Researchers Discover Child Pornography Hidden in Bitcoin’s Blockchain

Bitcoin Blockchain

Blockchain has developed quite the reputation over the last year and a half. And why not? The blockchain is ten times more secure than other forms of data storage, primarily because it is virtually impossible to hack. However, the extra security has caused a number of problems for the blockchain sector, with the latest problem surfacing on Tuesday, March 20.

Bitcoin’s Blockchain: What Happened Tuesday?

On Tuesday, it was reported that a handful of German researchers discovered that an individual has been hiding, and storing, images of child pornography inside Bitcoin’s blockchain. This is extremely serious, and it brings into question what else blockchain is being used for. According to researchers from RWTH Aachen University in Germany, as well as researchers from the Data Protection Research Institute at Goethe University in Frankfurt, there were 1600 files found on bitcoin’s blockchain and eight of these files were sexual in nature. The research team stated that among the data were instances of pornography as well as serious privacy violations.

So, how did this happen? Doesn’t blockchain just act as a ledger for virtual currency financial transactions? The answer to that is yes, but bitcoin’s blockchain can also be used to store small quantities of information, which is where the illegal imagery in question was being stored. This, of course, is nerve-wracking to hear, but it actually gets worse: cryptocurrency users are now at risk.

Why are Cryptocurrency Users at Risk?

It might sound unfair, especially because a range of demographics are involved in the blockchain industry, but the research team announced Tuesday that anyone who downloads a blockchain could potentially be held legally responsible for the illegal content on the chain. If you’re spending bitcoin, it is important to keep in mind that spending the digital currency does not always require you to have a copy of the blockchain. However, this situation gets a little tricky when discussing other transactions, such as a number of mining techniques. Essentially, there are various transactions that call for the user to download the full blockchain or parts of it. To make matters worse, the researchers stated that this problem can “affect at least 112 countries in which possessing content such as child pornography is illegal.”

The Takeaway

This is going to be something that investors are going to want to remain watchful for over the next couple of weeks. It is a very serious offense, and there are bound to be repercussions in both the cryptocurrency and blockchain sector.

Featured Image: Twitter

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Victory Square Enters Definitive Agreement to Acquire 49% of Flo Digital Inc.

Victory Square
Depositphotos/Perig76

VANCOUVER, British Columbia, March 21, 2018 (GLOBE NEWSWIRE) — Subject to receipt of all requisite regulatory approvals, Victory Square Technologies Inc. (“Victory Square” or the (“Company”) (CSE:VST) (FWB: 6F6) will acquire 49% percent of all issued and outstanding shares of Flo Digital Inc. (“Flo”), for $1,000,000 CAD in total consideration (the “Purchase Price”). In addition to the equity investment, Victory Square will be providing a $300,000 CAD convertible note. The note will convert upon a minimum financing of $1,000,000 CAD at a 20% discount to the issue price.

Pursuant to a definitive subscription agreement executed between the Company and Flo (the “Subscription Agreement”), the Purchase Price will be paid and satisfied by the Company through the issuance of 446,428 common shares in the capital of the Company (the “Consideration Shares”) to Flo at a deemed issue price of $2.24 per Consideration Share. The deemed issue price represents the closing price of the common shares of the Company on the Canadian Securities Exchange at the end of trading on March 20, 2018, the trading day preceding this news release announcing the acquisition. The Consideration Shares shall be subject to resale restrictions, which permit 8% of the Consideration Shares to be eligible to be free trading four months from the date of issuance to satisfy the statutory hold period and a further 8% every three months thereafter until the final balance of Consideration Shares is eligible to be free-trading in approximately three years’ time. The Subscription Agreement also contains standard representations, warranties and covenants for transactions of this nature.

Flo provides immersive and interactive VR ad experiences that aim to completely immerse the viewer into the brand experience, allowing them essentially to become the star of the ad. The Flo VR AD Tech platform has an active user network of 200M monthly viewers throughout North America. The VR network spans across several platforms, including HTC VIVE, Google Cardboard, Google Daydream, IOS, Android and Web VR. Flo offers a wide range of VR / AR ad formats that enable websites and app publishers to monetize their content, by seamlessly launching VR / AR ad experiences to their viewers, via the Flo SDK.

