🕵️‍ ICO Watch Eric Eissler

Will ShipChain Ever Sail: Past-ICO Review

👁 ICO Watch
David is trying to disrupt the Goliath’s $4 trln-dollar shipping industry, with a tech upgrade. But the platform has not launched yet
Will ShipChain Ever Sail: Past-ICO Review

ShipChain is a Blockchain-based technology that wants to disrupt the trillion-dollar shipping industry, a time-honored and revered industry going all the way back to the seafaring empires of late.

Despite the great reverence that abounds in the shipping industry, the logistics the ties the shipments together is still old world, with paper contracts, bills of lading, and general stacks of paperwork.

ShipChain wants to bring the shipping industry up to date with IT-based technologies, smart contracts and the SHIP utility token to drive the system.

Financials

ShipChain (SHIP) ran a utility token sale on Jan. 6, 2018, where it was able to raise some $30 mln in funding with token prices at $0.34 per token during the sale.

Token entry into open markets took place on March 10th 2018, with an initial price of $0.27 per token. SHIP immediately plummeted to $0.10 per token by March 23rd before edging up again to a high of $0.23 by April 23rd before falling again back down to the current price, at time of writing, of $0.02 per token.

CoinMarketCap ranks ShipChain at 506 with a total market cap at only $5.5 mln, the drastic fall in token price is to blame for such a low market valuation. Daily trade volumes are just below $1,500.

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Captain and crew

John Monarch- CEO & Cofounder

Monarch is the founder and CEO of Direct Outbound, one of the fastest growing fulfillment/3PL companies in the country, and one of the largest in Southeast US.

He is intimately familiar with the logistics industry in all aspects, from postal logistics and parcel private carriers to air, sea, and intermodal land freight.

Sam Rusani- Chief Revenue Officer

As a serial entrepreneur, Blockchain advocate/investor, and talent manager, Rusani has worked with some of the biggest brands in the world, such as Sony, Fender, Virgin, Universal Music, Ogilvy, Heineken, VISA and Mercedes.

He has also advised international companies and negotiated trade deals on their behalf.

Magnus Dufwa- Lead Developer

Dufwa is a senior C#, SQL, and Solidity developer, with over 18 years of experience developing enterprise projects.

He has built and managed financial processing systems that handle more than four mln transactions per year and developed smart contracts for ad auction projects and ICOs.

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Technology

ShipChain uses ERC20 to base its Blockchain and smart contracts and there are two Blockchains, one is the main chain which stores shipment delivery and confirmation as well as, completed contracts.

On the secondary or sidechain, information about loads, geo waypoints and other shipping information is recorded and publicly validated on the sidechain.

In an interview published on the company blog, Monarch state that “ Our goal is to launch the ShipChain portal/platform either late Q4 or early Q1 next year.” He continued, “Right now our team is focused on our enterprise partners and pilot programs.

Our Director of Product Management is heavily involved in every pilot program we are running.

The C-Suite is in close communication with partners to ensure that everything is up to expectations, and to help guide the entire process to fit the ShipChain vision.”

Time will tell

Again, it may be too early to tell how this company will fare as the mainnet and the main platform is not operational yet.

While the solutions that ShipChain offers are unique and challenges the behemoth shipping industry, there is no solid evidence that the company will be successful with its endeavors at this juncture, taking token price alone into account and it does not look good with a flatlining token.

ShipCoin was not available to comment on the company’s current financial situation.

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Thomas Hughes

The Crypto Market Is Going South. Ethereum Is No Exception

Christine Lagarde stated that central banks should “consider the possibility to issue digital currency”
The Crypto Market Is Going South. Ethereum Is No Exception

Christine Lagarde, the Managing Director at the International Monetary Fund, stated during a speech at the Singapore Fintech Festival (Nov. 14) that central banks should “consider the possibility to issue digital currency.” She also mentioned that despite being “not entirely convinced” of the benefits of cryptocurrencies, there may be a use for government-backed tokens.

