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The BCA Organization Will Donate $1K per Month in BCH

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BCHcover

The Bitcoin Cash Association (BCA) has announced the organization will begin funding the Eatbch charities every month. There are two Eatbch-associated groups helping the citizens of Venezuela and South Sudan acquire food by using the proceeds from bitcoin cash donations.

Since the project’s inception, the effort has grown from one country to two. Multiple times a week, men, women and children are given nourishment from the Eatbch team. BCA says they are in “close contact” with the Eatbch project and the organization says they are aware of the financial hardships the organizers face.

“Starting now the BCA will support the EatBCH initiative with $1,000 per month in funding to go towards helping feed people that are most in need — The $1,000 will be split evenly between the Venezuelan and South Sudanese parts of the project”.

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Altcoins

BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

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altcoins

BTC/USD

Bitcoin (BTC) has formed a series of higher lows in the past few weeks, which is a positive sign. It shows that bulls are not waiting for the price to fall to strong supports to buy, but are buying a little higher each time. As a result, we find a symmetrical triangle pattern developing on the chart.

BTC/USD

The bulls will now attempt to push the price to the downtrend line of the triangle. A breakout of this level will indicate a resumption of the uptrend. Therefore, traders can buy on a breakout and close (UTC time) above the triangle with a stop loss of $9,000. The pattern target is $17,233.92, The rally might face resistance at $13,973.50, but we expect it to be crossed.

Our bullish view will be invalidated if the BTC/USD pair turns down either from the moving averages or from the downtrend line of the triangle and plunges below $9,080. Such a move will indicate selling at higher levels. The next level to watch on the downside is $7,451.63. Both moving averages are flattish and the RSI is just below 50, which shows a balance between buyers and sellers. Hence, we are not proposing a buy at current levels.

ETH/USD

Ether (ETH) has broken out of the downtrend line. This shows that selling pressure has reduced in the short term. The bulls will now attempt a recovery, which will pick up momentum on a breakout and close (UTC time) above 20-day EMA.

ETH/USD

Aggressive traders can buy on a breakout and close (UTC time) above 20-day EMA and keep a stop loss of $174. The target to watch on the upside is $235.70. There is a minor resistance at the 50-day SMA, but we expect it to be crossed. This is a counter-trend trade, hence, the position size should be kept at 50% of usual.

If the ETH/USD pair fails to ascend the 20-day EMA and turns down, it will retest the recent lows. A breakdown of $174.461 will resume the downtrend and a fall to $150 will be in the cards.

XRP/USD

When a breakdown of a critical level fails to pick up momentum, it shows a lack of sellers at lower levels. This increases the probability of a pullback, catching many bears off guard. The failure of bears to capitalize on the breakdown of the $0.27795–$0.24508 support zone is a bullish sign. If buyers can propel XRP above the 20-day EMA and sustain the level, it will indicate strength.

XRP/USD

Aggressive traders can buy on a close (UTC time frame) above the 20-day EMA and keep a stop loss of $0.24. If the price sustains above $0.27795, it will re-enter the range. We then expect it to gradually move up to $0.45 in the medium term. However, at current levels, this is a counter-trend trade, hence, we suggest traders keep the position size at about 50% of usual.

On the upside, there might be a minor resistance at the 50-day SMA, but we expect it to be crossed. The short-term target is $0.34229. Contrary to our assumption, if the XRP/USD pair reverses direction from the 20-day EMA and plunges below the yearly low, a drop to $0.19 is possible.

BCH/USD

The bulls have successfully defended the trendline of the ascending channel for the past two days, but have failed to propel the price above the 20-day EMA. Bitcoin Cash (BCH) is stuck between the trendline of the channel and the moving averages.

BCH/USD

A breakout of the moving averages can carry the price to $360, above which we expect the BCH/USD pair to pick up momentum. Conversely, on the downside, if bears break below the neckline of the developing head and shoulders (H&S) pattern, the trend will turn negative. The next support on the downside is at $166.98 and below it, a fall to $105 is possible. We suggest traders wait for the price to break out of $360 before attempting long positions.

LTC/USD

Buying when the price is below down-sloping moving averages might result in quick losses because it is difficult to predict the bottom in a downtrend. Though Litecoin (LTC) has held the support at $69.9227 for the past few days, a failure to rebound sharply shows a lack of conviction among buyers.

