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🕵️‍ ICO Watch
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Past-ICO Review: Down She Goes! Stably Sinking

  • Eric Eissler
    🕵️‍ ICO Watch

    While stable coins are to be stable and fixed to a fiat, the only stable thing about this coin is its steady decline

Past-ICO Review: Down She Goes! Stably Sinking
Cover image via u.today

Stable coins are a sign of the crypto sphere competing with fiat currency. We all very well know that crypto prices swing wildly and what might be profit one day, is a loss the next day or even a few hours later! With stable coins, crypto users can move their fiat currency to the digital and be able to sleep at night knowing that they will not wake up to a gut-wrenching red. Having funds in stable coins means it is easier to buy other cryptos when the time is right, without having to wait for the cash to clear the physical to digital divide.

How the stable coin works

Havven, like well-known stable coin Tether offers a haven for users to store value without it fluctuating wildly. There are two tokens Havvens and Nomins. When a user transacts and buys Havvens, 20 percent of it is issued in Nomins, which are a hedge against price fluctuations. According to the website, “Havven solves the scaling problem with the same approach used by closed-loop payment networks, which involves charging fees on transactions as well as hedging fees for idle balances. These fees are paid to users who collateralize the network and provide stability.” The rate for Nomin tokens is regulated by the system through the stimulation of either the release of new tokens or reverse buy-back and the burning of tokens to reduce the volume of available tokens and to push the growth rate to the value of one Nomin equals $1.

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Meet the team

Kain Warwick– Founder/CEO

In 2014, Warwick founded the Blueshyft network, one of Australia's main platforms for making crypto transactions. In addition, the platform provides a number of other services, including "over the counter" Bitcoin purchases, deposit management on digital wallets and even logistics solutions. This organization is also a member of the Australian Digital Commerce Association, whose members are companies that are helping develop the national digital economy via Blockchain technology.

Justin Moses- CTO

Moses has more than 25 years of experience in the field of IT  and has worked as CTO on various projects since 2009 with Warwick.

Tim Bass- Project Lead

Bass is the co-founder and CEO of the BLOCK8 project, as well as co-founder and director of the myStake platform. Both companies are engaged in the development of Blockchain technology in the financial sector. Bass has more than 10 years of experience in the field of Solutions Architecture for large companies in Australia.

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Past-ICO Review: We Be Jammin’ But We Don’t Know the Value Of Our Token

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Finance

The ICO raised some $30 mln in funding proceeds. While this is a stable coin the rate is relatively fixed however upon further inspection there are some interesting price details. When it debuted on March 14, 2018 the token piece was $0.45. On May 20 the price reached an all-time high of $0.75. Now, the current token price is at $0.08… a far cry from being stable.

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About the author

Eric Eissler is based in Chicago and works in higher-education administration and finance. He is a freelance writer covering blockchain technology, fintech, cryptocurrency, the oil and gas industry, and international politics.

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📰 News
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Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’

  • Yuri Molchan
    📰 News

    The head of a major Bitcoin mining pool says that Bitcoin privacy is weak and must be improved to prevent BTC from avoiding governments’ clampdown

Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’
Cover image via www.123rf.com

The CEO of one of the largest BTC mining pools, Poolin, has recently stated in an interview that Bitcoin privacy has to be improved. The current privacy features make BTC vulnerable to potential regulatory bolt tightening, says he, as reported by Forbes.

The Poolin mining company was set up by several former employees of BTC.com – a world’s major mining pool, a subsidiary of Bitmain. Among them was the Poolin’s current CEO Kevin Pan.

“Bitcoin’s privacy features are quite poor”

Over the past years, developers have suggested several ways to improve Bitcoin’s privacy. However, those were rejected by the community, since they would hard such major things as security, scalability, etc.

A good example here is Confidential Transactions that were among those suggestions. They disguise the amount of BTC sent in transactions. However, the integration of it was rejected, since it could have had a negative impact on the public verifiability of the present BTC supply.

Kevin Pan says that privacy is much more vital for a crypto asset development than scalability. Pan says:

“There is no other big question if the privacy issue is solved.”

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Governments may start controlling BTC miners

The company CEO believes that in theory, authorities or law-enforcement agencies may start telling miners to block certain address from receiving funds or sending them. However, in that case that would have to be 51 percent of the BTC network.

Pan believes that unless a solution to this problem is found soon, governments will get a chance to prevent transactions to certain addresses from happenning.

“What is more troublesome now is if government or law enforcement departments begin to create a blacklist of transaction addresses, it will make certain transactions unable to be packaged.”

“In fact, these can be done. But if there is privacy, you can't know who the address belongs to, and you can't determine how much the amount is, and there is no way to control the currency system. So for me, Bitcoin is basically no problem if the issue of privacy can be solved.”

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China plans to clamp down on BTC miners

Previously, U.Today reported that Inner Mongolia, an autonomous region of China, plans to ban all the numerous mining pools located there soon.

Since this region is one of the biggest local crypto mining areas, some believe that China is about to ban mining of all cryptocurrencies ahead of the so-called ‘China Coin’ launch.

Do you think that poor Bitcoin’s privacy features could indeed bring down regulatory control over BTC one day? Feel free to share your view in the comments section!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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