Alex Morris

Singapore’s Venture Capital Giant Opens First Crypto Fund in South Asia

Golden Gate is opening doors for the industry by becoming the first South Asian venture capital firm to start a crypto-oriented fund
Singapore’s Venture Capital Giant Opens First Crypto Fund in South Asia

It seems like venture capitalists are gaining more interest in crypto. Case in point: Golden Gate Ventures (GGV), a Singapore-based VC firm that is opening a $10 mln fund for investments in cryptocurrencies and Blockchain-based companies.

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A crypto-oriented fund

Singapore’s Golden Gate is the only South Asian traditional venture firm to open up for the cryptocurrency industry. GGV made an announcement about starting a new crypto-oriented spinoff fund on Friday. The fund, dubbed LuneX Ventures, is expected to be closed by the end of 2018 after raising $10 mln. So far, only traditional currencies are accepted, but they are also mulling over Bitcoin and Ethereum investments. Having crypto holdings may be quite challenging due to a lack of custodial services and problems with banks.

Talent over numbers

LuneX Ventures is the result of cooperation between the aforementioned venture capital firm and a GGV vet Kenrick Drijkoningen who has a decade-long experience of building online ventures.

Drijkoningen acknowledges the bearish trends have been prevalent on the cryptocurrency market since January, but he believes that now is the high time to bet on Bitcoin. He points to the fact that the industry attracts more and more talented developers who are overly enthusiastic about what they do.

According to Drijkoningen, the fund will have a three-pronged approach targeting pre-sales for ICOs, tokens that already exist as well as many promising crypto startups (including exchanges and security companies) for equity-based investments.

Jumping on the bandwagon

It is worth mentioning that, while pioneering on the South Asian market, GGV is not the first venture capital firms to do so on a global scale. Back in April, a VC giant Andreessen Horowitz also revealed its plans to open a separate fund that is solely devoted to managing digital assets. Until recently, venture capital firms have been rather apathetic about crypto, but with biggest sharks getting on board, more companies will follow suit in the nearest future.

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Thomas Hughes

SEC Fined EtherDelta Founder. What Does This Mean For All ERC-20 Tokens Securities?

SEC fined Zachary Coburn (founder of EtherDelta) $388,000 US Dollars for operating an unregistered securities exchange
SEC Fined EtherDelta Founder. What Does This Mean For All ERC-20 Tokens Securities?

EtherDelta is a well-known Decentralized Exchange (DEX) and the trading platform for hundreds of ERC-20 tokens issued via ICOs. The US Securities and Exchange Commission (SEC) fined Zachary Coburn (founder of EtherDelta) $388,000 US Dollars for operating an unregistered securities exchange. As a result, the trading volume on the platform dropped substantially to just $250,000 per day (previously in the millions).

This SEC ruling raises the question of whether all Ethereum-based tokens are considered securities by the Commission. What about other crypto coins? How will this affect other decentralized exchanges? Will it somehow affect Ethereum’s price? It is most likely that ERC-20 tokens will be classified according to a set of rules: some will be securities, and some will be commodities. The fine against EtherDelta is due to a non-registered exchange.

Charts at a Glance

image

ETH/USD is still up 5.93% for the last 7 days, but it has been retracing lower after hitting the high at $223. The next logical destination is the confluence zone created by the bullish trend line seen on chart and the horizontal support at $205 but from there, we expect bullish price action to resume.

A break of the mentioned zone would create a lower low, would show increased bearish pressure, and would be a clear sign that further downside will follow. It must be noted that the 200 mark is in close vicinity, and this will act as a strong psychological support. In other words, the path of least resistance is North.

Support zone: $200 – $205 zone and the bullish trend line

Resistance zone: $223

Most likely scenario: bounce at support and move through $223 (during several days probably)

Alternate scenario: break of support zone and extended downside movement

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🎤 Interviews Cyril Gilson

Future of Blockchain Series: Vicky Barker on Mass Adoption

🎤 Interviews
Dacxi’s boss aims to bring more clarity for novice crypto users
Future of Blockchain Series: Vicky Barker on Mass Adoption

Once in a while, an exceptional technology comes to light. As everything else under the sun, those technologies have a certain cycle, almost a fruit like process. That initial seed of an idea turns into a sprout of potential, that becomes a tree giving us sweet and juicy benefits.