LTC/USD

Unless the LTC/USD pair bounces above the 20-day EMA within the next three to four days, the likelihood of a breakdown below $69.9227 increases. If this support breaks down, the decline can extend to $58. Conversely, a breakout above the downtrend line will be the first sign that the trend is changing. Until then, we suggest traders stay on the sidelines.

BNB/USD

Binance Coin (BNB) has held the support at $26.202 for the past two days. However, the lack of a strong bounce suggests that bulls are not aggressively buying at current levels. A breakdown of $26.202 can result in a fall to $24.1709, which is an important support. If this level gives way, the trend will turn negative.

BNB/USD

Conversely, if the BNB/USD pair rebounds sharply from current levels, the important resistance to watch is the 50-day SMA, because bulls have not been able to scale this in the past few weeks. A breakout and close (UTC time frame) above the 50-day SMA will signal a probable resumption of the uptrend. The pair might face minor resistance at $32.50, above which a retest of lifetime highs will be in the cards. Traders can wait for the price to sustain above the 50-day SMA before initiating long positions with a stop loss of $26.

EOS/USD

EOS again held the support at $3.30 on Aug. 21. This is the third time the support has held since July 16, which makes it a critical level to watch out for. If bulls can now scale above the 20-day EMA, it will increase the probability of a rally to $4.8719.

EOS/USD

Nevertheless, if bears defend the 20-day EMA and the EOS/USD pair declines to $3.30 once again, the probability of a breakdown increases. Feeble rebounds from a strong support and repeated retests of the support level within a short span of time show a lack of demand. Below $3.30, the support levels to watch are $2.69 and below it $2.18. We are currently neutral on the pair.

BSV/USD

Bitcoin SV (BSV) has been trading between the 20-day EMA and $130 for the past few days. This tight range is unlikely to sustain for long. Soon, we will see an expansion in volatility. If the price breaks out of the downtrend line and the 50-day SMA, a quick move to $188.69 is likely. We might suggest a short-term trade if the price sustains above the downtrend line.

BSV/USD

However, if the price breaks down of $123.67, the BSV/USD pair can plunge to $107. This is a critical support to watch on the downside. If it breaks down, the pair will turn negative. As long as the price remains below the downtrend line, we do not find any buying opportunity because it indicates that bears have the upper hand. We will wait for the trend to change before recommending a long position.

XMR/USD

Monero (XMR) continues to trade inside the $98.2939–$72 range. The price action inside the range is usually volatile and difficult to call, hence, it is best to either establish a long position on a breakout of the range or wait for the price to correct to the support to buy.

XMR/USD

The XMR/USD pair has formed a symmetrical triangle and will make a decisive move after breaking out or breaking down of it. A breakout of the triangle can offer a buying opportunity with a target objective of $120, while a breakdown of the triangle can result in a fall to $60 and lower. Currently, we do not find any reliable buy setups, hence, we suggest traders remain on the sidelines.

XLM/USD

Stellar (XLM) is stuck in a tight range of $0.072545–$0.065. While bulls are supporting the price at the lower boundary of the range, bears are defending the upper boundary. After a major breakdown, if the price does not follow through to the downside, it offers a buying opportunity because it indicates a lack of sellers at lower levels.

XLM/USD

A breakout and close (UTC time) above the 20-day EMA will be the first sign that markets have rejected the lower levels because the XLM/USD pair has not closed (UTC time) above the 20-day EMA since breaking down of it on June 25.

Therefore, aggressive traders can buy on a close (UTC time frame) above the 20-day EMA and keep the stop loss at $0.065. This is a counter-trend trade, hence, we recommend keeping the position size only about 50% of usual. The first target on the upside will be a move to the 50-day SMA and above it $0.097795.

Conversely, if the XLM/USD pair breaks below $0.065, it will resume the downtrend that can extend to $0.05.

Market data is provided by the HitBTC exchange.

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Bitcoin

Shock Bitcoin Data Reveals Stark Ethereum, Litecoin And Ripple XRP Warning

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Tech Bureau Europe

Bitcoin’s dominance, a measure of bitcoin’s value compared to the wider cryptocurrency market, is hovering around 70% after climbing this year, according to CoinMarkCap and most traditional measures—a level not seen since April 2017.

The bitcoin price has been treading water over recent months after surging higher earlier this year as many bitcoin rivals, including ethereum, litecoin and Ripple’s XRP, struggled to make similar gains.

However, the market may be even more weighted towards bitcoin than previously thought, with shock research suggesting bitcoin’s real dominance may be above 90%.