For example, one of Flo’s latest VR / 360 Video experiences for Chrysler Canada allows the user to virtually test drive the All New Dodge Challenger. Flo will be working with Chrysler Canada to distribute this 360-experience on-site at various National Chrysler events. Flo will also be distributing the experience through the Dodge Challenger 360 Experience –
https://drive.google.com/file/d/17bWLNKvLgyk_UnGYOXWSgB6tTdqtUz49/view?usp=sharing

“We are pleased to announce our investment in Flo Digital Inc., an innovative virtual and augmented reality company focused on disrupting the way advertisers connect with their end customers,” said Shafin Diamond Tejani, CEO of Victory Square Technologies. “Flo Digital has a proven track record of providing cutting edge and immersive VR/AR experiences to leading brands that include Chrysler Canada, Warner Bros., and Rogers Wireless to name a few. It is this caliber of customers and execution that makes the entire team at Victory Square eager to work with Flo Digital on their next stage of growth.”

“This represents another investment in the VR/AR industry and further illustrates our thesis that blockchain technology will disrupt the existing landscape in ad-tech and ultimately change the way brands will connect with their customers,” continued Tejani. “As Flo rolls out the first ever augmented reality blockchain solution as we anticipate rapid adoption from existing customers and a high degree of interest from new brands.”

Flo is currently building out the first ever Cause Related, Virtual Reality and Augmented Reality Blockchain – Ad tech platform. Flo will tie in a charitable component on every ad campaign, giving back a percentage of revenue from each campaign to select causes around the globe, being mindful of the cause-related premise, which is to help others.

“We are both excited and incredibly grateful to announce our new partnership with Victory Square Technologies, a leading Canadian venture builder,” said Roger Perry, CEO and Founder of Flo Digital Inc. “Victory Square’s passion for philanthropy, their undeniable proven track record in investing and exiting innovative companies, and their extensive experience in the blockchain space makes them the perfect collaborative partner for Flo. In the coming year we plan to work side by side with Victory Square in building the first ever Cause Related, Virtual Reality and Augmented Reality Blockchain.

ABOUT VICTORY SQUARE TECHNOLOGIES INC.

Victory Square Technologies (CSE:VST) (FWB: 6F6) is a blockchain-focused venture builder that funds and empowers entrepreneurs to implement innovative blockchain solutions. Victory Square portfolio companies are disrupting every sector of the global economy including Virtual Reality, Artificial Intelligence, Personalized Health, Gaming and Film. Victory Square has a proven process for identifying game-changing entrepreneurs and providing them with the partners, mentorship and support necessary to accelerate their growth and help them scale globally. For more information, please visit www.victorysquare.com.

ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)

The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.

FORWARD-LOOKING INFORMATION

This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Victory Square. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square, including future plans. Although Victory Square believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Victory Square can give no assurance that they will prove to be correct. Forward- looking statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Please See Disclaimer

Sierra Leone Election: Blockchain Was NOT Used

Sierra Leone election

Previous reports of the Sierra Leone election being the first ever to use blockchain have turned out to be false.

As reported by The Next Web, the Sierra Leone election didn’t actually use blockchain to tally the votes. This was confirmed by the National Electoral Commission (NEC) of Sierra Leone, which tweeted on March 18th that “the NEC has not used, and is not using blockchain technology in any part of the electoral process.”

Sierra Leone election
Source: Twitter

Later, on March 19th, the NEC tweeted how the Sierra Leone election process does work:

Sierra Leone election
Source: Twitter

The emphasis was, once again, on the fact that no blockchain technology was involved. Instead, the database “was developed in C++ and runs on MS SQL – neither of which are open source applications.”

So where did the rumours originate?

The Swiss company Agora, which offers a blockchain-based digital voting solution for governments and institutions, started them by claiming that Sierra Leone used the Agora blockchain technology in tallying and auditing the election results.

