Smart contracts are supposed to be just that: smart. However, some smart contracts currently circulating aren’t quite making the grade — with vulnerabilities exposing millions of dollars worth of Ethereum to potential theft. How Smart are Smart Contracts? Smart contracts are computer protocols meant to digitally facilitate, verify, or enforce the execution of contracts. Smart contracts’ ability to partially or fully self-execute and self-enforce makes third parties unnecessary when completing transactions — and thus provides superior
We love getting points. Especially through credit cards. It feels like we’re getting free stuff when we buy items with points. And credit card points are a part of a larger ecosystem called loyalty reward programs. These programs can be as simple as a punch card where your 11th burrito is free or as involved as airline miles and credit card points. Loyalty programs are advantageous for companies for two main reasons. The first is
A former high-flying JP Morgan trader turned cryptocurrency fund manager says banks "have absolutely failed to innovate in any way, shape, or form and now they’re paying the price" in the cryptocurrency market.
After fighting the IRS in court, popular digital currency marketplace Coinbase has been ordered by the Northern District of California to turn over more than 10,000 users’ personal information and trade history — but it could have been much worse. The Taxman The Beatles once sang: If you drive a car, I’ll tax the street, If you try to sit, I’ll tax your seat. If you get too cold, I’ll tax the heat, If you
Georgia may be joining the few states that will allow for the use of cryptocurrency to make tax payments if Senate Bill 464 passes. A growing number of US states are opening up to accepting cryptocurrency. Doubtless they wish to reap some of the financial benefits that the crypto world has to offer. This is totally understandable as the market capitalization for virtual currency stands at almost $444 billion at the time of writing. As
Toronto-Dominion (TD) Bank is the latest financial institution to ban customers from using their credit cards to purchase cryptocurrency. As more retail investors continue to be onboarded, banks are looking to protect them from making ignorant decisions. Weighing Risk, Regulation, and Rapidity In a recent move that has become common from banks, TD Bank is effectively halting the use of credit cards to purchase cryptocurrency. Originally still permitting purchases even after the first move from
Cryptocurrency opponents have long argued that digital currencies are tools for money launderers. If the National Police Agency in Japan is to be believed, that may indeed be the case — though it’s not as prevalent as one might think. Minimal money laundering According to reports, the National Police Agency in Japan suspects 669 cases of cryptocurrency-utilized money laundering between the months of April and December. The reports come directly from the cryptocurrency exchange operators
At long last, Coinbase’s popular US-based digital asset exchange GDAX now supports Segregated Witness (SegWit) transactions on the Bitcoin network. What is SegWit? SegWit — short for Segregated Witness — is an important soft fork upgrade to the Bitcoin network which makes transactions significantly more secure and efficient. When sending transactions with SeqWit, the main part of the transaction is effectively segregated from the portion which authorizes it. In turn, this makes Bitcoin transactions even
As the sheer amount of data in India grows exponentially, Zebi is ready to secure high-value and sensitive data, while making sure it’s instantaneously available for legitimate use – potentially revolutionizing the management of big data in India and abroad. More Data, More Problems Solving India’s big data generation problem is no easy feat. The South Asian country has a population of nearly 1.24 billion, of which roughly one billion have some form of digital
Ukrainian company REMME has recently released the alpha build of its REMME Core 0.1.0 protocol, which hopes to eliminate human error in the cybersecurity domain by getting rid of passwords entirely. Password management is no joke. Despite the ever-expanding advances made in cryptography over the years, poor password discipline remains the greatest weakness to modern computer systems. Besides phishing attacks and easily guessable passwords, users have even been shown to give up their passwords for
In an annual filing to the Security and Exchange Commission, America’s second-largest bank has expressed fears over cryptocurrency’s potential to undermine the control of major banks. Making things difficult It has long been speculated that Bitcoin and other cryptocurrencies pose a threat to major banks and traditional financial institutions. Now, Bank of America admits it could be forced to deal with the “substantial” costs associated with the emerging market. “The widespread adoption of new technologies,
Investing in Bitcoin and cryptocurrencies has always been a rocky ride. Is the volatility worth it? ETF industry veteran and Bitwise executive Matt Hougan certainly thinks so. Generationally-Significant Opportunity Sometimes it’s easy to forget that those of us investing in Bitcoin and cryptocurrencies right now are still the early adopters — and the potential for significant gains down the road is massive. Bitwise Asset Management Vice President of Research and Development Matt Hougan recently appeared
A senior Turkish politician has repeated claims from the country’s deputy prime minister that it will seek to create ‘Turkcoin,’ its own national cryptocurrency. Opposition Demands Regulation Several weeks after the ruling Justice and Development Party’s Mehmet Şimşek suggested the idea, Ahmet Kenan Tanrikulu, deputy chair of the opposition Nationalist Movement Party and former Industry Minister, argued a method was needed to “generate revenue” from Bitcoin. “The introduction of encouraging regulations after assessing all kinds
As debate rages upon the subject of gun control, a professor at Washington State University has suggested using blockchain technology to make an impact. The topic of gun control has become a hot topic once again in the United States due to the recent school shooting in Florida. As pundits from both ideological sides of the issue rage back and forth, a new wrinkle has emerged: blockchain technology. A professor of public health at Washington
Cryptocurrency has been around for a number of years, but it really gained traction and popularity in 2017. It went from being the money of the future to the latest and greatest way to invest and get a great return rather quickly. Initial coin offerings (ICOs) are one of the investments that gained popularity along with cryptocurrency because they go hand in hand. An ICO is a crowdfunding method that uses cryptocurrency instead of cash.