Researchers found that if bitcoin’s dominance is adjusted for liquidity by calculating the volume-weighted market capitalization it soars to over 90%, reducing the rest of the cryptocurrecy market, including major tokens ethereum, Ripple’s XRP and litecoin, to a combined less than 10%—and making their ultimate success more unlikely.

“Every day bitcoin stays ahead, it becomes less likely that any other cryptocurrency can compete as a money,” warned Bendik Norheim Schei, an analyst at Arcane Research, who carried out the study.

“That is important to understand not only for investors and those building out payment infrastructure, but also those building out solutions leveraging the security of a public blockchain.”

Bitcoin currently has a market capitalization of $180 billion, compared to ethereum’s $20 billion, litecoin’s $4.5 billion, and $11 billion for Ripple’s XRP.

“The main reason is that one could easily create a cryptocurrency with 1 billion premined coins, and do one trade at say three dollars each,” Schei wrote. “This would lead to a total market capitalization of $3 billion, which would represent 1% market dominance with today’s valuations and inflate the total market capitalization.”

“The problem is that the calculation does not take liquidity into account. One might be able to sell one token for three dollars, but what happens if you want to sell 1 million? Without accounting for liquidity, market capitalization becomes a meaningless measure.”

Researchers found similar results when looking at the 10 exchanges identified by Bitwise as those having “real” (not wash trade) volume and if using volumes as recorded on CoinMarketCap, excluding stablecoins.

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Blockchain

South Korean Blockchain Startups Listing Projects on Overseas Exchanges

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South Korean

South Korean blockchain startups are listing their cryptocurrencies on overseas exchanges one after another. Foreign exchanges have opened the Korean won money market to attract South Korean cryptocurrency projects.

The number of South Korean companies listing their early-stage blockchain projects on foreign exchanges is steadily increasing, industry watchers said on Aug. 18. Medibloc and Temco, which have already listed their blockchain projects on South Korea’s major exchanges are seeking to list their projects listed again on overseas exchanges, including those in the United States and Singapore.

Leading global foreign exchanges are scrambling to open the Korean won market to enter the domestic market. Some foreign exchanges, including Binance Labs, are directly accelerating Korean blockchain projects to attract Korean startups.

BW.com, which recently attracted domestic blockchain projects such as Ziktalk, Storichain, Payexpress and Sigma Chain, is planning to absorb domestic cryptocurrency investors by opening the won market by the end of this month. BW.com is a China-based cryptocurrency exchange which ranks among the top 10 in the world in terms of transaction volume. The exchange is regarded as useful for domestic projects to make inroads into the Chinese and Southeast Asian markets.

Sigma Chain, the developer of South Korean blockchain platform Futurepia, undertook the initial exchange offering (IEO) of its own cryptocurrency PIA on BW.com in May, becoming the first Korean company to do so.

Bitholic, which is to change its name to “Bithumb Singapore,” also owns a large number of domestic blockchain projects in its portfolio. In particular, BOScoin completed the listing of its cryptocurrency on Bitholic in June. The exchange also supports trading of the cryptocurrencies of such projects as Bezant and Medibloc.

Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges. Excluding the nation’s four largest exchanges, some 200 smaller exchanges cannot open real-name virtual accounts. This is one reason cryptocurrency investors cannot benefit from investor protection.

A low transaction volume is another reason Korean blockchain startups avoid listing on domestic exchanges. Only five or six South Korean exchanges rank among the top 100 in the world in terms of transaction volume. It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions.

Prixbit, a cryptocurrency exchange which closed its operations as of Aug. 9, has failed to overcome its financial difficulties and suspended its cryptocurrency trading services. Many investors criticized the shutdown of the exchange as they were worried about withdrawing their investments.

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Israeli Bitcoin Holders Take on Banks

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Israeli

A freedom of information petition has been filed demanding that the banks reveal their policies on accounts for proceeds of cryptocurrency trading. Holders of digital currencies in Israel, whose numbers have been growing by leaps and bounds in recent years, have an acute problem. In many cases, the local banks refuse to allow them to open an account in which to deposit money obtained from the sale of bitcoin or other cryptocurrencies.

It appears, however, that local bitcoin holders have reached the limits of their patience. They have begun to take action against the banks’ refusal to cooperate with them. Several lawsuits have recently been filed against banks that refused to deposit customers’ money from the sale of a digital currency, people trading in bitcoins are demanding that the Bank of Israel and the commercial banks should make their policy in this matter public.

