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BOScoin Officially Launched Mainnet

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Blockchain Technology

South Korea’s No. 1 ICO Project ‘BOScoin’ (BOScoin, www.boscoin.io, CEO Choi Yezune) has announced that after completing their Mainnet “SEBAK”, the public testnet is now open. It is now available as open source on Github. The public testnet offers access to BOScoin’s web wallet, its node address.

The most notable feature of SEBAK is the decentralized system capable of 5,000 TPS per second which was achieved by applying the ISAAC algorithm that BOScoin independently developed. SEBAK has enabled anonymity and singular votes to realize the governance model in its electronic voting system.

BOScoin’s CTO Bae Min Hyo said: “The official name of BOScoin Mainnet, SEBAK is an archaic word in Korea, meaning ‘dawn’. It was chosen by the Development Team to express that it brings the light of dawn to BOScoin Network.” He adds: “Safety and security along with core functions are our focus in development. It shows our gratitude to all the BOScoin community’s support. Our source codes are open so anyone can test it. We hope this contributes to an open blockchain environment.”

Ahead of SEBAK’s launch, BOScoin transactions through existing Tokennet is halted, yet can be continued on in SEBAK. Migration is in works with GDAC, KuCoin, CoinBene, and other exchanges and is scheduled to begin from the 20th. Since all financial information will be imported to Mainnet, there is no need for a separate Token swap, and one can still use the existing wallet address. However, TokenNet wallet will only show past transactions and the new BOScoin wallet needs to be used.

Also, the first community voting agenda is now available here online. First vote will take place on November 30 at 13:00 KST, and will end on December 6 at 13:00 KST, a day before the BOSCON takes place. Due to blockchain technicality, the exact time will be measured by block height. To participate, you must download and install the desktop application, after migration takes place, hold membership and freeze 10,000 BOScoins.

Choi Yezune, co-founder and CEO of BOScoin said: “The era of public financing BOScoin has been preparing for just began. We hope to overcome limits imposed by current capitalism structures and more people will participate in this age when one can create credit and invest through democratic decisions of the community.”

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ICO

Cryptoassets Should be “Outlawed” – Allianz GI CEO

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French ICO

The head of one of Europe’s largest asset managers has called for global regulators to ban cryptoassets, scorning them for wiping out people’s savings.

After a spectacular boom in 2017, cryptocurrencies have fallen to earth this year. The best known one, Bitcoin, has lost three-quarters of its value while Ripple and Ethereum, the second and third biggest cryptocurrencies, have both slumped nearly 90 percent.

“You should outlaw it”, Allianz Global Investors Chief Executive Andreas Utermann said during a panel discussion in London on Tuesday.

“I am personally surprised that regulators haven’t stepped in harder.”

Utermann made the comments sitting next to Andrew Bailey, the head of Britain’s Financial Conduct Authority. Bailey responded saying “that’s quite strong actually!” before adding there was “no intrinsic value” in cryptoassets.

“We are watching that very closely.” Authorities also had crypto coin offerings (ICOs), which firms have used as an alternative way to raise funding, under surveillence too, Bailey said.

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Business

STO Business Essentially an Illegal Financial Activity in China

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STO

The People’s Bank of China officially banned security token offering (STO) businesses on Saturday, in another blow to digital currencies in mainland China. An STO is an initial coin offering (ICO) backed by tangibles such as assets, or profit or revenue of a company. An ICO is fundraising activity that allows digital currency start-ups to raise funds through the creation and sale of digital “tokens”.

Pan Gongsheng, a deputy governor of the People’s Bank of China, the country’s central bank, told an internet finance forum in Beijing that “illegal” financing activities through STOs and ICOs were still rampant in the mainland despite a nationwide clean-up of the cryptocurrency market last year.

“The STO business that has surfaced recently is still essentially an illegal financial activity in China,” he told the forum, according to state-owned China Central Television. “Virtual money has become an accomplice to all kinds of illegal and criminal activities.”

In what amounts to a top financial official acknowledging the ban on ICOs and STOs for the first time, Pan said most of the financing operations conducted through ICOs in China were suspected of being illegal fundraising, pyramid sales schemes and other financial fraud.

Beijing launched a crackdown on ICOs in September last year, ordering all platforms to halt digital currency issuance immediately. Before the crackdown, 80 per cent of the world’s virtual currency transactions and ICO financing took place in mainland China.

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ICO

Fundraising Through an IEO Instead of an ICO?

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Fundraising

A Blockchain Powered Remittance Platform – REMIIT – completes its IEO through the South Korean cryptocurrency exchange Coinis, raising approximately $2.3 Million over two days.