These Central Bank Digital Currencies (CBDCs) would aid “financial inclusion,” “security and consumer protection,” and “privacy in payments.” Whether or not this will have an effect on the current crypto market remains to be seen; in the meantime, all major digital currencies are dropping, Ether included.

Charts at a Glance

Charts at a Glance

ETH/USD was trapped between two trend lines, but now it seems like a clear direction has been chosen, at least for the short term. The pair has dropped 8 percent during the last 7 days and broke below the bullish trend line, so the next destination is most likely the support zone around 190 – 192.

If the pair reaches the mentioned support zone, I expect to see a bounce for two separate reasons: the level acted as strong support last time it was touched, and the Relative Strength Index is already below its 70 level, indicating oversold. A return above the bearish trend line would invalidate this scenario.

Support zone: 192 - 190

Resistance zone: 205 and both trend lines

Most likely scenario: drop into support followed by a push higher

Alternative scenario: break above 205 without a touch of support

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David Dinkins

Ripple Will Not Be Next Bitcoin, But That’s Not Bad

Ripple will not be the next Bitcoin, but it could still be wildly successful
Ripple Will Not Be Next Bitcoin, But That’s Not Bad

Voltaire famously wrote that the medieval Holy Roman Empire was neither holy, nor Roman, nor an empire. In the same way, at least according to the MIT Technology Review, Ripple is neither decentralized nor a currency. But lest we judge it too harshly, it’s wise to remember that it was never intended to be either.

Next Bitcoin?

For years, cryptocurrency languished in obscurity. Assuming they didn’t make too many missteps along the way, early adopters of Bitcoin became millionaires. Many of those who were a little late to the Bitcoin party became early adopters of altcoins, and also became millionaires. Now that crypto has burst into the mainstream and made many people fabulously wealthy, crypto newcomers are desperate to pick the next Bitcoin. Every new investor seems to think if they can buy a digital asset for less than a dollar, they’ll become ridiculously rich when that asset eventually hits $10,000, as Bitcoin did.

While it can’t be definitely said that there isn’t another nascent Bitcoin waiting in the wings somewhere, if there is one, it certainly isn’t Ripple. The currency’s wild ride last year made it the best performing crypto asset in a year of incredibly well-performing cryptocurrencies. Ripple ended the year up by 38,000 percent. No, that’s not a typo.

Those who invested before last summer are all incredibly wealthy now, even after Ripple dropped back under $1. Nonetheless, an important fact remains.

Ripple is not the next Bitcoin.

Different animal

Ripple is something entirely different. While Bitcoin seeks to be a decentralized, peer-to-peer means of digital value exchange with a strong anti-establishment bent, Ripple does not. In fact, Ripple is almost the opposite- it’s highly centralized and extremely friendly with big banks. There’s a good reason for this: Ripple doesn’t intend to be a currency used by ordinary folks buying coffee. Ripple wants to be used by banks to move large numbers of very big transactions each day.

Ripple is an extension of a system banks already know and understand. Ripple is a centralized company whose network relies on “trusted” servers. Banks are cool with that because that’s what they understand. Ripple has premined all 100 bln coins and keeps the remaining 50 bln in escrow, which is fine, because that’s what big companies understand. Companies are used to an IPO where large numbers of shares are created all at once, from nowhere, and distributed to investors. They can understand premines, too.

As the MIT Technology Review states:

“Ripple’s big bet is that XRP will become a ‘bridge currency’ that many financial institutions use to settle cross-border payments faster and more cheaply than they do now using global payment networks, which can be slow and involve multiple middlemen. Bitcoin could be used to do this too, but Ripple can settle 1,000 transactions per second, compared with Bitcoin’s seven, and its transaction fees are much lower.”

Ripple without XRP

The MIT Technology Review also notes that unfortunately for Ripple investors, while its technology is popular, Ripple’s XRP token is not:

“Here’s the catch, though: Ripple’s Blockchain-based payment network doesn’t need a bridge currency to work, and nearly everyone using the network has so far chosen to exchange digital IOUs instead.”

