own cryptocurrency exchange.   

“We have the most advanced platform to manage cloud mining activity with the most efficient affiliate plan. The time has come for the world to know that Nuvoo is a far more stable crypto mining platform compared to Genesis, tipped by many to be the world’s largest cloud mining company,” said Mr. LeBlanc, the Founder and CEO, Nuvoo. “Now, with our new bitcoin contract in place, our pricing is around 50% less than the price of Genesis mining and the maintenance fee is lower than any competitors’ as a Canadian mining farm.”

Leveraging the excellent infrastructure and favorable climate in Quebec, Canada, Nuvoo currently owns and operates more than ten world-class datacenters catering to thousands of customers around the world. Crypto enthusiasts have put their trust on Nuvoo because they offer one of the safest and most transparent ecosystems for crypto miners. In order to provide the best contract prices to customers, they never make any profit on mining equipment.  The customers buy fixed Hashpower contracts, provided directly from one of the largest state-of-the-art ASIC mining farms owned and operated by Nuvoo.

Unlike other competitors, Nuvoo emphasizes lower mining costs and the use of greener energy. This is possible because a high percentage of electricity in Quebec is generated from hydroelectric dams. The cooling costs are also lower because the region remains significantly cold for a considerable part of the year. 

Nuvoo attributes their strong position in the market to the company’s special relationship with energy providers and several municipalities in Quebec, all of whom are key players in managing the generation, transmission, and distribution of electricity in the province. In January of this year, Nuvoo was invited to a special event presented by Hydro-Quebec, as a guest panelist in order to represent the blockchain community.

Bitcoin mining contracts from Nuvoo are open-ended, and payouts are generated on a daily basis with the withdrawal limit set at 0.0020 BTC. To provide miners with an idea of the earning potential of each mining plan, there is also an efficient mining calculator on the company’s website provided by Cryptocompare, a neutral third party. 

Nuvoo and its parent company are about to launch their own exchange, featuring both fiat-to-crypto and crypto-to-crypto solutions. The company is very excited to finally provide a safe trading ecosystem to their clients.

About Nuvoo:  Nuvoo is a cryptocurrency mining powerhouse that focuses on offering cost-effective solutions to cryptocurrency hobbyists and professionals alike. Their philosophy is to enroll the top leaders in the cryptocurrency industry and to make them available to the community. The company specializes in hosting high-density computer hardware requiring substantial access to both power and cooling.

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Ethereum’s Hard Fork in Testing

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Hard Fork

An alleged “consensus issue” in the testing of a planned hard fork of Ethereum, called Constantinople, has caused a testnet to be “not usable,” according to a tweet from Ethereum blockchain infrastructure firm Infura October 13.

Infura’s tweet also advises developers to use other testing networks while the Ethereum developer community is “investigating” the issue.

As reported by multiple Ethereum developers the hard fork became active on the Ropsten testnet Oct. 13 at block 4,230,000.

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ZRX (ERC-20 Token) is Launching on Coinbase Pro

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Coinbase Pro

Coinbase has started listing 0x (ZRX) token. Transfer ZRX immediately to your Coinbase Pro account in advance of trading.

David Farmer, General Manager of Coinbase Pro:

As of 10am PT on Thursday, October 11, we are now accepting deposits for ZRX on Coinbase Pro! We will accept deposits for at least 12 hours prior to enabling trading. Once sufficient liquidity is established, trading will begin on the ZRX/USD, ZRX/EUR and ZRX/BTC order books. ZRX trading will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York. Please also note that ZRX is not yet available through the coinbase.com website and in the Coinbase iOS and Android apps. We will make a separate announcement when that occurs.

The Stages of the ZRX Launch

In more detail, there will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book: ZRX/USD, ZRX/EUR and ZRX/BTC (note that at this time, we will not offer trading on the ZRX/GBP pair). If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time, or suspend trading as per our Trading Rules.

We will send tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:

  1. Transfer-only. Starting at 10am PT on Thursday October 11, customers will be able to transfer ZRX into their Coinbase Pro account. Customers will not yet be able to place orders, and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.
  2. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one (1) minute. This market state may be kept short or extended to increase market health during launch.
  3. Limit-only. In the third stage, limit orders will start matching but customers will be unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes.
  4. Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. With the recent announcement of our new listing process, our customers can expect us to list most assets over time that meet our standards.

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