Not long after the election, Agora published a post entitled “Swiss-based Agora powers world’s first ever blockchain elections in Sierra Leone” – so, the confusion is understandable.

Media then did as media does, blowing the story up and spreading the falsehood further.

What Agora claimed, somewhat vaguely, was that “West Districts results were registered on Agora’s unforgeable blockchain ledger, and the tally made publicly available days before the usual manual count.”

What actually happened was that Agora was able to observe 250 polling stations in the West, which is only about two percent of the total polling stations, and then was able to later independently count the results from those stations. According to Agora, this is where the blockchain technology supposedly came into the picture.

What this means is that blockchain had no impact, or use, in the Sierra Leone election.

Agora has now released an official statement on the matter, based in fact.

>> Check out Crypto Madness: Guardian Circle ICO vs. TrustHealth ICO

What do you think? Did Agora mean well?

Featured image: The Conversation

Blockchain Technology Could Save the U.S Government Billions

Blockchain Technology

In 2014, the USA today posted an article stating how $614 billion dollars had been completely missing from the 302 federal program audit. The government ran website USASpending.gov is supposed to be a transparent and accurate representation of where our tax dollars are being spent, but the Government Accountability Office found that only 2-7% of the website’s data was accurate. So where is the rest of the money?

In response to this report, Jamal Brown, a spokesperson from the Office of Management and Budget, told the press, “OMB is committed to federal spending transparency and working with agencies to improve the completeness and accuracy of data submissions.”

Back in 2014, the Data Act was signed by President Obama and become the nations first open data law, which requires the U.S federal government spending to be transparent to its citizens. The problem remains that of these 430 different government agencies, sub-agencies, and departments they struggle to share information with one another in a timely and accurate manner. Also, a single organization may have various databases and information is stored in various formats. With over 2 million civilian workers presently working for the govt. in the U.S, it becomes impossible to accurately track spending and activities with varied databases. Multiple databases dispersed throughout the U.S that aren’t linked together isn’t the government’s only technical issue at hand.

>> SEC’s latest Crypto Crackdown

Three years ago, China hacked the data of 4 million US current and former federal employees and it was the second hack by the same Chinese agency, that year.  Early this year, over 240,000 Department of Homeland Security employees has their personal data breached. While it wasn’t deemed a “hack” perse, it continues to expose a major security issue within the current centralized government systems.

Blockchain technology could easily help with these two issues and many more. While it’s mostly known for being the underlying technology behind Bitcoin, its applications extend far beyond just that. For those of you reading that may not understand blockchain, it is a giant ledger that is stored on thousands of computers. Think of it as a giant Excel spreadsheet that thousands have access to, people can add to a certain cell or “block” but after a set amount of time the block becomes locked forever, and the next one begins to be added to. The previous block can’t ever be altered, and information from the previous blocks are varied for accuracy. Since the data from each block is kept of thousands of computers, it makes it impossible for data to be hacked as the hacker would have to hack 51% of the “nodes” or computers running the blockchain individually.

Presently, there are companies using blockchain technology to revolutionize Supply Chain Management, Healthcare, Marketing, Finance, Human Resources, and various other sectors in everyday life. Governments have even begun testing the technology. Canada is testing the technology for enabling their citizens to publically view their grant and funding spending. A country in West Africa, Sierra Leone, just completed their first election that ran on the blockchain. Russia is presently testing blockchain technology for a government-run payment system, as well as voting.

It may feel like a daunting task, as complex as the U.S government may be but this could easily be a solution to many issues currently holding back the government. The Pentagon’s most recent mistake of losing $800 million wouldn’t have happened if blockchain technology was used, as everything would remain accounted for. If America plans on digging itself out of it’s infinite debt to the rest of the world, they better take this emerging technology seriously. Last month, the House of Representative held a joint hearing named, “Beyond Bitcoin: Emerging Applications for Blockchain Technology.”

If you’re an American citizen, like myself, and you happen to be reading this, I’m sure you’ve experienced the useless IRS customer service a time or two or have even stood countless hours in line at the post office only to be greeted by the most unhappy and unpleasant employee. More efficient underlying systems that are able to process transactions quickly and securely will make all parties much happier. Let’s all cross our fingers, say a prayer, or even write to our local state representatives to push our government towards this new technology. It could be – “HUGE.” (Sorry, I had to!)