This could certainly change, and CEO Brad Garlinghouse has hinted that it will, but for now, XRP is a fairly speculative play. Ripple is not another Bitcoin, but if everything goes really well, it could be another SWIFT or Visa. The only remaining question is whether the company’s bank customers will use the native XRP token, or settle in dollars as they currently do.

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Coins Guide George Shnurenko

How to Store Dash Offline

🎓 Coins Guide
All lucrative businesses attract two kinds of people; those who want to work and earn and the ones who want to use underhand methods to acquire rewards.
How to Store Dash Offline

All lucrative businesses attract two kinds of people; those who want to work and earn and the ones who want to use underhand methods to acquire rewards. The cryptocurrency industry is no different. Being a technology-driven industry, hackers are the biggest threat to your portfolio. However, cases of theft are not unheard of as well.

Therefore, irrespective of how you have acquired your dash tokens, it is paramount that you secure them safely. There are several dash compatible wallets that you can from; however, before getting to that, it is essential to consider your plans for these cryptocurrencies that you possess. For instance, do you plan on:

  • Trading regularly

  • Making frequent transfers to other people

  • Or simply storing your dash for the long run

Your intentions will help you to determine a more suitable storage system that will allow you the liberty to as you wish without comprising on their safety.

Hot wallets Vs. Cold Wallets

Simply put, hot wallets are online wallets, they are constantly connected to the Internet and can be accessed from any online terminal given the terminal user has the required verification credentials. Their accessibility aspect makes them ideal for users who intend on trading or transferring their crypto regularly. At the same time, it makes hot wallets the least secure storage option. You are, therefore, advised to keep a small portion of your crypto on hot wallets for transaction purposes only.

Cold wallets, on the other hand, are offline wallets and therefore, allot safer. With these wallets, you have nothing to worry about as long as your computer operating system and malware detection applications are up-to-date. You should store the vast majority of your stash on an offline wallet. They come in several categories include desktop wallets, hardware wallets, mobile wallets, paper wallets, and web wallets. For your benefit, a few of the most reliable Dash compatible, offline wallets have been explained below.

Hardware wallets

Hardware wallets come in the form of physical gadgets that are retained offline. However, you can easily plug one into a computer when necessary. The fact that you have to confirm every transaction by pressing a specific button on the device makes them a very secure alternative. There have no cases of hacked hardware wallets so far, so can rest assured that your crypto is safe.

Examples of hardware wallets include the legger Nano S, KeepKey, and Trezor.io. They are all different regarding features; therefore, you should do some research before selecting one.

Desktop wallets

Dash compatible desktop wallets are readily available with varying security and utility features. These include the Dash Core Win/64 Installer, Dash Electrum, cash core Win/64 ZIP and Exodus.

As the first multi-currency desktop wallet, Exodus has an attractive user interface and offers its users a full pie-chart of their crypto stash. It supports up to eleven altcoins and using it is free of charge. Exodus also has an inbuilt ShapeShift exchange facility, which means you can conveniently convert your dash tokens to other cryptocurrencies within seconds. This feature makes taking advantage of price shifts a lot easier for traders.

Dash Paper wallets

Paper wallets are vital bearer gadgets, in a way that whoever holds the wallet has unlimited access to the stored digital assets. They are some of the best yet cheapest storage units, especially for storing cryptocurrency secretly. The paper wallet bears both your public and private keys; therefore, it is vital that you keep them safe. Though, they are impossible to hack. An ideal example of paper wallets is Dash Core Paper Wallet.

Coins Guide
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🤷 Opinions Evgeny Konstantinov

The Egg of Andy Weir

Opinions
Blockchain and sharing economy went public in 2009 and are a total success
The Egg of Andy Weir

If the name of Andy Weir does not sound outright familiar, then the movie The Martian will. Andy Weir is the novelist who wrote the book in 2011 that was made into the eponymous movie in 2015.

