In the ever-evolving landscape of digital security, new technologies promise not just to protect but to enhance the way we handle confidential information. One such breakthrough is the concept of Fully Homomorphic Encryption (FHE), a technology allowing computations on encrypted data. Fair Math, led by CEO Gurgen Arakelov, is pioneering this field, particularly through their development of the Collaborative FHE-(E)VM (Ethereum Virtual Machine). This innovation aims to integrate the robust security features of FHE with blockchain technology, thereby revolutionizing data privacy and application security in decentralized applications (dApps).

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Crypto critic and American-Turkish economist Nouriel Roubini at the Abu Dhabi Finance Week on Wednesday labeled cryptocurrency as an “ecosystem that is totally corrupt”.

Nouriel Roubini clears his stance on Crypto ecosystem

On a CNBC panel discussion Nouriel Roubini also known as Dr. Doom defines cryptocurrency in seven Cs: “concealed, corrupt, crooks, criminals, con men, carnival barkers.” In addition to this, the top economist Roubini urged the crypto investors to take lessons from the FTX crash. In a discussion, he said,  “The lesson of the last few weeks is these people should be out of here.”

Roubine also targets Binance and its CEO on the panel discussion he said, “I can’t believe that CZ and Binance have a license to operate in the UAE. Moreover, he said CZ is banned in the U.K., He’s under investigation by the US Justice Department for money laundering.” Notably, Binance CEO Changpeng Zhao, known as CZ, spoke earlier at the same conference.

Before Roubini’s comments in Abu Dhabi, CZ stated on a separate panel that the crypto business required an association to create best practices and to communicate with regulators worldwide.

Binance CEO clears his stance on current Crypto situation

CZ in his statement added he had seen “quite strong interest” on proposal to establish a recovery fund to assist crypto companies experiencing a liquidity crisis.

Binance CEO also said, “Originally, I would’ve said we could’ve pushed a little faster, but given what happened last week, that would not have been a good idea.” It is actually more necessary to take things slowly.”

In response to a question about whether cryptocurrency should be saved, CZ stated, “Crypto has actually demonstrated extreme resilience… “I believe the industry will survive.”

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• SEC Chairman Gary Gensler said Tuesday that the Commission will regulate the crypto marketplace to its best extent.
• The chief regulator demanded additional resources from Congress to oversee and fill up the voids prevailing in the crypto market.

The United States Securities and Exchange Commission (SEC) Chief Gary Gensler called the crypto marketplace ‘full of frauds and abuse’ on Tuesday. He has urged Congress to grant the SEC additional powers in order to cultivate ‘comprehensive and coordinated’ anatomy that addresses risks in the crypto market while extensively protecting the investors.

Speaking about crypto at the Aspen Security Forum, Gensler asserted that the SEC will completely regulate the crypto marketplace to its maximum extent while also protecting the investors from thievery and scams.

Crypto Exchanges’ Need for Proper Regulation

The financial regulators in the United States have struggled to regulate the fast-growing world of cryptocurrency and digital assets. Unlike in the securities and derivatives markets, no single regulator administers the crypto exchange activities. And, as the global market capitalization of crypto has exploded to more than a trillion dollars, so has the scam rate grown.

According to the SEC chief, large parts of the crypto industry work outside of the legal framework that seek to safeguard consumers, promote financial stability, reduce frauds, and maintain national security. “There exist voids in this space, we require additional Congressional powers to prevent transactions, products, and platforms from falling between regulatory voids. We also need more resources to safeguard investors in this growing and highly volatile sector,” he said.

The Wild Price Swings of Crypto Catches Attention Of The Regulators 

The wild movements in crypto prices this year caught the attention of lawmakers and regulators who already had cryptocurrency in their sights.  Recently, Senator Elizabeth Warren, a Democrat from Massachusetts, pressed the United States Treasury Secretary Janet Yellen and other regulators to cultivate a “comprehensive and coordinated” anatomy for addressing and eliminating the risks encountered in the cryptocurrency market.

