something-square
something-square
📰 News Antony Koroid

Indonesia is Developing a Blockchain Exchange With Kinesis Technologies

📰 News
Jakarta Futures Exchange (JFX) along with Kinesis Money and Allocated Bullion Exchange (ABX) are to launch the project of developing an Indonesian blockchain exchange
Indonesia is Developing a Blockchain Exchange With Kinesis Technologies
Contents

Jakarta Futures Exchange (JFX) along with Kinesis Money and Allocated Bullion Exchange (ABX) are to launch the project of developing an Indonesian blockchain exchange.

JFX, which is engaged in the trading of futures and derivatives, submitted the Memorandum of understanding with Kinesis Money and ABX, which involves the development of a blockchain exchange using Kinesis technologies.

National exchange

In a joint statement, the companies claimed Kinesis and ABX developed an evolutionary monetary system that uses real assets (gold and silver) as the basis for digital currencies. These currencies will be exchanged on the Kinesis blockchain exchange, which uses the network Star Network processing speed of more than 3000 transactions per second.

💼 Related Article
Indonesia Jumps Feet-First Into Decentralized Technologies by Opening Blockchain Hub in Jakarta
🔥 Hot
4 months 4 weeks
256
Indonesia Jumps Feet-First Into Decentralized Technologies by Opening Blockchain Hub in Jakarta

The system is also integrated with mobile banking and fiat currency exchange services. ABX, the world's leading electronic institutional exchange for physical precious metals, has a long history of working with JFX to expand gold investment opportunities in Indonesia.

Meanwhile, JFX, the exchange of futures contracts for gold, is now launching a physical Sharia Gold contract in partnership with ABX. The company has already received approval from the Indonesian National Sharia Council and local regulatory authorities.

"The exchange version of blockchain currencies based on gold, thanks to the cooperation with Kinesis and ABX, is a natural continuation of the vision of JFX and the Indonesian government.

"Extended partnership between JFX, Kinesis, and ABX provides for an Indonesian blockchain exchange based on the technical achievements of the Kinesis blockchain exchange,” the joint statement of the partners says.

💼 Related Article
Indonesian Authorities Say Yes to Crypto Futures Trading
🔥 Hot
7 months 2 weeks
256
Indonesian Authorities Say Yes to Crypto Futures Trading

This partnership is part of JFX's plan to create blockchain solutions in addition to the existing financial infrastructure. This will allow investors to get alternative options for investments and additional benefits from simplifying and increasing the speed and security of transactions.

Benefit to people

In his words, JFX president director Stephanus Paulus Lumintang said the advantages of distributed blockchain technology will bring great benefit to Indonesia and Indonesian people.

"Regulation of blockchain in Indonesia is currently ongoing, and it is quite an important but difficult task. However, JFX is ready to become a blockchain exchange company in Indonesia, in accordance with any legal and regulatory requirements."

"Our future partnership with Kinesis and ABX will allow us not only to take advantage of these benefits but also to create a secure and transparent blockchain network that will be a reliable alternative to existing exchange systems," he said.

CEO of Kinesis and ABX Thomas Coughlin from his side noted that the blockchain network creates a complete monetary system that allows you to conduct transactions with real physical assets and exchange it digitally, quickly, and at a low price.

“We believe that the integration of physical precious metals and distributed ledger technology is of great value to the Indonesian market with its dual interest in gold and blockchain. We look forward to continuing our partnership with JFX to bring this to an end," he added.

📰 News
121 views views
👓 Recommended articles
📰 News Yuri Molchan

New Zealand-Based Cryptopia Exchange Suffers Hacker Attack, Exit Scam Suspected

📰 News
The Cryptopia exchange located in New Zealand shuts down its Internet presence while it deals with the consequences of a major hack
New Zealand-Based Cryptopia Exchange Suffers Hacker Attack, Exit Scam Suspected
Contents

On the morning of Tuesday, Jan. 15, the exchange tweeted that someone had broken its security systems, causing extensive losses.

Cryptopia has not provided any details as to how many and what assets exactly have been stolen by the evil-makers or whether it plans on reimbursing the platform’s users.

Cryptopia goes offline

The website of the exchange, as well as the technical support page and its blog, is not accessible presently. All the website shows is a notice: “Cryptopia is currently in unscheduled maintenance mode. We will be back soon.”

New Zealand Exchange Gets Hacked, Around 13,000 ETH Lost

An exit scam?

However, Whale Alert tweets that on Sunday, January 13, Etherscan recorded a transaction from Cryptopia’s hot wallets. Nearly 13,400 ETH coins were moved out (around $2.44 mln), as well as around 48 mln CENNZ tokens (around $1.18 mln). The community is pondering whether this was the hacker or the exchange itself, conducting an exit scam.