A major step on the issue was taken this week with the filing of a freedom of information petition in the Jerusalem District Court by the Israel Bitcoin Association asking that Bank of Israel should be required to disclose to the Bitcoin Association copies of policy documents from each of the banks in Israel concerning money from digital currency, sources inform “Globes.” Bitcoin Association chairman Meni Rosenfeld told “Globes” this week that the Bank of Israel had refused the Bitcoin Association’s request to require the banks to publish their policy on digital currencies, saying that this constituted “commercial secrets.”

The Bitcoin Association earlier issued a call to local holders of bitcoin asking anyone with relatively small amounts of digital currency whose bank had refused to deposit money in their accounts to contact the Bitcoin Association for the purpose of taking legal action in the matter. Holders of small amounts of digital currency were specified because these individuals usually lack motivation for taking their own action against the banks because of the heavy costs involved.

Sources further inform “Globes” that the Bitcoin Association is now funding a legal proceeding aimed at enabling a customer of Union Bank to deposit money from the sale of bitcoin in his account. This petition states: “The bank did not conduct an examination of the petitioner’s specific circumstances. As far as the bank is concerned, the fact that the money came from the sale of bitcoin is enough to rule out in advance the option of depositing it in the petitioner’s account.”

No court in Israel has yet issued a ruling requiring a bank to accommodate activity by a customer dealing in digital currencies. Nevertheless, last June, as reported by “Globes,” Bit of Gold, an Israeli company, posted a significant achievement – a compromise settlement with Bank Leumi bearing approval from the Supreme Court. Under this agreement, which reversed a ruling by the District Court, Bit of Gold can continue holding its account at the bank for purposes of digital currency trading.

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Binance Announces Open Blockchain Project ‘Venus’

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Binance

Binance announced its plans to initiate an open blockchain project, Venus, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe. Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.

With its existing global blockchain ecosystem, Binance has already reserved its public chain technology and cross-border payment system for secure operations of new stablecoins. Since its launch last April, Binance Chain has been running securely and robustly and has issued a range of stablecoins, including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound. Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments.

Binance welcomes additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community. We encourage like-minded people and organizations to contact us and discuss the infinite possibilities of the digital world together: venus@binance.com.

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Antelope Water Management Taps Data Gumbo’s Blockchain Network for Oil & Gas Smart Contracts

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Blockchain Engineers

Data Gumbo Corp., a Houston-based technology company that has developed a blockchain-as-a-service (BaaS) platform to streamline smart contracts for oil & gas, today announced Antelope Water Management, the Austin-based company providing sustainable water solutions for the extractive industries in oil & gas, has adopted Data Gumbo’s blockchain network GumboNet™. This is the industry’s first use of a blockchain platform for total water management services in US shale plays. Antelope will tap the power of GumboNet to provide customers and vendors across its water infrastructure, treatment, sourcing and disposal services with real-time data transparency, and automation of contract executions and payments.

GumboNet insights allow all of Antelope’s customers and vendors in a transaction to be certain of immutable data and measurement accuracy for guaranteed and secure transactions. Antelope’s stakeholders and local regulators will benefit from the data certainty to lower overhead costs, reduce outstanding payments between parties, and ensure data certainty for all business transactions.

“As an integrated water management company in the Permian Basin providing tailored management services for water infrastructure, we look forward to incorporating Data Gumbo into each of our business units,” said Dustin Brownlow, CEO of Antelope. “Data Gumbo is a game changer enabling us to provide customers, vendors and regulators the best experience that smart contracts can offer. We are excited to add transparency to our operations while removing needless expenses and duplications of efforts to eliminate incorrect data and DSOs through Data Gumbo’s blockchain for all stakeholders.”

Antelope’s deployment moves Data Gumbo into the Permian Basin, the largest producing oil field in the world and into another sector of oil & gas — total water management. Antelope’s customers will for the first time be able to derive benefit from self-executing contracts on a secure blockchain platform catering to complex, 24-hr operations without the need for manual oversight.

“Data Gumbo was the first blockchain in offshore drilling and now we are the first in oil & gas water management. We anticipate continuing to break ground across the industry as companies realize the vast benefits we afford them such as security, certainty of data and, most of all, savings to the bottom line,” said Andrew Bruce, CEO of Data Gumbo.