Since the inception of Bitcoin in December 2008 digital assets have immensely boomed from being ‘just technological innovations’ to ‘financial instruments’ used by billions of people worldwide. At present, there are over 11,000 crypto tokens in existence, with their total market capitalization exceeding $1.5 trillion.

On average over 45 million Americans have adopted cryptocurrencies. However, many of these investors are new to the ecosystem and they have become the victims of fraud. Moreover, crypto is also believed to be widely utilized for money laundering and other shady purposes with many crypto entities nabbed by authorities. 

Observing all these illicit activities, it became very crucial for the government to regulate the crypto industry as asserted by the SEC boss.

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Tim Draper American Venture Capital InvestorThe governments across the world have started to realize that the competition is for money, entrepreneurs and the businesses of the world rather than physical borders which were back then.https://coinpress.live/wp-content/uploads/2019/07/timDraper.png

Explore the roadmap to the future of societ, with Akshay Aggarwal, Co-founder of Blocumen Studios & Blockchained India & billionaire investor Tim Draper is popularly known as the ‘Bitcoin guy’ in his podcast series “Society 3.0”. Tim is known for his sci-fi investments and founder of Draper University and Draper Associates. So here’s an extract of the podcast for all the important points one can’t miss. Society 3.0 aims to understand the evolution of the current society into one that is happier, increasingly decentralized, and pillared on peer-to-peer commerce.

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Jack Ge Managing Director of CyberVeinGeneral Manager at CyberVein where we work to create interconnected databases that span the globe. Founder of smart-home startup by HAX hardware accelerator in 2016 and postgraduate alumni of Imperial College London.Spend a lot of time traveling to conferences explaining the advantages of DAG over blockchain and how it works on the CyberVein network, so always up for opportunities for a healthy, open debate about the tech.https://coinpress.live/wp-content/uploads/2020/05/jack_ge.png

In an exclusive interview with Jack Ge, the Managing Director of Cybervein, we discuss the development, design, crypto tokenomics, and the advantages of using the network for efficient database management. We also discuss new topics like proof of contribution, the future of the cybervein project & much more. So, let’s begin.

You can catch Jack and the team of Cybervein live on their YouTube channel on the next episode of Crypto over Beer where they discuss a variety of topics in Blockchain development. 

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Hailong Duan Co-Founder of EXUP,ChainUP Financial DerivativesWith many years of experience in the field of internet finance, Duan once led a team in a well-known payments company to achieve a billion yuan in annual performance. He is currently the co-founder of EXUP, focusing on the development of blockchain financial derivatives.

In an exclusive interview with Hailong Duan, the Co-founder of EXUP, ChainUP Financial Derivatives, a leading blockchain solution provider, he explained how they were able to provide hack-proof exchanges and how he sees the Asian market as one of the most prominent contributors to the blockchain/cryptocurrency ecosystem.

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Ahead of scheduled Supreme court hearing on crypto aspects in India, one of the oldest Indian cryptocurrency exchange, Koinex decided to shut down its trading platform. This was obviously one of the most shocking news for Indians, specifically for a prospective audience of the platform at the precious time when Bitcoin was on a bull run.

Exclusive Talk with Indian Exchanges

One major question that raised the eyebrows of crypto enthusiast is India is – if regulations were the key reason behind closure, Koinex could also have their registered office outside of India – just like other exchanges decided to do so. Concerning the point, Sumit Gupta from CoinDCX add that;

From what I know, given the regulatory uncertainty, they are not focused on exchange business at the moment. Indian Exchanges will have to move outside the country focusing on global users if the regulations are not favorable to run exchange business in India.

In a similar tone, Nischal Shetty from WazirX detailed;

Their volumes had reduced drastically and that makes it difficult to run an exchange since volumes drive revenues. If they had good volumes now then I’m sure they wouldn’t have shut down. I would say that the banking ban was the single biggest reason for all Indian exchange shutdowns until now.

In addition to CoinDCX and WazirX, another Indian crypto exchange Bitbns also adds “there could be other ways to thrive in the crypto landscape for Koinex if it wishes to – continuing the point, Rahul from Bitbns told;

Yes they could have. We did and we are thriving. We recorded the highest volume traded till date in the last 24 hours.