Thoughts? Comments? Concerns?

>> Crypto and U.S Taxes

Featured Image: Krypto

RBC Registers A Patent For Blockchain-Based Platform

RBC

On March 15, 2018, the Royal Bank of Canada (RBC), “one of Canada’s biggest banks, and one of the largest in the world based on market capitalization” according to their website, took a step forward in terms of technological advances, after filing a patent before the US Patent & Trademark Office in which they explain their project for a credit score platform using blockchain technology.

Previously, other major players in the financial services sector had already expressed their intention to use Blockchains to speed up their commercial transactions. Many of them through the implementation of third party services as the ones provided by Ripple – a group that has as its most important adopter the Saudi Arabian Monetary Authority (SAMA) and others through the development of their own platform, which includes no less than the SWIFT system itself.

The use of blockchain platforms is quite attractive to banks because it allows them to efficiently handle records, providing a virtually error-proof level of transparency and account management, ensuring almost near-immediate transactions. However, when it comes to the use of cryptocurrencies based on this technology, the story is way different…

But given the evolution of blockchain technologies, RBC intends to go even further with the filing of a patent which, if implemented, would bring a level of automation, standardization, and transparency to the credit rating process never experienced before in the history of banking.

The document shows a process of automation of the bank’s lending platform that virtually eliminates the possibility of human error. In general terms, they have patented a system that looks quite well though at first glance:

“1. A system for credit and digital identity records comprising: a distributed ledger of a plurality of nodes, each node including at least a computing device, and the distributed ledger having a plurality of blocks, each block comprising identification data linked to a set of identifiers for an individual, transaction data, a timestamp indicating when the block was created, and a hash reference for the distributed ledger; (and) a credit history application”

The data goes through a series of automatic processes that are detailed in the report and ends with a transparent and standardized computation with a credit score for each user:

“17. The system of claim 1 further comprising an alert and notification unit configured to generate a credit alert for the individual indicating the credit event and transmit the credit alert to the individual using the first set of identifiers, wherein the credit history application is configured to determine an impact of the credit event on the credit history record of the individual.

  1. The system of claim 1 wherein the credit history application is configured to compute a credit score based on the credit history record of the individual and generate a credit score notification indicating the credit score and the credit event.”

This gives RBC the ability to have objective information about each user without the alterations that could arise due to the handling of information by intermediaries, or by the application of different subjectivities. The graphical representation provided by the same patent in Fig. 7c shows the level of automation possible:

The interaction between creditors and debtors, as well as almost all the necessary information, will be carried out through smart contracts developed on their platform as shown in Figs 9a and 9b:

Another of the technological advances that RBC is seeking to implement is the development of a Machine Learning Unit, which would play a fundamental role in the robustness of their technology: According to the patent “The machine learning unit can be configured to provide a smart contract middleware application to detect a violation of a term of a smart contract (…) and trigger the notification of the credit event in response”

It will also be in charge of providing a secure way to process registrations, verify the interface according to the permissions granted, verify every credit event before recording each new block, among others. But perhaps the most attractive feature is the fact that this AI unit will serve as a secure basis for the efficient interaction between parties:

”The machine learning unit provides a credit marketplace engine configured to generate a listing of loan offer indicating a creditor and loan terms, received a selected loan offer indicating a selected creditor and selected loan terms, generate a smart contract with the selected loan terms and record a new block on the distributed ledger.”

The machine learning processor trains using different processes on data stored in the blockchain related to a particular identity. Then a scoring processor uses that information and “defines credit score calculations based on credit data and weightings from different credit data metrics.”

At this time, it is not possible to know what mechanisms will be used to develop the technology. If it will be a single blockchain or if they will use several networks, neither have they mentioned whether they will create this platform from scratch or if it will be based on some existing implementations such as NEM or Ethereum. Nor can we know for sure whether there has been proof of concept or if they will be able to implement this project once the patent is granted.