Data Gumbo’s executives have more than 200 years of oil & gas industry experience across midstream, drilling and completions operations. Built initially for oil & gas but applicable to a multitude of industrial applications, GumboNet is offered by subscription, and uniquely frees companies from building and sustaining stand-alone, in-house blockchain solutions. With an immutable and auditable record that enables counterparties to trust transactions, no party can unilaterally change details, all stakeholders have the same level of transparency and results, and payments can finally be automated for savings and efficiencies.

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Business

‘Strategic differences’ force departure of Swiss digital exchange boss

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Swiss

The CEO of Switzerland’s crypto assets stock exchange will step down just eight months into his job following disagreements on how the nascent trading platform should be run. Martin Halblaub will depart at the end of August when his contract expires.

SIX Groupexternal link, which owns the Swiss stock exchange and its SDX digital exchange projectexternal link, played down the development, saying it will not affect the operation or its timetable. But this may be viewed as a blow for Switzerland’s ambition to host the first national stock exchange to trade a new breed of digital assets.

“I fully support SDX’s ambition and business model and would have loved to lead SDX into the future.  However, I have decided with a heavy heart – given our differing ideas on strategy, combined with the stretch the role is for my life model – that I cannot engage in a long term commitment as Head of SDX,” Halblaub is quoted in the memo.

SIX internal memo

Dear colleagues    As you know, Martin Halblaub was engaged as a Senior Advisor by SIX to lead SDX through its initial phase until the SIX Board …

The key strategic difference is that Halblaub wanted SDX to be launched as an independent company – a plan that grated with SIX’s board who wanted the new exchange to operate under the overall SIX umbrella.

Halblaub will be replaced as SDX CEO on September 1 by Tomas Kindler on an interim basis, according to an internal memo released on Tuesday. Halblaub’s tenure has proved short-lived having only been appointed to the top position at the start of this year.

Kindler is currently number two to Thomas Zeeb, head of securities and exchanges at SIX. Zeeb says in the memo that an “executive search” has been launched to find a permanent replacement and that Kindler is one of the candidates they are looking at. Zeeb added that Halblaub has expressed an interest in remaining at SDX as a senior advisor.

Global competition

“Martin [Halblaub] led SDX through its initial phase with great success. He helped shape SDX’s ambition, strategy and business model and has built a strong Management team around him.  We thank him for his support during this phase,” SIX CEO Jos Dijsselhof says in the memo.

In an interview with the NZZ am Sonnntag newspaperexternal link on Sunday, Dijsselhof made no mention of the internal conflicts at SDX.

Announced in July 2018, the SDX project was initially timetabled to be operational by mid-2019. But that date has been put back to the first or second quarter of 2020 following internal tests later this year with banks that have ownership stakes in SIX.

SDX faces competition from several other countries and one domestic project as it seeks first mover advantage in the tokenized digital asset business that has been tipped to bring vast efficiencies to the trading of shares, bonds and an anticipated wave of new financial products.

Projects ranging from Germany, the United States and Thailand are also bidding to become the first national crypto asset exchanges. Budding crypto bank Sygnum in Zurich has teamed up with national telecoms operator Swisscom, the Deutsch Börse and other partners to offer a Swiss trading alternative.

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Business

SEC Obtains Freeze of $8 Million in Assets in Alleged Fraudulent Token Offering and Manipulation Scheme

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SEC

The Securities and Exchange Commission announced fraud charges against a Brooklyn individual and two entities under his control who allegedly engaged in a fraudulent scheme to sell digital securities to investors and to manipulate the market for those securities. On Aug. 12, 2019, the court entered an emergency freeze to preserve at least $8 million of the $14.8 million the defendants raised in 2017 and 2018 in an offering of digital securities.

The SEC filed charges against Reginald “Reggie” Middleton, a self-described “financial guru,” and two entities he controls, Veritaseum, Inc. and Veritaseum, LLC (collectively Veritaseum). The Commission’s complaint, filed in federal court in Brooklyn, New York, alleges that the Defendants marketed and sold securities called “VERI” tokens on the internet, inducing retail investors to invest based on multiple material misrepresentations and omissions. Among other things, Defendants allegedly knowingly misled investors about their prior business venture and the use of offering proceeds, touted oversized – but fictitious – investor demand for VERI, and claimed to have a product ready to generate revenue when no such product existed. The complaint further alleges that Middleton manipulated the price of the VERI tokens trading on an unregistered digital asset platform. The complaint also alleges that Middleton recently moved a significant amount of investor assets and then dissipated a portion of those assets, transferring them to Middleton’s personal account.