Vicky Barker's crypto exchange Dacxi is focused on bringing wonders of Blockchain technology and cryptocurrencies specifically to mainstream audiences.
We touched upon the growth of Blockchain technology, the role of team and the need for clarity for rookie crypto enthusiasts.

Cyril Gilson: Give us a brief story of how you first discovered Blockchain and what it meant for you?

Vicky Barker: I was at a conference in Hong Kong at the end of 2015 and accidentally stumbled into a breakout session that was all about how Blockchain might disrupt the beauty industry. I was really intrigued to hear about how Blockchain might have the potential to solve major issues in the cosmetics industry for both companies and consumers alike. At the time I was a beauty product manufacturer and I realized that Blockchain could be used to stop the counterfeiting of products and also provide supply chain transparency in an industry that is famous for smoke and mirrors.

From there I went down the rabbit hole and started devouring books, Ted-talks and whitepapers. Having lived through the Dotcom revolution, I realized that Blockchain had the same potential to turn the world on its head and I knew I had to get involved. I’m fascinated by the idea that our monetary system could be transformed and so create a fairer world. So my husband, myself and our investors set out to create Dacxi, the world’s first Community Exchange. Our goal is to help solve mainstream adoption of crypto assets.

CG: Tell us about your team. How did they get to the crypto industry?

VB: One of Dacxi’s strengths is our team. We have around 52 team members who are based in four offices in four different countries. They are a fantastically talented and diverse group of people with skills across the board from marketing, acquisition, community building to cryptoanalysts and also our dev and technical team. Some have been in the Blockchain world for years and act as crypto evangelists to any members of the team who are new to crypto!

CG: When in your opinion will mass adoption of Blockchain come?

VB: That’s the big question isn’t it? I think it is going to be like any new technology. At first, adoption is very slow and people question the value of the technology. We’ve seen this already. And then as Blockchain starts to spread it will follow an s-curve adoption cycle and quickly become unstoppable. When a new technology does take hold, it is very hard to stop. I think this will happen with cryptocurrency because of the network effects that strengthen and expand as more people use it. We need digital money for our digital world. That’s one of the first uses cases, and then once the more exotic DAPPs start to come online and scale there will be no looking back!

CG: Do you think your project may significantly influence Blockchain adoption? If yes, why?

VB: Yes, absolutely! Dacxi’s mission is to help solve the mainstream adoption problem. Our goal is to be the number one community exchange brand in crypto. We’re going to onboard the next wave of mainstream retail investors into crypto and that means up to 500 mln new investors and a market worth $1 tln by 2022. We’ll do this by pioneering a new category of crypto exchange, called a Community Exchange. The Dacxi Community Exchange has two key parts to it. Firstly, a user-friendly interface that is simple and intuitive to use. Secondly, it includes a dedicated community platform that provides new mainstream investors with the knowledge, tools, discussion groups and learning resources they need to engage with crypto assets in a safe and responsible way.

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CG: Name the factor that could be a major turnoff as it comes to cryptocurrencies and Blockchain. What can be done about it?

VB: The major turn off for people at the moment is they simply don’t understand it. It takes a while for people to get their heads around what Blockchain and crypto are all about. And of course, the barriers to entry are high. It’s a big challenge for new people to even get their first crypto and most people give up. Current exchanges are very technical and intimidating and not designed for mainstream users. So at Dacxi, we’re removing those barriers to entry, so new mainstream retail investors can get into crypto in a safe and responsible way. We’ll show them what they need to know and how to do it!

CG: The number of hacks is growing today along with the volumes of the sensitive data and the funds were stolen. How will you make sure that very personal user data is not going to be compromised?

VB: Yes, well obviously one of the strengths of Blockchain is that it allows users to take control of their data and keep it out of the hands of big companies that are more likely to be hacked. For us, as a crypto exchange, the security of our systems, assets and user data is one of the core principles upon which our business is built. We have best practice security protocols in place, a secure cold wallet storage facility in a remote location and our team is constantly assessing and testing our systems.

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CG: What major obstacles do you foresee for your project?

VB: One of the challenges for us in 2018 and I’m sure it’s the same for many others in the space, is the current bear market has meant that new investors aren’t ready to enter the market yet. In some ways, this has turned out to be a positive, as it has given us a longer runway to build out the Dacxi ecosystem platforms, so when the market does turn and we enter the next bull cycle we’ll be well positioned for the next wave of new investors.