This, of course, raises some moral debates as to what point will machines control our lives and how much interaction and privacy are we willing to sacrifice for convenience. The truth is that in a near future, users will be able to have their credit scores updated in real time as well as an almost instantaneous aggregation of business transactions thanks to the blockchain advances that RBC has in mind.

Featured Image: Twitter

Japan Legalizing ICOs? Guidelines Proposed

Japan Legalizing ICO's

Is Japan Legalizing ICO’s? Japan has now proposed guidelines with the view of legalizing ICOs in the country.

The proposal comes from the ICO Business Research Group, a Japanese government-backed group that’s part of the Center for Rule-making Strategies (CRS). The group released a report recently that offers “rules needed to establish ICO as a sustainable financing method.”

The report states:

“ICO is still in its infancy and has no industry practices yet. Appropriate rules must be set to enable ICO to obtain public trust and to expand as a sound and reliable financing method. Based on a shared awareness of this necessity, financial institutions, non-financial companies, and venture companies have co-founded the ICO Business Research Group.”

>> South Korea also discusses ICO regulations

The set guidelines are as follows:

“ICOs should be designed to be acceptable to existing shareholders and debt holders.”

“ICOs should not become a loophole in existing financing methods as equity finance.”

The ICO Business Research Group proposed five trading principles:

  1. “Token sellers should confirm the identity (Know Your Customer: KYC) and suitability of customers.”
  2. “Administrative companies that support the issuance of tokens should confirm the KYCs of issuers.”
  3. “Cryptocurrency exchanges should define and adopt an industry-wide minimum standard on token listing.”
  4. “After tokens are listed, unfair trade practices of such tokens such as insider trading should be restricted.”
  5. “Parties related to the trading of tokens such as issuers, administrative companies, and token exchanges should make efforts to ensure cyber security.”

>> Are 80% of ICOs scams? Statis Group LLC provides a stat overview

What do you think? Is Japan Legalizing ICO’s a positive step? Do you agree that there need to be more regulations in the ICO space? Or do you think implementing regulations takes away from the point of cryptocurrency? Let us know in the comments below.

>> Abra adds coins: Stellar [XLM], Bitcoin Gold [BTG], and Digibyte [DGB] included in the list

Featured image: geralt

TON Becomes the First Ever Billion-Dollar ICO

TON

With 1.7 Bn$ Raised, TON Becomes the First Ever Billion-Dollar ICO in the History of Cryptocurrency.

The brothers Pavel and Nikolai Durov continue to demonstrate to the world their ability to do business, reaping a successful career in each of the investments they make. Pavel Durov has known how to interpret the needs of the markets, and his first commercial success came with the creation of Vkontakte, a company that knew how to take the benefits of Facebook, adapting it to the customs and needs of the Russian population, while adding a series of services that Facebook users cannot enjoy. What began as a small project ended up becoming Europe’s leading social network, providing Durov with a profit of approximately half a billion dollars after a sale motivated probably because of political problems.

In his “farewell” he said he would focus on a new project: “Telegram” an instant messaging application, which would soon become Whatsapp’s main competitor. Its features surpassed those of the web messaging giant: Encryption, speed, and automation. On this platform, a series of new developments were built that boosted parallel economies. Bots are an example: In an interview with TechCrunch, Pavel Durov mentioned that a company developing bots for Telegram was sold for eight figures.

Now Pavel Durov is back in the spotlight with a promise to revolutionize the world of blockchain with “Telegram Open Network”, a DLT that promises to solve the traditional problems of cryptocurrencies with many promising approaches. Also, according to a leaked promotional video, if embraced by Telegram users, TON could be the most widely adopted blockchain network worldwide.

In order to meet its objectives, TON announced a private presale before the ICO. They wanted to raise at least 1.2 Billion Dollars, making TON the most ambitious project in terms of fundraising for an ICO. In the first sale, on January 29, they declared to the SEC the collection of $850 million by 81 investors, which gives an average of just over $10 million per investor. An impressive figure compared to what a typical investor would spend on a regular ICO.