“After learning about Middleton’s transfer of funds, we took quick action to prevent the further dissipation of investor assets,” said Marc P. Berger, Director of the SEC’s New York Regional Office. “Whether in digital currency or plain cash, we will act to protect investor assets and to pursue fraud and manipulation in our securities markets.”

The SEC’s complaint charges Middleton and Veritaseum with violating the registration and antifraud provisions of the U.S. federal securities laws, and Middleton with additionally violating the antifraud provisions on the basis of his manipulative trading. The complaint seeks permanent injunctions, disgorgement plus interest and penalties, and a bar from offering digital securities. For Middleton, the SEC also seeks an officer-and-director bar.

The Commission’s investigation was conducted by Jorge G. Tenreiro and Victor Suthammanont of the New York Regional Office, assisted by Roseann Daniello, a staff accountant in the New York Regional Office, John O. Enright of the Cyber Unit, and IT Forensics staff Ken Zavos and Olga Cruz-Ortiz. The case is being supervised by Lara Shalov Mehraban, Associate Regional Director of the New York Regional Office. The SEC’s litigation will be led by Mr. Tenreiro and Mr. Suthammanont.

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Blockchain

Binance KYC Leak Highlights Importance of Personal Data Privacy

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Changpeng Zhao

Last week, cryptocurrency exchange Binance, was at the center of a controversial KYC data leak that resulted in a massive portion of its customer’s personal data, privacy, and identity being put at risk.

While the company was quick to dismiss the leak and ensuing panic from its users as nothing more than FUD, calling it a “false KYC leak,” in the same official blog post Binance admits that their investigation is still ongoing, and while that the allegedly leaked photos didn’t include the crypto exchange’s digital watermark, all photos appeared to be tied to a month when Binance had outsourced their KYC process to another third-party firm.

Binance appears to be minimizing the situation in the public eye and deflecting any accountability of their own for not ensuring the third-party firm secured its customer’s data.

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Hundreds of customer photos uploaded during Binance’s KYC process could be seen being scrolled through on a video recording of a Telegram channel where the photos were uploaded as part of a 300 BTC ransom hackers demanded from Binance – that they ultimately did not pay.

The once poster child of the crypto industry known for thwarting hackers and keeping funds “SAFU” has recently come under fire for barring US users from its exchange, only offering 2x margin on crypto trading, and now, leaking potentially thousand of customer’s data without taking any responsibility or apologizing to those affected in order to save its image.

Cyber Crime: Over 3 Billion Private Personal Records Leaked Last Year

The leak highlights the ever-increasing importance of personal data privacy in the digital age. Over 3.3 billion people were affected by personal data leaks in 2018, and the trend is only growing. In 2018, the equivalent of 291 different people’s personal data was leaked per second. Over 15 billion personal records have been leaked since 2013 when benchmarking first began.

As much as 65% of these leaks involve identify theft, which can involve credit issues, criminal allegations, tax liability, or worse. As much as 13% involve financial access, meaning that cyber criminals were able to directly access financial data and accounts, potentially draining accounts of their holdings – an incident that has become common in the cryptocurrency industry, and elsewhere on the internet.

In 2018 alone, the cryptocurrency industry was exposed to over $1 billion in exchange-related hacks, with nearly all of them involving some kind of data breach or lax security protocol. The rest of the internet is by no means different, with nearly every major internet company or publicly traded corporation experiencing some sort of major data leak over the last decade.

At the start of August, the Entertainment Software Association – a powerful company in the video game industry – leaked the personal data of thousands of industry professionals, journalists, and executives alike. The most alarming issue is that the ESA didn’t even hide this information behind any type of security, and ignored repeated attempts from users notifying the company of the security failure.

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Neglect like the case with Binance or the ESA exists everywhere in the world and on the internet. Uploading personal data to platforms that aren’t secure is at the core of the issue.

Personal data is also easy to come by for cyber criminals, making the matter far worse and widespread. According to data, personal records can be obtained for as little as $30 on the dark web. This includes full name, social security number, date of birth, bank account numbers, and more. Driver’s licenses are only $20. Passports fetch up to $2,000 – still relatively cheap to access such important personally identifying data.

