Month: February 2019

Institutional Digital Asset Wallet Startup Curv Emerges from Stealth; Raises US$6.5M

Curv, a digital asset wallet startup, has emerged from stealth and announced a US$6.5 million seed funding round led by Team8 and Digital Currency Group, with participation from Flybridge Capital, Jump Capital, Monex Group and Liberty City Ventures. The company, which is headquartered in New York with research and development offices in Tel Aviv, Israel, …

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Cybercriminals Ditch Ransomware and Malware-Based Attacks for Cryptojacking: IBM Study

Increased security measures and awareness are driving cybercriminals to change their techniques in search of a better return on investment, ditching ransomware and malware-based attacks for cryptojacking attacks, according to a new study by IBM. Malicious coin-mining or cryptojacking is the act of installing a cryptocurrency miner on the victim’s endpoint without their knowing it, …

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Bitcoin Mixers Allow you to Make Private Transactions

Decentralization and anonymity are the main characteristics that distinguish cryptocurrency from fiduciary (fiat, real) money. However,we should note certain conventionality of these differences. Information about transactions with digital currency is stored and displayed in the blockchain registry, thanks to which it is possible to track how each currency unit was transferred to its place of storage. Therefore, programs and services designed to track operations that are performed in the system have become widespread today. Even if you do not violate the law, you should ensure all your payments are anonymous. We all want to protect ourselves, but it is absolutely impossible to achieve if anyone, possessing basic knowledge of the blockchain operation, has an opportunity to trace transactions of others and find out who transfers money, what they buy and how they withdraw their funds. Obviously, the government also can fully control our operations. This leads to a conclusion about the greater confidentiality of calculations by fiat money compared to the notorious anonymity of Bitcoin. What is a bitcoin mixer? A lot of users were deceived by the imaginary anonymity of Bitcoin. A number of participants in this system use the blockchain in order to receive payments of dubious legality or evasion of obligations to pay taxes. But even law-abiding users who commit legitimate transactions should take care of their anonymity. Any other system participant with a basic knowledge of the blockchain technology can easily get information about transfers, your balance, storage locations, and withdrawal methods. Such transparency of operations makes the user an attractive object for attackers and supervisory authorities. But there is an opportunity to complicate the tracking of transactions. A lot of techniques and specially developed services are used for this purpose. It is the so-called bitcoin mixers, which allow to double back of transactions. Bitcoin mixer is an anonymization service, which makes impossible the tracking of transactions in the blockchain by dividing them into small amounts that repeatedly move to different addresses. The user put coins into such a mixer by performing one transaction, at this time other coins are displayed while passing through multiple transactions between different tokens, so it is not possible to link them to a specific participant of the system. The principles of a bitcoin mixer A centralized bitcoin mixer provides anonymization of transactions by mixing all the operations made by a user. The participant of the system conducts a transaction with his own funds, pays the relevant commission and receives the same amount, but in other coins. Funds are divided into small amounts and randomly sent to the wallets created by the service during the mixing. These transactions are repeated dozens of times, and only after this actions coins are sent to the address specified by a user. This service has to be technically protected and reliable since there is a risk of theft that developers can commit when you use the described mixing method. In addition, a system with low technical security can be hacked. It is also impossible to exclude the risk that the service itself keeps records of completed transactions. As for the payment of funds through Bitcoin mixers, it is made by forming the necessary amount from a random number of coins in a random order. Is it necessary to use a mixer? Often, you can come across the point of view about bitcoin mixers as an instrument needed exclusively for criminals. Of course, this method is inevitable to cover illegal operations. However, there are several reasons for law-abiding users to hide their operations and assets. For a start, it is worth mentioning that Bitcoin is very convenient as a means of paying for purchases and making settlements between individuals (the so-called p2p payments). Cryptocurrency transactions are not displayed in banking registries and are not visible to other financial institutions. Therefore, Bitcoin is a great anonymous (supposedly) means of payment. At the same time, all transactions in the Bitcoin network are placed on the open registry, there is data on any operations that have ever been made in this database. Thus, you can not count on absolute anonymity paying for goods or services using Bitcoin. The third party has the opportunity to track what actions you perform in the system, and to analyze your behavior. All counterparties that have ever entered into smart contracts with you know your wallet number, and they can keep track the money amount on the account and its transfers. In such conditions, there can be no security. Malefactors have every chance to rob you. Using a bitcoin mixer allows you to effectively double back and create a reliable barrier to monitor the transfers of your bitcoin. And it does not matter whether your cryptocurrency operations are legal or not. For your own peace of mind, it is better to limit as much as possible the circle of persons who know the address of your wallet, the amount of funds on it and the operations made on them. When do you need to mix bitcoins? Every time you need to send or receive coins from a new source, you must mix them. So it is more likely to remain anonymous. For example, when you first buy a cryptocurrency for real money, you should mix them up before making further transactions. This will make it more difficult to establish a link between your assets and you. You should mix bitcoins and when you are selling them for fiat money. A buyer will not be able to trace the source of the funds if they are mixed. Refusing to use mixers, you thereby allow anyone who has minimal capabilities and skills to find out where you acquired your cryptocurrency assets and where the bitcoins were transferred. Such information can be used to identify and harm you, in particular, by stealing funds.