💼 Related Article
Tron’s Market Cap Value Spikes 40 Percent in 2019, TRX Aims to Beat Telegram’s TON
🔥 Hot
13 hours 32 min
256
Tron’s Market Cap Value Spikes 40 Percent in 2019, TRX Aims to Beat Telegram’s TON

New Zealand Exchange Gets Hacked, Around 13,000 ETH Lost

The right people have been notified

The exchange also tweeted that all appropriate authorities have been notified, as well as the police of New Zealand. Apparently, now there is a massive investigation underway where the local police and the High-Tech Crimes Unit are collaborating.

Cryptopia encourages its customers to stay positive regarding the event by posting the following announcement:

“Until this has been carried out, The Cryptopia Exchange will remain in maintenance mode, with trading suspended. We are committed to getting this resolved as quickly as possible and will keep you all updated every step of the way.”

Ethereum’s Constantinople

Less than a week ago, Cryptopia got in the line of the exchanges that support the upcoming Constantinople hard fork of Ethereum — the line includes HitBTC and nearly 20 other exchanges, as U.Today reported earlier.

📰 News
73 views views
👓 Recommended articles
📰 News Alex Morris

Ethereum Сore Developer Calls Constantinople Least Eventful Hard Fork Ever

📰 News
Experts predict that the reduction of mining rewards will actually benefit the network, but it also could be a bad omen
Ethereum Сore Developer Calls Constantinople Least Eventful Hard Fork Ever
Contents

Ethereum’s upcoming hard fork, which is dubbed ‘Constantinople’, will not be as painful as November’s Bitcoin Cash debacle given that there is no split inside the community. Lane Rettig, one of Ethereum’s core developers, even calls it the least contentious hard fork ever, but that’s not necessarily a bad thing for ETH holders, Bloomberg reports.  

Is Constantinople that boring?

The word combination ‘hard fork’ is associated with a schism inside a certain community that subsequently results in the appearance of several versions. The Bitcoin Cash hard fork, as some pundits claim, was behind the most recent market crash – BCH lost nearly half of its market cap during a brutal bloodbath, while Bitcoin reached its new yearly low of $3,100. With Ethereum, it’s (hopefully) not going to happen, and Rettig calls it the least contentious one out of all hard forks the project has undergone up to this day.

Ethereum hard fork

A double-edged sword

Constantinople is set to reduce current miner rewards from three to two coins per each block, which can potentially decrease the level of inflation and volatility. Michael Moro of Genesis Global Trading explains that a selling spree initiated by miners will have less impact on the ETH price.

However, there are also caveats – some experts believe that the rollout of the Constantinople hard fork could jeopardize the network’s security given that fewer miners would be willing to support it. Case in point: Ethereum’s offshoot Ethereum Classic (ETC) and its recent 51 percent attack, which led to Coinbase freezing ETC trading.

Miners will be useless anyway

Rettig further states that the software that completely excludes any support form miners has been in the process of development for years. Soon, it will be combined with the current network that is run with the help of miners, and it’s only a matter of time until mining rewards plunge to zero. At the same time, some miners remained disgruntled since the Constantinople upgrade won’t make Ethereum ASIC-resistant, which was one of their top requests.

Despite the controversy (or its absence), major exchanges in the likes of Binance have already announced that they will support Constantinople.

📰 News
32 views views
👓 Recommended articles
📰 News Alex Morris

Bitfinex Presents Trading for New Token. What’s Behind This Listing?

📰 News
After CoinBene, the controversial exchange has also embraced RIF tokens that power the whole ecosystem
Bitfinex Presents Trading for New Token. What’s Behind This Listing?
Contents

Bitfinex, the 21st biggest exchange by trading volume, has just made an announcement about listing RSK Infrastructure Framework token (RIF). Starting from Jan. 15, there will be two trading pairs that feature the RIF token – RIF/BTC and RIF/USD.  

One token for everything  

RIF is a Turing-complete smart contract platform that is similar to Ethereum. Its utility token (RIF) provides users with the possibility to gain access to all services that are compatible with the project’s architecture. The RIF token will serve as a universal currently for different service providers, thus avoiding ambiguity in pricing.

RSK (RBTC)

Back in November, the exchange also listed the so-called gas token RSK (RBTC). RBTC is fully backed by BTC, and it can be converted to BTC through a 2-way peg (2WP).

💼 Related Article
Verge to Implement Confidential Transactions, RSK Smart Contracts, Anonymous Mobile Wallet in 2019
🔥 Hot
6 months 2 weeks
256
Verge to Implement Confidential Transactions, RSK Smart Contracts, Anonymous Mobile Wallet in 2019

At the heart of the crypto revolution

Rootstock, which was launched in December 2015, has mining giants in the likes of Bitmain and Bitfury among its biggest investors. The RSK smart contract platform merged with RIF Labs. Such a step was necessary for streamlining the integration of RIF OS into the whole RSK ecosystem, which subsequently sets the ground for smart contract interoperability.

Notably, RSK is based in Argentina, the epicenter of cryptocurrency growth. The startup’s CEO, Diego Gutierrez-Zaldivar, is certain that RSK can develop applications that will increase the level of economic inclusion in poverty-stricken Latin American countries.