IEO is an abbreviation of “Initial Exchange Offering” which is a method of fundraising for blockchain businesses where the cryptocurrency of the project conducts fundraising being directly listed on the exchange. The key element to an IEO is to partner with an exchange (or multiple exchanges) to function as the distributor of tokens. Project developers mint the tokens and conduct the sales directly through the exchange, which will then sell the tokens to individual contributors for the corresponding pair.

REMIIT that completed their IEO last November is a blockchain powered remittance platform that builds on Ethereum with the Cosmos Chain as a side chain to enhance the transaction capacity and reduce costs. In the current monopolized remittance industry, REMIIT brings an alternative solution that resolves not only the issues in the banking sector but also the problems that exist in the blockchain remittance businesses. With the REMIIT Smart Contract (RSC) that can be activated with their stable coin REMD at its core, it is expected to minimize the number of intermediaries involved for a faster and cheaper overseas money transfer experience.

After the project launch through the IEO, REMIIT’s CEO Stevie An spoke, “REMIIT has many competitors in the industry but there still remains a large amount of market share available for blockchain remittance” and that “REMIIT will capitalize on the previous remittance business experience to speed up the blockchain implementation in our everyday lives.”

With the support of the REMIIT project from South Korea, it has demonstrated great potential for the possibilities to grow further in the global sector. Despite the difficulties that may lie ahead, REMIIT stands at the forefront to bring adoption of blockchain technology to our everyday lives.

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Startup to File Constitutional Appeal Against ICO Ban

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French ICO

A blockchain startup will file a constitutional appeal against the Korean government’s ban on initial coin offerings (ICOs). Presto said Thursday that it would appeal the Constitutional Court, alleging that banning all types of ICOs is against the rule of law and the principle of proportionality, thereby violating basic rights

Presto has been in the spotlight by claiming to apply DAICO, an alternative to ICOs, for the first time in Korea. DAICO, a portmanteau of Decentralized Autonomous Organization (DAO) and ICO, enables investors to use a smart contract to decide on executing funds or getting their money back, resulting in embezzlement or scams being reduced significantly.

“As a blockchain startup, we have been hitting a snag as the government and the National Assembly have done nothing over the last one year since the government’s blanket ban on ICOs,” said Presto CEO and founder Kang Kyung-won, adding that “we will ask the court to rule on the ICO ban and the legislature’s nonfeasance.”

The Korean government formed a virtual currency task force consisting of government agencies including the Ministry of Strategy and Finance and the Financial Services Commission in September last year and banned all types of ICOs including security-type ones. However, there have been no laws and guidelines governing ICOs since then.

Presto contends that the ICO ban is the execution of governmental authority that infringes upon — without legal grounds — people’s freedom of occupation and property and equal rights and scientists’ basic rights. “In this era of the Fourth Industrial Revolution and unbounded competition, one year or two in the science and technology community is comparable to 100 years in the past Industrial Revolution.

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ICO

ICOs Offload ETH and Downsize to Survive

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Crypto Expected

Having belatedly realized that the crypto market may have further to drop, and that staying all in ETH could be fatal, tokenized projects have begun cashing out and cutting costs. Some, such as Aragon, have shown prudence in their treasury management, maximizing capital through smart cryptocurrency acquisition and liquidation. This week, the project sold $1.5 million of cryptocurrency, including $1 million of ETH, and has sought sanctuary from market volatility by taking out a 1 million loan of DAI, Maker’s ETH-collateralized stablecoin.

Other tokenized projects have not been so fortunate or astute at balancing their budgets however. In addition to Aragon, over 100,000 in ETH has been sold by ICOs in the past week in a belated attempt to stem diminishing funds. A number of projects have also begun to lay off staff, including Steemit, which is shedding 70 percent of its workforce. In a blog post, Steemit CEO Ned Scott attributed the move to “the weakness of the cryptocurrency market, the fiat returns on our automated selling of STEEM diminishing, and the growing costs of running full Steem nodes.” He added:

I would like to thank all of our employees and contractors for their months and years of dedication and hard work. It is incredibly difficult to part with these great people who I have gotten to know well and respect.

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ICO

Rules for Cryptocurrency Exchanges, ICO in Force by Q1 of 2019

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ICO

The regulations for digital asset or cryptocurrency exchanges and ICOs will come into force by first quarter of 2019, says Finance Minister Lim Guan Eng. He said on Wednesday the Securities Commission (SC) had given him an update that the regulations would be part of the SC’s efforts to facilitate alternative fundraising avenues and new investment asset classes.