Weir’s most famous short story, however, that went through another round of popularity with the movie release and that he published on his website back in 2009 is “The Egg”. Tallying at around 1,000 words, the story has been translated into over 30 languages by readers and is still bringing today around 100,000 visits to Weir’s website monthly.

The gist of the story is this. A man dies in a car crash and emerges in a place of nothingness where he meets God. God tells the man he will be reincarnated as a Chinese peasant girl in 540 AD. Not only that, but that the man is constantly going through reincarnations through time and that every person the man ever knew directly, including his wife and kids, by proxy, or indirectly like Hitler and Jesus — they have always been reincarnations of this very man. Every person that ever existed in the universe is this man.

If you haven’t read the story, read it, it’s likely to be worth your time.

The quote of particular interest is where God explains to the man why the universe exists the way it does:

I looked you in the eye. “The meaning of life, the reason I made this whole universe, is for you to mature.”

“You mean mankind? You want us to mature?”

“No, just you. I made this whole universe for you. With each new life you grow and mature and become a larger and greater intellect.”

“Just me? What about everyone else?”

“There is no one else,” I said. “In this universe, there’s just you and me.”

You stared blankly at me. “But all the people on earth…”

“All you. Different incarnations of you.”

“Wait. I’m everyone!?”

“Now you’re getting it,” I said, with a congratulatory slap on the back.

“I’m every human being who ever lived?”

“Or who will ever live, yes.”

“I’m Abraham Lincoln?”

“And you’re John Wilkes Booth, too,” I added.

“I’m Hitler?” You said, appalled.

“And you’re the millions he killed.”

“I’m Jesus?”

“And you’re everyone who followed him.”

You fell silent.

“Every time you victimized someone,” I said, “you were victimizing yourself. Every act of kindness you’ve done, you’ve done to yourself. Every happy and sad moment ever experienced by any human was, or will be, experienced by you.”

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Sharing economy formation

Again, the “The Egg” is Weir’s most famous story and it was relatively popular before the book and the movie The Martian. Why though? I am going to try and give this a little perspective and whether it’s a stretch, of course, entirely up to you, but it might be worth a little ponder-over.

Andy Weir published the story on his website in 2009, and the date is almost at the crest of the wave of the sharing economy formation as a concept and roughly at the foot of the sharing economy implementation in various models.

The term ‘sharing economy’ started appearing in the early 2000s and some sources attribute the first use of the term in public to professor Lawrence Lessig.

Sharing economy was a novel idea and required a leap of trust that took a lot of people to make, and it took years for a lot of users and investors to grow on.

What’s interesting though is that the concept took a firm root around the same time when the global financial crisis peaked in 2008. When the trust went away from the vertical structures — institutions — and splashed into the state of distributed, social, and horizontal.

If we list a few examples of companies that immediately come to mind when we talk sharing economy, the dates of when they started are telling:

  • Kickstarter — founded in April 2009

  • Uber — founded in March 2009

  • Airbnb — founded in August 2008

  • Indiegogo — founded in 2007

  • BlaBlaCar — founded in September 2006

With the collapse of the vertical trust flow came the great new realization of distributed trust models in which people made the great leap and started trusting each other — allowing complete strangers into their apartments, sharing long-distance car rides with someone they never knew, and giving money to people through a website simply because they liked the idea of what was promised and didn’t need or want corporations to shove a new product down their throats.

Did people shortcut the empathy distance and realize they were all more or less similar and closer to each other with the rise of the sharing economy? They arguably did.

This was the time when Andy Weir published “The Egg”, the story that says:

“Every time you victimized someone, you were victimizing yourself. Every act of kindness you’ve done, you’ve done to yourself. Every happy and sad moment ever experienced by any human was, or will be, experienced by you.”

What’s extremely interesting is that the Bitcoin network went live in January 2009. It’s fascinating how much time the humankind and the ideas move in unison and do so without realizing it. The implementation of Blockchain, a trustless public ledger, that should be — or already is, depending on what project you follow — the backbone of the distributed, social, and horizontal trust happened at the same time that the implementation of the sharing economy started. Both the Blockchain technology and the sharing economy became a success.