CG: How big is the community you are working with? How do you describe it?  

VB: Our community is growing fast! I would describe our global crypto community as welcoming, friendly, empowering, inclusive, collaborative, credible, knowledgeable, aspirational, inspirational, entertaining, enthusiastic and positive. Because we’re global, our team is just as global and diverse as the community. We have people from over 20 different countries on the team.

CG: What is the role of women in your company?

VB: We have some great women on our team and it’s very important to me that we help encourage new female crypto people. It’s estimated that less than five percent of crypto investors are women and I find that quite shocking!

I think there are a few reasons why. Firstly, women are more risk-averse than men. And while crypto is becoming more recognized as an emerging new asset class, it has always been seen as risky. Secondly, knowledge or access to information. Bitcoin first became popular in the geekiest, nerdiest corners of the Internet. In those days you did need some technical knowledge to get into crypto, and while things are much easier now, and getting better all the time, it’s still true today.

Too many women think you need to have an economics degree or be a computer coder to be qualified to invest in crypto. That is not true! Also, did you know that woman make better investors than men? It’s true! According to research by Warwick Business School-  women’s returns on their investments were 1.2 percent higher than men. If crypto is going to achieve mainstream adoption, we must welcome more women into the space and I’m certain that we will.

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CG: What are your major principles when working with your community?

VB: We're all about our community. Our members are here to increase their crypto knowledge and learn more about how to take part in the crypto revolution. To help our community members grow in confidence on their crypto journey, we value and respect constructive contributions from anyone, regardless of where they are on their journey. We will all help each other to succeed.

Dacxi.com

Dacxi (Digital Asset Community Exchange International) is a global start-up pioneering a new category of crypto exchange, called a Community Exchange. Dacxi’s mission is to help solve the mainstream adoption problem by removing the barriers to entry that have prevented retail investors from entering the crypto market. Once these barriers to entry are solved, Dacxi estimates that up to 500 mln new retail investors will enter the crypto market by 2022.

The Dacxi Community Exchange has two key parts to it. Firstly, the Dacxi Exchange has a user-friendly interface that is simple and intuitive to use, not technical and intimidating like most existing exchanges.

Secondly, the Community Exchange includes a dedicated community platform that provides new mainstream investors with the knowledge, tools, discussion groups and learning resources they need to engage with crypto assets in a safe and responsible way. Beta versions of Dacxi’s platforms have been launched and can be accessed via dacxi.com

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Wikicoin George Shnurenko

How Useful is Masternode For Cryptocurrency Investors?

📚 Wikicoin
Learn the differences between mining and cryptocurrency masternode and get started
How Useful is Masternode For Cryptocurrency Investors?

In the beginning, when the anonymity of cryptocurrency transactions was not yet widespread, the only method of verifying and authenticating operations was via mining. The existing mining seemed to reward only a select few in addition to not favoring complete anonymity. Cryptocurrency masternode came to light as a result of Dash’s innovation and left us where we are. Hence, the question, “What is a masternode?” becomes important.

What is a Masternode?

A masternode is also referred to as a bonded validator system. It is basically a server or a series of servers which support transactions on the blockchain network. It is not unusual to have some specific transactions or services which proof of work will fail to cater for, cryptocurrency masternode is available to ensure that such tasks get accomplished.

In essence, you can call a masternode a server of decentralized currency. If you have a computer which is running on a Virtual Private Server with the appropriate wallet and adequate amount of funds, you can beat your chest that you have a cryptocurrency masternode.

How does a cryptocurrency Masternode work?

The system can be likened to proof of stake whereby a particular amount of funds or cryptocurrency is ‘staked’ within the blockchain network. Now, with a masternode, you will be required to purchase a significant amount of that particular currency. The plan and reward package for different cryptocurrencies differs, however, it is a general rule that anyone operating a masternode will be compensated accordingly.

To simplify it, what is a masternode all about?

1.     An operator for the masternode- a human being.

2.     A collateral (lump sum) in form of cryptocurrency with a masternode functionality

3.     A server which can be utilized in the decentralized system

A collateral is required so that the operators have an incentive to act according to the rules of the game. This is in order to prevent malicious activities.

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Starting off with Masternodes

There are certain requirements you need to meet before you can operate a masternode. There’s the bond you should have, the computing power of your personal computer, video cards (if necessary), etc. We shall go over some of the requirements here.

