Urvashi Verma

South Korea’s National Assembly Proposes to Reverse ICO Ban

South Korea takes another step in defining its cryptocurrency and Blockchain regulation framework.
South Korea’s National Assembly Proposes to Reverse ICO Ban

South Korea's National Assembly is recommending a reversal of the country's ban on domestic initial coin offerings (ICOs), according to reports from Korean media.

The legislative body is proposing to lift the ban and permit ICOs under the conditions that provisions of investor protections are met.

The small nation of 50 mln has emerged as a big player in the digital currency market place and lifting the ban on ICOs would create a fertile and sustainable environment for future growth of cryptocurrency markets, experts say.

South Korean traders accounted for more than 10 percent of trades in Bitcoin in the second half of 2017 and were the number one traders of Ethereum – the second-largest digital token by market value in 2017, according to data compiled by Bloomberg.

The special committee on the fourth industrial revolution under the National Assembly suggested that the administration’s ban on ICOs is inhibiting the expansion of Blockchain, in a general meeting held on May 28. 

The committee stated:

 “We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”

The South Korean Financial Services Commission has banned token sales due to their speculative nature which it stated constituted a violation of the nation’s capital market law, in September 2017.

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At the core of the regulatory reform is the aim to create a governance system for the regulation of Blockchain, which is essential for large businesses that are developing technologies to remain competitive within the international marketplace.

The committee recommended the creation of a task force to increase transparency within crypto-trading firms to develop a “healthier” industry and to implement a new governance system that would provide support to companies working with Blockchain technology.

South Korean authorities have taken important steps to mitigate fraud and address money laundering in the past few months, including a probe into the UpBit Exchange which resulted in no wrongdoing by the exchange being discovered.  

Most recently Bithumb, another massive South Korean cryptocurrency exchange, stopped  trading in 11 countries to comply with global anti money laundering norms.

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Crypto Gags Heewon Jang

Tron is getting 'hotter and hotter', should we expect more 'hot stuff' soon ?

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Seems like crypto is getting fancier !!
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🕵️‍ ICO Watch Eric Eissler

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Is it possible to invest in IPOs though ICOs?
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Blackmoon is bringing tokenized investment funds that can be bought and sold to the market. You might be scratching your head and asking, “What is a tokenized investment fund?” It is just as it sounds, they are baskets of investments, funds and other financial instruments that have been turned into tokens and thus represent a value unto themselves. They are also referred to as security tokens.

Essentially, this allows participation in the traditional market though smart-contract enabled Blockchain technology.

Finances

Blackmoon had a two-day ICO Sept. 12-13, 2017, which brought in $30 mln in funding. The token, known as BMC, is ranked by CoinMarketCap at 353 and is, at time of writing, trading at $0.62. It debuted at $0.86, which is a decrease of 39 percent. Its all-time high was $2.36 on Jan. 10, 2018. Since that high, it has remained relatively stable by comparison with many other cryptocurrencies.

Investment tokens on the horizon

Blackmoon has already tokenized its first IPO. Yes, that is not a typo, you read correctly, IPO. Quoting directly from their website: “Blackmoon is the first company in the history to tokenize an IPO in this way and it allows cryptocurrency investors and users access to the Xiaomi Corporation IPO.” So as a token investor, you can take part in the IPO indirectly by purchasing the tokens that have tokenized the IPO. There are more investment types on the way, too.

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Portfolio tokens

Blackmoon has three tokenized investment funds in the works for release. Think of these as tokenized investment funds with varying levels of risk. The first one is a one-day-most-volatile strategy. It promises to generate the returns corresponding to the yield of the crypto assets with the largest volatility. In other words, it wants to be more volatile than Bitcoin in one day.

The second token is a top-20-market-cap strategy, by putting the top 20 coins by market cap into a basket. Its strategy is to generate the returns corresponding to the yield of the cryptocurrencies with the largest capitalization.

The third coin combines cash and the top six coins by market cap to provide less volatility with cash as the buffer.

ICOs are for everyone

ICOs open the door to everyone to be able to invest, not just accredited investors. This levels the investment playing field for everyone and allows for more participation.

“Historically participation in an IPO has generally been a prerogative of institutional traders, but now with the democratization of the market and availability of new tools, it has become available for everyone. We have provided cryptocurrency holders the option to participate in the performance of Xiaomi stocks without leaving the Blockchain universe, and this is what Blackmoon has been all about from the start, ” said Blackmoon CEO Oleg Seydak.

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The verdict

While it might seem hard for some to grasp the idea of tokenized IPOs and other funds, this way of investing is only going to grow as more and more people take advantage of these new investment opportunities, for which they were not “accredited” to participate in before.

If all goes well with the launch of the tokenized funds, we might see Blackmoon lead the way in the tokenized investment funds for the time being. However, once the market of tokenized assets is established, competition will creep up out of nowhere and things will get innovative and interesting.

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Patrick Thompson

A Fake Email from China’s Central Bank

A fake email from China’s Central Bank regarding Blockchain, cryptocurrency and mining regulations has been sent out to major media outlets.
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Coins Guide George Shnurenko

How to store IOTA (MIOTA) Offline (on USB)

🎓 Coins Guide
Some types of wallets operate only from one local console, while another type of software requires connection to neighbors with a static IP.
How to store IOTA (MIOTA) Offline (on USB)

clear navigation or it can be more dynamic, able to adopt some new functions in addition to the existing ones. Installation Depending on the type of wallet, the installation process can be easy (for mobile versions) or complicated (for headless node wallet).