When you check the timeline and put “The Egg”, the collapse of vertical trust, the sharing economy, and the Blockchain technology in the same row, you realize we are talking the same thing. U°Community believes the next wave of development and progress is in establishing transparent and immutable paths for the flow of the energy of trust for the communities — which are the now of the world progress — to truly thrive.

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How to Prevent Light Wallet Attacks on MyEtherWallet Express

💡 Cryptotips
Recommendations for all MyEtherWallet users and developers
How to Prevent Light Wallet Attacks on MyEtherWallet Express

MEW

You have probably heard bad news from MyEtherWallet. On April 24, official representatives announced that unknown hackers have hijacked several DNS servers, users were redirected to the phishing sites.

Reddit users were the first to draw the attention to the problem-  while accessing the wallet, they were automatically redirected to another site while all their funds were sent to third-party wallets.

One of the commenters wrote: ‘I’ve lost all my ETH funds.’ Within three hours after the hackers’ attack over $152,000 were stolen in ETH equivalent. However, I assume that total losses could be many times more.

How did it happen?

The crooks used an old (but highly effective) method, known as a hijacking of BGP for retargeting DNS servers, in simple words-  phishing. The absence of the MyEtherWallet official certificate was the only mean to recognize the scam. However, looking at the losses very few users paid attention to this.

MEW key

This is not the first time MyEtherWallet encounters the retargeting of DNS servers. Earlier, at the beginning of January, representatives of the project Blue Protocol drew the community attention to the low-security level of MyEtherWallet DNS servers. However, MEW called it ‘a stupid lie.’ Blue Protocol recommends avoiding using MEW, as they are concerned that the issue still exists but developers simply ignore it.

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What to do now?

As of now, MEW hasn’t confirmed that DNS attack is over and all issues had been resolved. If you have not used MEW on April 24th, accessing your account using the private key or keystore file, all your funds are safe. Just do not access the MEW website until the issue is fixed by MEW team and you get a ‘green light.’

If you have used MEW during these four unfortunate hours- your wallets are compromised. You need to immediately transfer your funds to new wallet addresses and make sure that you’re the only person to have access to your private keys.

The incident with MEW showed us a real example of the issue for the light wallets. Yesterday crypto users have lost over $150,000 while only MEW was under the attack. Just imagine what happens to the crypto market if more wallets suffer from this issue? Time to learn from others’ mistakes. If you use wallets like MEW, you should follow appropriate rules.

My recommendations for all users:

  • Always check the green address on your browser address bar. Ordinary SSL is not enough! Use ONLY those services that have passed the validation and obtained an extended named SSL Certificate, which represents the company’s name. On Guarda’s example, it’s Guardarian OÜ [EE].

  • Does the Web wallet have alternative platforms-  desktop or mobile application? Those platforms are much safer as they’ve got secure internal data storage. That’s why Guarda develops non-custodial mobile wallet applications, like Guarda Ethereum Wallet, Guarda Bitcoin Wallet and etc.

  • It’s much more secure to store large amounts of cryptocurrency on hardware wallets. It should be clearly understood that Web wallets imply managing small amounts of funds, further go desktop and mobile wallets, and hardware wallets -  for the large amount of assets storage.

My recommendations for the wallet developers:

  • Pass the extended validation tests and obtained names SSL Certificates, so that users can check an organization name and domain.

  • Use Cloudflare DNSSEC to sign your records. IP-addresses returned by the fake DNS were not signed up, as they do not have encrypted keys.

  • You can choose for your customers to use the DNS over HTTPS endpoint instead of sending DNS queries over plaintext for increased security and privacy.

  • Support alternative platforms-  local wallets, desktop versions and mobile applications.

As for me, I would recommend using all possible alternatives together. This will minimize risks and the attack surface. I would like to endorse MEW team, hope they will find the solution asap. From my side, I may lend a hand to the MEW team and share the experience how we prevent those attacks on Guarda Wallet.

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