“While some parties might still be sceptical of this space, there can be no doubt that we need appropriate regulations to be put in place and enforced to safeguard the interest of investors,” he said, when delivering the keynote address at the FinTech Conference 2018 organised by the SC.

He also reiterated his statement in Parliament that interested parties must work within the framework set up by Bank Negara Malaysia and the SC.

“Both Bank Negara and the SC, in terms of formulating this framework will be under the auspices of the Finance Ministry. The Finance Ministry will lead the committee comprising of Bank Negara, the SC, and the MOF itself,” it said.

Lim also said as part of the government’s commitment to support high potential and innovative MSMEs, “we are keen on the continued development of such alternative financing avenues for these businesses beyond the traditional channels of financing”.

The government had provided allocation for a co-investment fund for equity crowdfunding (ECF) and peer-to-peer financing (P2P) platforms.

The Co-Investment Fund (CIF) worth RM50mil will match investments from private investors on a one to four basis, that is. RM1 from government and RM4 from private funds.

This mechanism leverages on the collective wisdom of the crowd, instead of a bank’s investment committee or the committee of a fund administered by the government, to support MSMEs which have gained validation from private investors.

“Through this, we hope to be able achieve faster fund disbursements to support a broader range of deserving MSMEs, as well as provide greater transparency to how public funding are being utilised,” it said.

The CIF will operate under a commercial mandate toward eventually becoming self-sustaining through its investment returns, with earnings channelled back to finance more ECF and P2P campaigns.

“If successful, the CIF would be self-replenishing and will not be reliant on new funds from the government in the future, thereby helping alleviate some of our fiscal burden.

“It is my wish that this fund will provide a boost for our ECF and P2P industry, as well as putting down a challenge for our operators – demonstrate your effectiveness as platforms to fund Malaysia’s innovative SMEs, and the government will channel more of SME funds through these market-based financing platforms, as part of further democratising financing for SMEs.

“The final details of the fund are being worked out by the SC and the CIF should be operationalised by early next year,” it said.

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ICO

Binance To Add Paxos Standard Token (PAX) As A Base Currency

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Invest

Paxos announced that the Paxos Standard™ token (PAX™) will be added as a base currency on the world’s largest crypto exchange, Binance. When trading commences at 8 a.m. EST on November 29, PAX will have six trading pairs listed on Binance’s USDⓈ Markets against BNB, BTC, ETH, XRP, EOS and XLM.

With a circulating supply exceeding $140 million, Paxos Standard’s market cap has continued to grow on a daily basis since its launch on September 10. The addition of PAX on the Binance exchange platform will offer digital asset traders a USD-denominated alternative stablecoin to Tether (USDT) as a base currency for the first time. PAX is backed 1:1 by US dollars held in FDIC-insured US banks, and a major auditing firm regularly ensures that these bank balances and token balances are consistent through monthly attestations. Paxos and PAX are both approved and regulated by the New York State Department of Financial Services.

“Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a regulated and transparent stablecoin they can trust,” said Charles Cascarilla, Paxos co-founder and CEO. “Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.”

As the first digital asset issued by a financial institution and fully backed by USD, PAX provides a stable medium of exchange for digital transactions. Additionally, verified Paxos customers can easily purchase or redeem PAX same-day.

“We added PAX as a stablecoin base pair because we believe it will help to increase overall liquidity of the crypto market,” said Changpeng Zhao, CEO of Binance. “More trading pairs will be added soon.”

Paxos was launched 2012 as a way to modernize finance by mobilizing assets at the speed of the internet. Paxos Standard is the first token issued directly by a regulated Trust company and is approved for issuance by the New York State Department Financial Services.

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The Next Frontier of Cryptoexchanges: “iCoinbay’s Innovative Insurance System”

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Bitcoin-Hating

iCoinbay, a cryptocurrency exchange, recently introduced a new method of operation for the industry called Trading Premium Gain (TPG). This new method is a tokenized, community-based crypto-asset exchange which allows platform users to increase their earnings through normal trading activities by having a stake in the exchange’s earnings in token form. All community members who have the token can enjoy extra revenue through what is known as “Trading Premium Gain.”

iCoinbay has three key features described below, in addition to precise computing based on a mathematical model which prevents the flow of funds from being disrupted by a decrease in the influx of new users, avoiding the collapse of the platform.

1. The Equity Token

Tokens have an inherent value and all tokens issued by a first-rate blockchain system should be linked to the real economy and service the real economy. The token economy is a system that realizes large-scale and strong coordination among community members by setting a mechanism of positive and negative incentives. Therefore, exchanges rooted in community development should be constructed as a decentralized token economic entity.