Download the purse for the coin you plan to operate

Ideally, this is where it all begins. You should have a bandwidth with sufficient strength so as to avoid interruptions or intermittent failure. Sometimes, this process can take days and this is as a result of the synchronization required. Also, if it is a very popular coin with several transactions on it, the synchronization will take a while.

Get a dedicated IP from your Internet Service Provider

You will require a white IP- which the general public will use to connect to the masternode. This is actually not a core requirement, as you can use the local internet protocol, however, it fluctuates and this is not advisable. Also, the cost of the white IP is negligible and it is justified by the function.

Also, the call to your service provider should address whether or not the port has been blocked on the router. They can be asked to open a specific router to this aim.

Access the official site of your preferred cryptocurrency to download the instruction

Here, you will see the amount of coins you require in order to run the masternode. As earlier mentioned, there are different coin requirements and the payback period also varies. You can then purchase any amount of coins.

Change the required settings of your wallet

Unlike the erstwhile download, this is very easy to complete and shouldn’t take more than an hour. The instructions you downloaded from the cryptocurrency’s website will come in handy when setting up the preferences.

Run the Masternode

This is the last step. Do this and you can begin to earn money on the blockchain network.

Masternode operation or traditional mining methods?

Well, the future of cryptocurrency is in the ease of future transactions and the security which each method of mining offers. For these reasons, a cryptocurrency masternode seems ideal. Let’s explore other reasons for this conclusion.

Masternodes offer improved profitability

According to the information available on forums and other verified websites, people who deal in cryptocurrency masternode record profitability of about 200%. For others, the returns are significantly higher. And when you consider that the investment (apart from the bond which you get back), this is a really good deal.

Minimal investment required

Unlike conventional mining systems which incur exorbitant costs of electricity to run heavy machines which require sophisticated cooling systems, masternode is as simple as it gets. You can start up in your room with the appropriate computer.

Payback period of lump coin

Remember that you were asked to pay a huge amount of money which will be converted to coins before you can start. After you purchase the coins, they become frozen and you even have the opportunity to earn on them. What if you decide to quit before you even start making money? No problems! Just turn off the masternode and sell off the coins. You make your money back easily.

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What are the risks involved with Masternode?

It is possible to consider investing in this masternode just because you read the first part of this article, however, you should consider the other sides of the coin. Here are some things you should factor in.

Coin selectivity

You should understand that not every coin is supported by the masternode technology. In fact, for now, only top coins are readily available. It is also wise to note that the coins which have acquired significant popularity will prove difficult to purchase (the lump sum)- amounting to hundred thousands of dollars sometimes. If you consider the profitability, you might be dissuaded.

The popularity and stock exchange affect your profit

Many people who deal in masternode are sometimes forced to purchase lesser known coins in the hopes that people will begin to transact on the network and they will have the opportunity to earn more. Sometimes, this plan fails to materialize and you’re forced to sell the coins. If there’s a drop in price, you lose more.

You Should Acquaint Yourself with Necessary Knowledge

This is the ultimate requirement. Consider yourself as a miner who is just using more sophisticated means and who has a significant investment in a particular coin. You might need to enlighten users of the coin on why and some of the benefits of the coin you’re trading.

Conclusion

Ultimately, you will still require more research into the inner workings of a masternode operator. This article, however, is a very good place to start. Petty questions such as “What is a masternode?” and “What do I need to get started?” have been dealt with thoroughly and you can get more information on your own.

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Darryn Pollock

South Korea Seeking Blockchain Experts But Won’t Pay Big

South Korea is aiming to be a major cryptocurrency hub yet it is not prepared to pay those working in the space a competitive salary
South Korea Seeking Blockchain Experts But Won’t Pay Big

 

The Blockchain environment is one that is growing exponentially, especially as more and more talent individuals show their worth as employees. However, while there is huge demand for Blockchain talent, South Korea is a nation that is not willing to pay top dollar.

A job fair in Seoul, South Korea, that hosted companies on the scale of Hashed and Bluewhale, who command over $500 mln in capital, was on the hunt for Blockchain developers but they revealed they were being tight with their contract offers.

Burgeoning but cheap South Korea

It is strange to see that developers with Blockchain experience in a country like South Korea are being forced to take packages that are far below the recognised norm for such a big and burgeoning space.