How To Protect Personal and Private Data in the Digital Age

Because the issue is so widespread and the trend is only growing each year, personal data protection will only become more important and difficult. Methods and tactics of cyber criminals will improve, and so should the security and safety that companies provide their customers. Better yet, personal data should be kept private, and not required over the internet where sensitive documentation can so easily be leaked.

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New systems must ultimately be developed, but many companies can start improving their processes today by accepting responsibility and taking necessary steps to protect their customer’s personal data.

One example of a company taking additional steps to protect customer data is PrimeXBT. PrimeXBT is a Bitcoin-based margin trading platform featuring crypto assets (with up to 100x leverage) similar to Binance but also features traditional assets such as forex, commodities, stock indices, and more. The two worlds of digital and traditional finance coming together under one roof make PrimeXBT unique.

PrimeXBT combines the bank-grade security and focus on customer safety from traditional finance with the value of privacy that is the ethos of the crypto industry.

PrimeXBT requires no personal data to be uploaded at all, and ditches the time-consuming KYC process in favor of offering their customers privacy. The company has even in the past taken steps to move its trading infrastructure to Switzerland to ensure customer privacy remains the highest priority. It’s one of the few places that exist on the internet where there zero risk of personal data loss or leak, because no personal data is ever required.

Conclusion

In the digital age, personal data and privacy are constantly put at risk unnecessarily. Corporations and companies carelessly require this data, then don’t give it the proper protection or care that personal data and privacy deserves.

But until the public begins to vocalize their concerns over personal data and privacy and avoid companies that do not prioritize safety and security, or companies themselves begin to take additional steps and make investments in security, the issue will only grow more severe.

For now, all internet users must do due diligence when using any platform or website which requires personal information to be uploaded, and whenever possible, select a company or website that doesn’t require any personal or private information be uploaded at all.

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Blockchain

TRON: SUNNetwork Code V1.0 Officially Launched

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TRON

TRON, one of the world’s largest blockchain projects, announced today the V1.0 code release of TRON’s side chain solution, Sun Network. Sun Network is a scaling solution built to expand the capacity of the TRON MainNet, incorporating a series of scaling projects such as DAppChain, a smart contract optimized application side chain, cross-chain communications and many more. Among these projects, DAppChain is a side chain scaling project designed to provide unlimited scaling capacity for the TRON MainNet, enabling DApps to run with lower Energy consumption, higher security and efficiency on TRON.

Compared to other scaling solutions, Sun Network has two notable features. Firstly, it supports smart contract transactions, focusing on improving the TPS of the smart contract transactions on the MainNet, as well as lowering the transaction fee. Secondly, the side chain can support more customizable requirements, such as setting side chain incentives, transaction rates, transaction confirmation speed and other parameters, catering to the needs of different developer groups.

The overall solution of the Sun Network will provide unlimited scalability to the TRON MainNet, allowing for more possibilities to the development of TRON DApps and the entire ecosystem. The solution also strives to bring positive impacts to the whole blockchain industry while flourishing the TRON network.

TRON’s founder Justin Sun says, “As time goes on, lots of projects have made great progress. We launched the TVM in October 2018. In just 7 months, nearly 500 quality DApps are running on the TRON network. TRON’s total account number reached 3,000,000. A total of 410 million secure transactions took place since the MainNet launch. Moving on, the energy-saving, highly secure and efficient Sun Network will contribute to a more active ecosystem of TRON. Community developers will benefit from the network as well. In addition, a series of scaling projects such as DAppChain and cross-chain communications will further expand the overall capacity of the TRON network, as well as improving the TPS and smart contract execution efficiency on TRON.”

Sun Network Github Code Overview

This code version of the Sun Network is as follows:

Side Chain The core code of DAppChain is compatible with the features of the TRON MainNet, Developers can easily migrate DApps on the TRON main chain to the side chain.

Oracle A relay that supports the interaction of the main chain and the side chain; the TRON main chain will interact with the side chain through the Oracle relay.

Contracts Managing digital assets across both the main chain and the side chain through contracts, ensures safe transfer of assets between the TRON network and the side chain.

JS SDK The Javascript-version SDK supports simultaneous interactions with both the main chain and the side chain on TRON, similar to TronWeb of the MainNet.

JAVA SDK The Java-version SDK supports simultaneous interactions with the main chain and the side chain on TRON.

SideChain Wallet Cli An implementation of the side-chain command-line wallet based on the above-mentioned Java SDK; interacts with the main chain and the side chain simultaneously through the terminal, similar to Wallet Cli of the MainNet.

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