Tech Business Leaders Name IoT Processes As Blockchain’s Greatest Disruptor: KPMG Study

Technology executives expect the Internet-of-Things (IoT) processes (27%) to be one of the greatest blockchain disruptors over the next three years, followed by trading (22%), reduced cyber risk (20%) and contracts (18%), found a new study by KPMG. “The technology executives we work with are also exploring the convergence of IoT, artificial intelligence (AI) and …

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Crypto Exchange BitMart Integrates Paxful to Enter P2P Trading

Crypto trading platform BitMart has announced the integration of peer-to-peer (P2P) bitcoin marketplace Paxful onto its exchange as the two companies look to increase liquidity and scalability, they said on Thursday. The integration will allow users to make payments via Paxful on the BitMat platform. Customers of BitMart will have more payment options to choose …

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Nearly Half of Millennials Trust Crypto More Than US Stock Market: Survey

Nearly half of millennial online traders have more trust in cryptocurrencies and crypto-assets than the US stock market, according to a new survey from eToro, an investment platform. Even among millennials who do not trade crypto, one-third said they would trust crypto over the stock market, indicating the beginning of a generational shift in trust, …

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Crypto-Collectibles Marketplace OpenSea Partners with Blockchain Video Game Ember Sword

OpenSea, a digital marketplace for non-fungible crypto collectibles, has partnered with blockchain game developer and publisher So Couch Studios to build an in-game marketplace in the studio’s fantasy massively multiplayer online roleplaying game (MMORPG) Ember Sword using the OpenSea infrastructure. The partnership will see the two companies working together to utilize a custom version of …

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Enterprise Ethereum Alliance Opens Regional Office in China; Forms “Token Task Force”

Enterprise Ethereum Alliance (EEA), a member-led industry organization focusing on the use of the Ethereum blockchain technology in enterprise, has opened a regional office in China. The new office will provide local support to China EEA members, leveraging the organization’s standards, working groups, and resources to help them achieve business results, the organization said on …

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BitMEX Ventures Invests in Capital Markets Software Builder FinFabrik

FinFabrik, a Hong Kong-based fintech startup developing capital markets software, has raised an undisclosed amount in a seed funding round led by BitMEX Ventures, the investment arm of Seychelles-based HDR Global Trading Ltd., the operator of the BitMEX cryptocurrency exchange and derivative trading platform. The startup said it will use the new capital injection to …

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MyEtherWallet Launches V5 of New Platform Interface with Improved Features

MyEtherWallet (MEW) has unveiled version five of their open-source platform, which is designed to be simple and intuitive for its users. The new features will be powered by Changelly, Bity, Kyber Network, and Coral Protocol. Writing about the technical aspects of the interface update, the Ethereum wallet noted in a Medium post that: “In the …

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Switzerland and Liechtenstein’s Crypto Valley Sees Thriving Blockchain Ecosystem

With 750 companies as of the end of December 2018, Switzerland and Liechtenstein’s Crypto Valley has grown significantly in the past year with 121 new companies being established or a growth of 20% in the number of crypto companies, according to The Crypto Valley’s Top 50 Q1 2019 report released in January. The study, produced …

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General Motors Financial Subsidiary Eyes Blockchain to Prevent Fraud

General Motors Financial Company (GM Financial), the financial services arm of the largest American automotive manufacturer, is exploring the use of blockchain technology to improve data management standards and help address critical auto finance industry issues like identity verification and synthetic identity fraud. GM Financial has joined Spring Labs’ Spring Founding Industry Partners (SFIP) program …

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2019 BitShares Core Development Team Proposal: Community’s Prospects

BitShares Core Development Team just released its 2019 Proposal with a total budget of up to $1,386,406 (¥9,358,220). To understand more about the next steps of BitShares in 2019, we conducted an interview with Ryan R. Fox, Development Coordinator of BitShares, who is also the initiator of BitShares Core Development Team. Question: What are the …

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