Infrastructure Needs

Some types of wallets operate only from one local console, while another type of software requires connection to neighbors with a static IP. Safety With a wallet one gets access to his coins, for that private or public keys should be used. Private keys work like a password to send coins and therefore are critical to guard the safety of your wallet. Public keys are used to get IOTAs. You may publish them everywhere and it is secure. Note that the level of safety can be different from wallet to wallet. Ability for upgrade

In some wallets it is possible to add new functions and features, a user can adopt it for his needs. Cross-Platform arrangement Whether the selected wallet will operate for both devices – mobile and desktop. In general, there is no all-round perfect wallet. Such factors as ability of modification to your personal expectations are optional. Choosing a wallet, pay attention to your needs. It is always a compromise between safety and usability.

Best Wallet to receive and send IOTA is a Light wallet.

You have two options to run one:

  • GUI Light Wallet
  • Nostalgia Light Wallet.

Graphic user interface (GUI) Light Wallet

This type of wallet allows to use IOTA without connection to neighbors, because it is integrated into the GUI. Select the Light Wallet, and then a connection to a public node will be available.

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Nostalgia Light Wallet

Nostalgia Light Wallet is suitable for those who doesn’t plan to run a full node on his PC. Just connect this wallet to a Pow-enabled server: open the nostalgia.html file in an html editor. Public Light Wallet Servers that are not Pow- enabled will not allow this.

I prefer the GUI Light Wallet to store IOTA, because it is the easiest and speedy way of getting a wallet of IOTA up and running, and - opposite to Nostalgia - authorization of servers is not needed. Using the GUI Light Wallet, you generally interact or with your own accepted full node, or you interact with a full node of the third party or provider of Light Wallet. If you are working with your own full node, it’s a piece of cake, and your bankroll will for sure be secure and safe. But do not be afraid of cooperating with the third parties, they cannot steal you cryptocoins because your private key as a password will always be in your possession. Nevertheless, if you need high security level, maybe you should try to use a quorum of Light Wallet providers instead of a single third party.

To sum up, currently the GUI Light Wallet is the best wallet for IOTA storage.

Coins Guide
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🕵️‍ ICO Watch Eric Eissler

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CyberMiles has a bit of an odd ring to it. I thought it was a coin that had to do with driving a car or an automobile membership. But what it is, is actually a business platform powered by none other than ERC20 Blockchain technology.

It wants to make smart contracts easy to navigate and deploy as well as payment services faster. Payment times for many coins have increased since the start of the year. After Bitcoin implemented the Lightning network, payments have been much faster.

Let’s take a look at the numbers.

Doing the numbers

CyberMiles had a 24-hour ICO Nov. 21-22, 2017 and raised $30.9 mln. They are ranked 86 by CoinMarketCap and have a current price of $0.14 per token, down from $0.36 since it entered the market on Dec. 5, 2017.

The circulating supply is close to 700 mln out of one bln total tokens. All uncirculated tokens are held by the foundation that is close to $42 mln in the hands of the foundation.

On Jan. 7, 2018, CyberMiles saw its highest price at $0.56 and then the price spiked again on May 29 to $0.44 before crashing down to its current price and all-time low.

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Ready to take on e-commerce giants?

CyberMiles is active on social media and has been making regular updates. According to the roadmap, they are slated to activate the mainnet and go live in Q4 of 2018 and they are planning to ship mining machines in Q3 of 2018. This will be a mined coin, where miners validate smart contracts and transactions on the Blockchain.

Digging deeper into what CyberMiles wants to create, we find that they are planning to take on the kings of cyber retail.

According to the website, they state that “our mission is to build a decentralized ecosystem for e-commerce. Much of this work is to design and implement an economic system. The network must be able to attract a diverse group of participants to share resources in order to truly achieve network effect.”

So they want to make it so that they can attract smaller businesses to join and trade through CyberMiles. They go on further to state that, “a few large corporations dominate the market. This causes small businesses and consumers [to] lose profits, [to slow] innovation, [furthermore,] consumers and network contributors are in the dark about where the money they have been taxed, goes.”

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The team

Lucas Lu, PhD is the CEO. He has a doctorate in particle physics and he worked at CERN when he participated in theoretical and experimental research of Higgs Particle. Previously Dr. Lu was a co-founder and CTO of Light In the Box, an online retailer and logistics company that was founded in China and went public on the NYSE. Before Light in the box, Dr. Lu was the first general manager of Alibaba’s Taobao Mobile platform and was the general manager of another Alibaba business unit.

Michael Yuan, Chief Scientist holds a PhD in Astrophysics from the University of Texas at Austin. Michael was an active code committer in large Open Source projects such as Firefox, Fedora, JBoss, and others. He is an expert on enterprise and mobile software and was a Principal Investigator on multiple research projects funded by the US government.

Timothy McCallum, core developer, specializes in Blockchain implementations for businesses. A specialist in fintech programming, McCallum’s most recent project was a finance data migration exercise for local government.

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Too soon to call

While there aspirations are high, about what they want to do, it is unclear how they will succeed exactly. How will the platform operate? It sounds like the platform is more p2p, where buyers and seller reach out to each other to trade, but to what end? Some say it will be similar to eBay or some propose it could be like Amazon. The website references the app known as 5Miles, which is similar to OfferUp and LetGo, which allow users to buy and sell items to each other within a local area. The ideas are not clear and until the mainnet goes live in Q4 of this year, we may not know what it will be exactly until it launches. Whether or not it will succeed will depend on how many users are drawn to sign up to use the platform. We reached out to learn more but our emails went unanswered.

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