The aim of iCoinbay is to allow users to have a right to a portion of exchange earnings in token (TPG) form by giving these users a total of 70% of exchange revenue. iCoinbay will distribute 70% of the previous week’s income to community members weekly, based on the proportion of TPG held.

This represents iCoinbay’s aim of realizing a “token economy” theory. In the process of realizing this aim, complete asset transparency has been achieved and can be seen on the asset transparency information page.

2. The Economic Theory

The iCoinbay operation rewards users’ normal usage of the platform as contribution to the community, and those who generate transaction fees are awarded TPG tokens worth 100% of the value of the transaction fees. This philosophy aims to build a fair, cooperative community.

Meanwhile, iCoinbay also sets corresponding punishment measures during the construction of the community, which aim to punish negative actions of community members by suspending or withdrawing tokens. This is the negative incentive mentioned in the “token economy” theory.

3. The Integration of Traditional Financial Theory and “Token Economy” Theory

The most innovative point of iCoinbay is the built-in insurance, which is specifically designed to protect the value of TPG. Although the premium only accounts for 0.025% of the transaction amount, TPG holders are assured that after 100 days, regardless of how the market moves, their token can be exchanged for stable coins at the token’s originally issued price.

In this way, TPG users may enjoy extra revenue and earnings from any increase in the currency’s value and need not worry about the risk of currency value depreciation. The establishment of an insurance mechanism fully embodies the integration of traditional financial means and token economic theory based on establishing a perfect verifiable economic mechanism. Investors and industry observers alike are enthusiastic to see how this new approach can positively reform the industry.

In this competitive age of cryptocurrency exchanges, TPG is set to deliver a new concept to the industry, demonstrating iCoinbay’s unique capabilities and potential. While the eventual cryptocurrency exchange winner remains uncertain, iCoinbay is intent on providing answers to some of the fascinating questions.

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Singapore Startup CSE Debuts Smart Contract 2.0 tool

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Singapore

Singapore-based startup CSE SG Pte Ltd unveils the Smart Contract 2.0 solutions which runs on their CSE 3.0 platform. At the recent Singapore Fintech Festival 2018, Mr Chen Guo-ping, CTO of CSE Singapore explains that while blockchain was initially focused on the financial sector, but other sectors such as: agriculture, logistics, education, supply-chain management, healthcare, and banking are now starting to apply blockchain technology to enhance their business processes.

Mr Leo Lu, Board Advisory Member (R&D) of SRI Capital, finds CSE very innovative in the blockchain space with a lot of application usage base, which allows CSE to be the next generation — the 3.0 of blockchain. Leo, who is also part of the Business Development team of CSE in the USA, reveals that over the last 2.5 years CSE has invested in Smart contract 2.0, a tool that allows an average user without coding experience, technology experience or legal background to create their own contract.

Mr Adrian Burgi, an attorney from Switzerland specializing in the banking industry, highlights that the blockchain technology is disrupting the financial industry. Adrian explains that some blockchain players are differentiating themselves in terms of security and speed, and he thinks that CSE is a good competitor in these aspects.

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ICO

A New Era in Social Investing

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Menl

iCumulate is an industry-changing Social Investment Trading Platform and Ecosystem-based on the Ethereum blockchain. The platform combines all of the communication benefits of a social network with a revolutionary trade execution interface.

Meticulously designed from the ground up by industry professionals over the last 14 months, the project has attracted high retail interest. This week they announced their TokenSale.

iCumulate will be issuing their own utility token on Ethereum. It will be directly linked to the trading fees and services on the ecosystem. The token is called; ‘ICU’.

For the first time, users will be able to compare and invest in crypto assets directly against a FIAT base without the need to involve base cryptocurrencies, such as ETH or BTC and from one account, rather than having to split their funds and hold several exchange accounts.

With products such as FX and commodities also available on the platform, hybrid combinations such as Ether vs Gold, or Bitcoin vs Oil are now available for the first time. The addition of micro lot trading also makes investing affordable to everyone.

The core of the iCumulate social investment ecosystem is founded on the principle of combining modern social media communication behaviors and investment talent discovery.

Platform users can benefit from the skills and experience of the very top-ranked investors by following or copying their portfolios. iCumulate have developed a blockchain based tokenized portfolio system to enable this process to be executed with all parties achieving identical performance for the first time in the industry.

Regular big prize investment competitions, an educational portal and a gateway for external content providers to offer services such as analysis, investment advice, and automated trading systems are also included.

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