📰 News
69 views views
👓 Recommended articles
📰 News Yuri Molchan

Tron’s Market Cap Value Spikes 40 Percent in 2019, TRX Aims to Beat Telegram’s TON

📰 News
Tron has been most active over the last few months, having demonstrated aggressive progress and a market value increase
Tron’s Market Cap Value Spikes 40 Percent in 2019, TRX Aims to Beat Telegram’s TON
Contents

Since its triumphal rise in December 2017, the crypto market heavily dropped throughout all of 2018. All digital assets then showed a tremendous collapse. However, Tron (TRX) managed to make a great technical advance, as well as strike numerous new partnerships. All of this helped TRX increase its market cap on an impressive scale.

Tron’s progress

At the time of writing this, TRX is trading at $0.0252. Compared to Bitcoin, it’s not so great. Still, as early as just four weeks ago, the coin was going at half of its current price on exchanges.

Over a month ago, Tron was the holder of the #11 position by its market cap value. Then it gradually moved to spot #10. After that, outperforming the hard-fork-born Bitcoin Cash SV, it got to position 9. Having briefly replaced Tether in place #8, it now occupies place #9 again.

Only two weeks of the new year have passed, however, Tron’s market cap has spiked 40 percent already.

Compared to EOS and Ethereum, Tron hosts a lot fewer dApps. Still, despite this fact and a fewer number of use cases, Tron seems to have potential for growing much faster than any other crypto in current market conditions.

💼 Related Article
Tron Advances to #9 Position on CMC, BCHSV Retreats to Edge of Top-10
🔥 Hot
1 week
256
Tron Advances to #9 Position on CMC, BCHSV Retreats to Edge of Top-10

TRX price forecasts

Currently, Tron is welcoming dApp developers from other platforms, especially from EOS and Ethereum, and ensuring they get excellent financial conditions. Several famous dApp games have already migrated to Tron, one of them being TronGoo (formerly, EthGoo), which came from Ethereum.

Developers along with their dApps keep jumping under Tron’s wing, since EOS and Ethereum now seem slow, expensive to use and sometimes even problematic for exploitation. Every new decentralized app that joins the Tron network or the Tron Arcade gaming fund will, experts believe, push the coin’s price upwards.

Atlas project and BTT coin

Launched in the second half of 2018, the Atlas project intends to combine the BitTorrent network, which Tron also bought in 2018, as reported by U.Today earlier, and Tron’s blockchain. The users will be rewarded with the BitTorrent (BTT) coin, powered by Tron.

The idea is that Tron will integrate the hundred million BitTorrent users into its network, expanding the Tron-based economy.

In this plan, Tron seems to also compete (perhaps unaware of that) with the Telegram messaging app that conducted a closed ICO in 2018, intending to create the TON (Telegram Open Network) with its own coin, Gram, for hundred millions of users around the world.

Presently, Tron is growing where other crypto projects are staggering. As U.Today reported earlier, one of the goals Justin Sun has set for 2019 is to widely expand the Tron community and enter the top-four line of coins by market cap. Experts believe that there are good chances of achieving this.

📰 News
42 views views
👓 Recommended articles
📰 News Yuri Molchan

Huobi Takes On Board Chief Compliance Officer from Major US Bank

📰 News
Huobi, of the top-five largest crypto exchanges in the world, hires a top-manager from State Street bank
Huobi Takes On Board Chief Compliance Officer from Major US Bank
Contents

Huobi reps have revealed that the exchange has taken onto its payroll Elaine Sun Ye Lin, who had previously headed the compliance department of the State Street bank branch in China. This is yet another case of top bank workers migrating to the cryptocurrency sphere.

Huobi gets a valuable employee

Elaine Sun joined Huobi in December, and now she is in charge of the global compliance activities of the platform.

Huobi believes that in the current conditions when global regulators are taking a closer look at companies in the crypto sphere all over the world, Sun’s experience and skills will be valuable for negotiating with various government organizations in the countries where Huobi has its offices. This fact was confirmed by the Huobi Group HR director, Fu Liting.

Elaine Sun has extensive experience in working for State Street bank, six years, and before that she had been part of the Singaporean OCBC bank team.

💼 Related Article
Justin Sun Fires Back at Former BitTorrent Exec
🔥 Hot
1 day 15 hours
256
Justin Sun Fires Back at Former BitTorrent Exec

Talents are flowing into crypto

The head of recruiting agency CryptoRecruit, which was the intermediary when Huobi hired Sun, shared in an interview that now there are more and more pros from the financial sphere rushing to join the crypto industry. As per him, this is happening despite the ‘crypto winter’ and has turned into a strong trend.

The CEO, Neil Dundon, says that when his agency makes bank employees job offers in the crypto area, more and more of them gladly agree. He believes that this is a positive indicator for the crypto industry – to see professionals from banks move into the emerging industry.

Indeed, at the end of 2018, several former executives from Wall Street firms and banks went to work at the Coinbase platform and other young crypto-oriented firms.

📰 News
22 views views
👓 Recommended articles