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🕵️‍ ICO Watch
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Past-ICO Review: Laughing All the Way to the Crypto Bank

  • Eric Eissler
    🕵️‍ ICO Watch

    While banks are not really needed for decentralized crypto, this company thinks otherwise, you may need a debit card or two

Past-ICO Review: Laughing All the Way to the Crypto Bank
Cover image via u.today

In the cryptosphere, which pushes for decentralization and independence from large financial institutions, it appears odd that crypto banks, a centralized institution, would appear.  Sure, you have a wallet and you can keep your crypto there, but you will still need exchanges to buy and sell until atomic swap technology is more widespread. But Bankera is offering more than just an exchange, it is offering debit card and real-time transactions. Most traditional banking technology is antiquated, especially in the US. For example, if you make a debit card purchase over the weekend it might take until Tuesday to clear- that is a long time to wait. Crypto-based transactions are instantaneous.

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Financials

Bankera ran a long ICO from Nov. 27, 2017 to March 1, 2018 and raised a massive $150 mln in funding. However, the fundraising goal of $215 was not met. The bar was indeed set high for funding. The token is and ERC20/NEM based-token designed to operate on both Blockchain platforms. Despite the positives that the company touts, not having a market cap defined on CoinMarketCap is a red flag. Its daily trading is around $100,000. The token price is negligible at $0.002402.

Team

Vytautas Karalevičius - Co-Founder (also Co-founder of SpectroCoin)

Vytautas is currently completing a Ph.D. in Cryptocurrencies at KU Leuven University in Belgium. Prior to that, he received an MPhil degree in Finance from Cambridge University. He has interned at Bloomberg.

Mantas Mockevičius - Co-Founder (also Co-founder of SpectroCoin)

Mantas has more than eight years of experience in managing operations and compliance for electronic and digital money exchanges. He holds a Bachelor’s degree in Economics and Master’s degree in Finance.

Justas Dobiliauskas - Not listed (CTO of Spectro Finance)

Justas has nine years of experience in developing software for medium and large financial institutions as well as five years of experience working with Blockchain technology and cryptocurrencies.

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Risks and dangers of the project

Not every team member specifies that they work with Bankera in their LinkedIn profiles. There appears to be strong preference for SpectroCoin over Bankera. Furthermore, the project has no open platform algorithms or open repository, having a public repository is important for building trust with the public in the crypto sphere.

Finally, there is little information and few figures relating to the market in the official documentation. This combined with poor market performance, an undefined market cap and teams preferring more interest in SpectroCoin, make the Bankera project shaky.

SprectroCoin info

SpectroCoin is a partner for process and infrastructure, founded in 2013. It is an active cryptocurrency exchange platform with the facility to order a VISA card that has more than 300,000 users. Bank cards would be issued from this partner, which most of the founders of Bankera are associated with.

There is much work left to be done before most of the product goes live. The exchange is still not operational, slated for the second half of 2018, and the wallet was recently launched earlier this year. However, 2019 and 2020 are some key years for the rest of the components to go online.

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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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