However, despite the significant amount raised, they announced a second private round of sales. This round, according to a FORM-D released by the SEC, raised an additional $850 million from a group of 94 investors who deposited a mandatory minimum amount of $1 million. The sale took place on March 14 and reported to TON Issuer Inc. a total of 1.7 Billion Dollars thus making it the most fundraised crypto in the history of the ICOs.

It is expected that after the public ICO, the money raised will reach $2.55 billion. Enough to guarantee the fulfillment of its roadmap, which proposes the last quarter of 2018 as the date of network implementation.

>>MEvU ICO – The Social Betting Platform On The Blockchain

Excellent news for the Telegram team and users in general, especially considering that until now profit has not been the primary motivation of the app, according to their own F.A.Q. This allows us to see the team’s approach to providing the best service and be “on the consumers’ side” as opposed to other social networks.

Q: How are you going to make money out of this?

We believe in fast and secure messaging that is also 100% free.

Pavel Durov, who shares our vision, supplied Telegram with a generous donation, so we have quite enough money for the time being. If Telegram runs out, we will introduce non-essential paid options to support the infrastructure and finance developer salaries. But making profits will never be an end-goal for Telegram.”

Featured Image: twitter

Are 80% of ICOs Scams? Statis Group LLC Stat Overview

ICOs Scams

Back on March 21st, Sherwin Dowlat posted an article via Medium titled “ICO Quality: Development & Trading.” Dowlat is a researcher, apart from the Static Group LLC that bills itself as an “ICO Advisory firm” based out of New York.

Along with his partner, Michael Hodapp, they have constructed a rubric for how ICOs can be classified and ranked. The ICOs are broken down into 6 groups: Scam, Failed, Gone Dead, Dwindling, Promising, and Successful. I don’t quite understand the reason for the six, but there are six groups, none-the-less. Let’s dig into these groups a bit further.

  • Scam (Pre-Trading)
    • Any project that expressed availability of ICO investment (through a website publishing, ANN thread, or social media posting with a contribution address), did not have/had no intention of fulfilling project development duties with the funds, and/or was deemed by the community (message boards, website or other online information) to be a scam.
  • Failed (Pre-Trading)
    • Succeeded to raise funding but did not complete the entire process and was abandoned, and/or refunded investors as a result of insufficient funding (missed soft cap).
  • Gone Dead (Pre-Trading)
    • Succeeded to raise funding and completed the process, however, was not listed on exchanges for trading and has not had a code contribution in Github on a rolling three-month basis from that point in time.
  • Dwindling (Trading)
    • Succeeded to raise funding and completed the process, and was listed on an exchange, however had one or less of the following success criteria: deployment (in test/beta, at minimum) of a chain/distributed ledger (in the case of a base-layer protocol) or product/platform (in the case of an app/utility token), had a transparent project roadmap posted on their website, and had Github code contribution activity in a surrounding three-month period (Success Criteria).
  • Promising (Trading)
    • Two of the above Success Criteria.
  • Successful (Trading)
    • All of the above Success Criteria.

The pair claims that they found 81% of the ICOs they included in their study were deemed “scams”.

Here are their charts they constructed from their studies.

ICOs Scams

Source: Medium

Source: Medium

Source: Medium

Is it fair to say that every ICO project that doesn’t make it to an exchange is a scam? ICOs may take a different approach than the traditional IPO or private offering, but they still share many similarities. Startup companies fail to make it to the stock exchange all the time, does that qualify them as a scam? If you look at the stats of failed startup companies, over 90% of them fail within the first 5 years of operation.

ICOs are a new way that these startup businesses can gain capital to fund their projects. Sure, schemers have taken advantage of this method and have run away with money, but that happens in traditional routes all the time too. I think what scares individuals (more specifically those who are used to something being done a certain way) is that ICO’s enable businesses to obtain large amounts of funding at a faster rate than the traditional route. Not everyone is comfortable with change and will automatically see it as a threat.