However, it is worth to note that – during Coindelta’s closure in April this year, Indian crypto community were discussing on ‘pending withdrawal request at Koinex trading platform’. Furthermore, the exchange had delisted few coins Achain [ACT], CyberMiles [CMT], GAS [GAS], Nano [NANO], NEO [NEO] and Zcoin [XCZ] Tokens which wasn’t well received by the crypto community in India – and on top of all, the decision of delisting these Altcoins appeared immediately after the shutdown decision by Coindelta.

Not the First Exchange in India!

On early June 27, 2019 – Koinex published an official blog post, detailing the reason behind its decision – nevertheless, it adds ‘Regulatory uncertainty and Lack of Banking support’ were the key hurdles that stop them running smooth trading operation within the nation.

This is nothing new in India, in past, a couple of other exchanges including Zebpay, Coindelta, Coinome wrapped up their business operation citing unhealthy regulations from the country’s Govt but we ( coinpress) reached out to the current Indian exchanges, what they think about Koinex’s closure and how are they continuing their business in the same country where other exchanges closed their doors.

WazirX, CoinDCX, Bitbns, Instashift, Unocoin are few of the exchanges – currently, live and running their trading activities within the country despite having months of delays on a specific crypto decision by Govt of India. During our talk with Nischal Shetty – CEO of WazirX, Rahul Chitale – Co-founder of Instashift, Sumit Gupta – Founder of CoinDCX, and Rahul Jain – Digital Marketing Manager at Bitbns – it was revealed that the other reason behind Koinex’s decision could be “Cost structure with the fact that the team size was quite big” and their volume which had reduced drastically”.

Staff Salary Via Bank Account

Moreover, on a point of Koinex mentioning “their employees were being enquired for salary transactions from banking authorities”, we asked existing Indian exchanges on how they’re processing payments to their staff. While CoinDCX and WazirX declined to comment – on the other hand, Rahul Jain from Bitbns told that;

Bitbns or Its employee doesn’t face any such bank pressure

While he kept secret about the payment method they’ve been using, Rahul Chitale from Instashift re Rahul Chitale reveals their exchange is an Estonian entity and processed banking operation as per European laws. He says that;

InstaShift is an Estonian entity. We conduct all our banking operations out of the same with complete compliance with European laws. Almost all our operational expenses are paid using Crypto – that includes payroll to our small team (outside India). We also use our own crypto backed debit cards. The few expenses like Cloud are the channel through Fiat in Europe or Canada.

What’s your take on Indian cryptosystem.? Do you think Govt will favor existing exchanges with healthy regulations around crypto & blockchain ecosystem in India.? Let us know in the comment below. 

Image Source – Shutterstock

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Norbert Goffa speaks in detail about the evolution of the cryptocurrency and blockchain industry and shares his opinion on how to succeed in the new environment.

ILCoin is a cryptocurrency that exists since 2015, however, the hard fork that happened at the beginning of 2019, proved to be transformative for the project. ILCoin’s team of developers has completely reworked the structure of the existing blockchain and rewritten the code, which resulted in the development of a unique quantum-resistant C2P protocol (Command Chain Protocol). The innovative technologies allowed to ensure a high level of the coin’s security.

Recently, we sat down with Norbert Goffa, the project’s Executive Manager, and talked about the transformative processes that are taking place in the industry and how ILCoin project positions itself in the new environment.

1) You position ILCoin as a project that pursues superior technology, in contrast with so many projects that put marketing and good looking white papers over proper technological basis. Do you believe that, as ILCoin’s acceptance grows, it could become an example for other projects to follow? Would following your ideology allow the industry to develop faster?

Since the ICO boom in 2017, writing White Papers has been a separate business. True enough, many projects have been more focused on promoting their projects than on creating real value for users. As the industry remains mostly unregulated, it is easy to use the tokenization idea to promise anything without having a solid technological foundation or even a real use case behind your project.