Korea has recently changed its tone with regards to Blockchain with the government looking to build a power Blockchain base by recently licensing cryptocurrency exchanges.

Companies like Bank of America, JP Morgan Chase, and other highly esteemed corporations are exploring the Blockchain market, and because of their interest it is reported that Blockchain developers in the US earn almost $130,000 yearly.

However, anonymous job seeker at the fair, who claims he studied at an Ivy League college, commented that “Korean [Blockchain] companies are cheap. The top guys have no clue what’s going on in the market so they are going to be hurting in the long run.”

“The last place I applied to won’t spend more than three mln Won ($3,000) per month on hires. They raised something like 8,000 BTC! They wouldn’t hire me because they said I make too much money.”

Ongoing battle

It is symptomatic of a bigger problem in Korea which is suffering a significant unemployment crisis. Highly-qualified Koreans refuse to take up positions that pay low wages, considering it beneath them. This aspect, when coupled with the low pay scales offered by cryptocurrency firms, leads to the startling unemployment rate entering into the sector.

Bad for Blockchain

The problem is that because the Blockchain space is so new, experts are hard to come by, but more than that, it is so important to get development of this space right as often projects can have millions of dollars riding on it.

Badly built Blockchain projects made by those with less experience that are happy to take lower salaries can lead to Blockchains that are open to hacks and compromises, which leads to the entire cryptocurrency space picking up a bad reputation.

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🕵️‍ ICO Watch Eric Eissler

Zeepin’s not Creepin’ It’s Ready to Go Live: Past-ICO Review

👁 ICO Watch
Tools for the creative industry to license, protect and share creative is about to go live at the end of August
Zeepin’s not Creepin’ It’s Ready to Go Live: Past-ICO Review

 

 

Zeepin is a decentralized Blockchain developed for the global creative industry and the decentralized sharing economy community. The Blockchain is designed to help global creative content creators with asset digitization and rights confirmation, ensure these digital assets, enable efficient transactions and crowd-funding of creative assets, help organizations and individuals improve innovation efficiency, and incubate a large number of self-governing for-profit creative organizations.

Financials

Zeepin had a one-day token sale on Jan. 18, where it was able to raise some $62 mln in one day. The cost of a token during the sale was $0.13 and half of all one bln tokens were made for sale on that day. The token entered the general trading market on Jan. 30 at $0.18 and has experienced several ups and downs since. The token price is currently on a downward trend and is at its all-time low price of $0.03. Its market cap has dissipated to $19 mln and daily trading volume is at $250,000. It could be said that the current bear, really big bear, market is weighing heavily on all token prices and there has been little relief from the ongoing price correction.

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Team

Zhu Fei- CEO & Founder

Fei is the former CEO of Arting365, with 15 years of experience in the creative industry. He has much experience in art and creative industry to drive Zeepin. He was the Director of Shanghai Top Young Creative Talents Association, Director of Shanghai-Jiangnan Intelligent Manufacturing Park Creative Industry Promotion Center, Director of Shanghai Industrial Design Association. Fei has founded Internet companies involving creative ecommerce, creative media, and design education, and has successfully created and operated a creative community with over 1.2 mln designer users.

Karl Xu-Co-founder & CSO

Xu has had much experience in strategy and operations. With an engineering degree in polymers, Xu has had the opportunity to work at GE in several management roles and SABIC. An engineering degree and more than 10 years of experience in business give Xu a strong foundation to be CSO.

Jason Xu- Senior Developer

Xu has worked for several enterprises and has more than 10 years of technology development and operation experience. He is familiar with the deployment and optimization of distributed applications and carried out certain research on data structure, asymmetric encryption, security protocol, and encryption algorithms.

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Mainnet launch, DApps Ready

Zeepin’s mainnet is scheduled to go live at the end of the month on Aug. 31. The company already has several DApps ready for launch including, but limited to  ZeeRights, ZeeCreate, ZeeSure, ZeeProof, ZeeWallet and CryptoGalaxy. These DApps will work within the Zeepin ecosystem to provide the tools creative producers need to secure their creative works.

While we were not able to get any response from the company on how they are dealing with perceived competition nor market acceptance, it could be said that they have a rather solid footing a massive amount of followers supporters on social media. The litmus test comes at the end of the month when the mainnet goes live. We must sit tight and wait until then.

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