The coupon market came out in the early twentieth century, mostly in the US and Europe, and since then has grown exponentially. The internet boom allowed companies to provide their clients with all kinds of discounts and rebate on various goods. Today, we’re living in another technology revolution, lead by the blockchain, so the concept of coupons might transform by corresponding to the security and transparency of the emerging technology. One particular startup, called the
The popular stock market trading app announced cryptocurrency trading would be here in the coming weeks, and that day is finally here for the 1 million people who’ve signed up for the beta. Streamlining the Process of Buying In Robinhood is extremely popular with teenagers and young adults because it offers a completely fee-free way to invest in the stock market. This can be very attractive to younger people as they don’t have to deal
Legacy financial institutions have generally taken a hands-off approach when it comes to cryptocurrencies due to their lack of transparency and promotion of anonymity. ivyKoin is looking to break down those barriers through its unique transfer of KYC (know your customer) and KYT (know your transaction) data via their blockchain network. Legacy Systems Need a Hero With trillions of dollars being transferred on an international scale daily and the growth trajectory of cryptocurrencies, a solution
According to a new report, a French market regulator has started cracking down on online trading platforms that offer cryptocurrency derivatives. Cryptocurrency Derivatives With the recent rise for cryptocurrencies worldwide, many trading platforms have started offering binary options, contracts, and derivative products tied to major cryptocurrencies like Bitcoin, Litecoin, and Ethereum. These new trading products have drawn the attention of several regulatory agencies in Europe. One of them is the French Autorite des Marches Financiers, which
The first step of a potential crackdown on cryptocurrencies is underway in the UK. Investigators are said to be taking a good look at Bitcoin and its underlying technology, as a means of measuring cryptocurrency’s overall risk to central banking and traditional financial institutions, while also assessing whether or not regulatory measures are necessary. Is Regulation Impending? The UK appears to be setting the stage for cryptocurrency regulation. According to The Telegraph, The House of Commons
More people have access to Internet-connected devices than have access to a bank account. This leaves a massive untapped market of potential cryptocurrency users. Cryptocurrency ATMs What does a cryptocurrency ATM look like to you? It may look like something that is unnecessary and cumbersome to use compared to online exchanges, but for someone who isn’t well versed in technology, it can be an invaluable resource and asset. News about cryptocurrencies and blockchain technologies have
Bitcoin price dropped below $10,000 again Thursday as analysis warns traders to prepare for “FUD” from detractors. $11,700 The Target To Beat Data from Bitstamp showed a sudden $500 dip over three hours, taking Bitcoin from around $10,300 to current lows of $9677. Having traded as high as $11,762 this week, markets appeared to encounter a lack of support closer to $12,000 Wednesday, creating a rapid drop and reversing gains which began around February 17.
Things are only getting weirder in Venezuela, as President Nicolas Maduro decides that one state-issued cryptocurrency farce isn’t enough. Now, the socialist country with a crumbling economy is ready to launch second Petro token — called Petro Gold. Maduro’s Vision Earlier this week, collapsing socialist country Venezuela purportedly launched Petro — the world’s first state-issued cryptocurrency — purportedly backed by the country’s oil reserves. The problem is, the oil allegedly backing each token has yet to