However, this is a short-sighted approach and a road to nowhere. In 2017, the market got very diluted, as many ICO projects had fundraising as their primary aim and did not produce any technological advancement. Consequently, it resulted in numerous exit scams and shed a bad light on the industry.

However, those times of hype are gone. As the market has become more mature, it is no longer enough to make big claims and build a blockchain for the sake of having a blockchain. To survive and succeed in the long run, you need to prove the technological value of the project. In this sense, I do believe that we can be an excellent example for others.

2) In your opinion, what is necessary for a blockchain project to achieve success? Is solid technological base enough, or does it require something else, as well, after all?

Sure enough, it is hard to expect that a blockchain project will achieve success without a robust technological base. At this stage, many decentralized projects emphasized their “easy to use” feature, which is logical and business-wise. However, being user-friendly is not enough for a project to survive and bring value. We need to address the potential problems and difficulties of data storage, sort out security issues, and answer basic questions, regarding technology robustness.

From this perspective, we need a new generation of cryptocurrencies where technology serves as a foundation, upon which a real value focused on users’ security and system’s sustainability is created.

3) Considering the turmoil that the crypto community has been through due to the recent bear market, it is not an exaggeration to say that many people have lost faith in crypto and blockchain. Or, at least, became highly skeptical of them – do you think that a change in approach towards sustainable and reliable technology would be enough to regain their trust?

Yes. As I have mentioned before, we need to change the perspective and approach to what we develop and how we do it. Crypto market needs technologies that will allow to discover blockchain capabilities and thus bring value to everyday users.

I believe that we have gotten over the “naive” phase, while the bear market of 2018 was a necessary stage of moving into a more mature state, with certain lessons to be learned. Nascent technology and a low level of understanding of its workings led to the hype and allowed for many scams and hacking attacks. Naturally, they eroded trust in crypto and blockchain in general. To restore it, we need to refocus on real values of DLT technologies and bring them to light.

The problem is that most of the current applications are not part of the blockchain technology; they only connect to it. TX operates on blockchain technology, but nothing else does. The issue of data storage should be resolved and, simultaneously, security needs to be improved, too.

4) Your position is based on the fact that technologies should be the basis of any cryptocurrency – but at the same time, many choose in favor of those cryptocurrencies that do not have anything to them other than competent PR and marketing. And they’re doing well. Why have you chosen a different, a way more difficult path?

Being in the sales business for more than 15 years, I am aware of all the tricks and manipulation tools. So, I can say for sure that the projects that have no valid technology, no real value behind them and rely exclusively on PR and marketing tools, are committing fraud. Basically, they sell you a whole lot of nothing.

The crypto market has already gotten over the “learning phase,” which means that those tactics may not be working as well as they did in the past. Speaking of prominent projects with weak technical foundations, I can say that it is way easier to promote yourself and reap the benefits of trust with high market capitalization. However, this approach has limitations and won’t pay off in the long run. I don’t want to come across as too arrogant, but, in my opinion, some top-10 cryptocurrencies need to show way more serious and appealing results than what we experienced in the previous two years.

5) Tell us briefly about your C2P technology and the size of your block – how did you manage to achieve a capacity of 25 megabytes and ensure security?

That’s a good question for our developers. However, a 25MB threshold was not that challenging. Moreover, it is no longer our best achievement as we like being two steps ahead of what we show. I don’t want to get into the details at this stage, but I hope that my words will get credit soon.

A quantum-resistant C2P protocol is a milestone on the market and an innovation of ILCoin team that we take pride in. C2P is a multi-layered system based on different node functions and two-level system of digital signatures. It is capable of eliminating malicious attacks, and very soon we will be able to prove it with a certification. Basically, with C2P, we have created a new foundation for blockchain operations.

6) What are the blockchain market prospects? What will it be like in 5 or 10 years? Please tell us your opinion. Who will remain on the market? The strong players?

This question deserves a separate conversation. However, in my opinion, the blockchain use cases will prove transformative and bring the most significant technological challenges of our time.