I think most individuals who have some sort of investing background understand that startups launching ICOs are high-risk investments and their expectations are as such. If you don’t have any sort of investing experience or even a financial background, do your research and take a few classes before investing in the startup space. That way, you aren’t also quick to jump on the “scam” train.

Thoughts? Comments? Concerns? Let’s start a discussion in the comment box below.

Source: Cost

  • Actually the 90% failure rate is an urban legend that was thoroughly debunked. Actual collected numbers show 2/3 of startups still operating after 5 years and 1/2 after 10, and the number of those not still operating includes those that were acquired.

    90% of all “90%” stats are made up.

    But I agree with your main point.

  • does that make your 90% of 90% made up too?

  • Yes 🙂

MEvU ICO – The Social Betting Platform on the Blockchain

MEvU

Blockchain technology has begun infiltrating many different sectors of the world including finance, healthcare, gaming, supply chain and many other industries. Most recently, it has made its way into the betting world with MEvU.

MEvU seeks to be a peer-to-peer decentralized network that allows individuals to bet on anything with anyone. Anyone can turn anything into a bet and it can all be documented and facilitated on the blockchain. The payouts are direct when the bet concludes and the fees are low. MEvU works as a third-party intermediary that facilitates sports wagering like the casinos do but with far lower fees. The American Gaming Association estimates that around $400 billion is spent a year on gambling and around 99% of it, is illegal.

>> Crypto Madness Day 6

MEvU uses ethereum smart contracts to transparently store players bets and funds. The team behind the project has just closed their private pre-token sale. Their public token sale is anticipated to open on June 11th of this year and conclude on July 16th.

Forbes reported on the company and said:

“Interestingly, meVu wants to be more than just a conduit for traditional sports and esports betting. It also plans to encourage users to bet on competitions such as beer pong or a round of golf among friends. A challenge concerning those games may be solidifying the true winner and ensuring that payments are distributed to the proper user.”

Global Blockchain Technologies Corp. (OTC:BLKCF) is the lead investor currently for the betting blockchain startup. In the company’s private token sale, the blockchain company invested $2 million dollars.

MEvU will be featured in our Crypto Madness Day 7 tomorrow facing off against another blockchain betting start-up Bethereum. Our poll will be placed on our Twitter page, if you’d like to vote for MEvU. You can view more information on the company, in their official video below.

>> Bethereum CEO Interview

Featured Image: Youtube

South Korea Lifting Ban on ICOs? Regulations Coming

ICO Ban

According to The Korea Times, South Korean financial authorities are discussing plans to re-introduce ICOs into the country.

Last September, the South Korean government banned ICOs, not trusting cryptocurrencies and their lack of regulation. However, this didn’t deter South Korean startups. Instead of running ICOs in their own country, they simply turned to foreign investments to get their startups running.

Now, this may no longer be necessary.

An anonymous source stated:

“The financial authorities have been talking to the country’s tax agency, justice ministry, and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met.”

Even with the ruling in September, little was actually done to limit ICOs in South Korea. Both foreign ICO investment and crypto trading continue to this day in the country. However, the lifting of the ban would open up even greater opportunity for South Korean investors and traders.

Although many in the crypto world are against regulations, implementing regulations may be the only way for the South Korean government to consider lifting the ban.

>> Is Thailand going to regulate crypto?

According to Kang Young-Soo, the overseer of cryptocurrency trading policies at the Financial Service Commission, government officials have yet to come to a decision about whether or not to allow ICOs in South Korea. It seems that there is debate surrounding how exactly to regulate the crypto market.

Another anonymous source commented what some of the options floating around currently are:

“Various scenarios such as the imposition o the value-added tax, a capital gains tax, or both on trade; and the collection of corporate tax from local cryptocurrency exchanges, as well as the initiation of authorized exchanges with licenses are being discussed.”

Essentially, the South Korean government wants to be able to track the history of capital inflow into ICOs in the country.

South Korea is working first on figuring out how to regulate the general market, according to Young-Soo, before moving into figuring out how to regulate cryptocurrencies and blockchain technologies.

>> Check out Crypto Madness: Faceter ICO vs. Kepler Technologies ICO

Featured image: Public Domain Pictures