As blockchain is capable of historically storing all happenings, it may create a new value perspective in economic and financial fields. However, it comes with dual responsibility, and its consequences are unpredictable. The decentralized approach will work until it gets abused. I believe that the current approach will undergo radical changes. Now, the blockchain market is in its “rebellious adolescent” phase, and the most that we can do is learn the lessons and move on to a more mature state.

7) As you seek to change the rules of the game in the market, are you not intimidated? Don’t you feel afraid of competitors that bet on replicating existing solutions?

ILCoin’s team of developers has created an innovation capable of bringing a potential paradigm change to the market.  Our technological breakthroughs – C2P and the 25MB block size – are only the beginning. However, we do not want to compete with anyone, as our primary goal is to live up to our own expectations and foster the blockchain and cryptocurrency market to evolve into an integral whole to the benefits of users.

We would be happy to see other projects to follow our lead and focus on technology that brings real value by solving the pressing issues of the industry. At the end of the day, users will make their choices.

8) Hack attacks have been a real issue for the industry. Many cyber thefts and security breaches discredited many blockchain and cryptocurrency projects and eroded trust in the technology. Do you believe your technology can become a solution?

Hacking is a very pressing issue that has been largely neglected by the overwhelming majority of the projects, even the most prominent ones. Very few – if any – top cryptocurrencies have at least a basic solution to protect the system against malicious attacks, while decentralization implies that the members of the community will share responsibility.

Actually, it is an important question that might determine the future of cryptocurrencies in the long run. ILCoin is committed to building an ecosystem with a high level of security, resistant to 51 percent attack and other frequent issues, including a threat of quantum computing.

9) Regulators around the globe remain skeptical about cryptocurrencies and blockchain technologies. Some countries have resorted to a restrictive approach, while others take adopted a wait-and-see approach and deal with the issues on a case-to-case basis. Do you believe that the technological value brought by ILCoin will be able to break the ice with the government and the regulators?

The critical regulatory approach is quite understandable as low transparency, and a low level of security makes the industry vulnerable to security breaches and all sorts of manipulations. The period of ICO boom in 2017 and 2018 brought numerous stillborn projects and resulted in distrust which forced regulators to crack down on the industry.

Due to a bad reputation, it has been increasingly challenging for solid projects to enter the market and earn the trust of both investors and regulators. This can be done by ensuring more transparency and offering a real game-changing value for users, which is not achievable without a robust technology that solves the issues of the existing blockchains. As soon as new projects with such a technology-focused approach start to appear as contrasted to PR and marketing approach, the regulators’ attitude will begin to change.

10) What are your plans for the future? Have you already reached your goals in terms of technology development, or you have more ideas to put into practice? Share your plans with us, please.

Actually, a project that has no more development goals is a dead project. To ensure long-term success and survive in a highly competitive environment, you have to move on and create something new and exciting. Once you decide that you can rest on laurels, new, more ambitious and innovative projects will pop up out of thin air and leave you behind.

I don’t want to go into details at this stage, but we have many exciting features being developed right now as we speak. I hope that we will be able to test them out pretty soon. Our source code is publicity available in GitHub, where any software engineer can examine it and leave their comments. This helps us to spot bugs before they become issues. Also, we plan to hire independent auditors and cybersecurity experts to eliminate potential vulnerabilities. In other words we strive to build on our security-focused concept and make ILCoin even more reliable and hack-resistant.

The post Cryptocurrency Market Needs Radical Change of Paradigm To Survive – Norbert Goffa, the Executive Manager of ILCoin appeared first on coinpress.

In a recent  Interview with Geregory STOOS, CEO , he shoots from the hip and tells us why he believes the world needs a multi-faceted and revolutionary platform like YPTOspaces.

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Have you ever thought about launching your own project or startup? We all have. The crypto sphere is overwhelmed with people who have gone through with their ideas. You can see an example of this in the way crypto has incorporated crowdfunding into its structure. Ambitious crypto enthusiasts took the idea of crowdfunding and brought it to life in the crypto space. The working model fits quite well with crypto – in it, you invent your own coin in order to support a project which you feel strongly about. If people find the project useful and promising – they send money to help you develop the project, receiving the tokens you launched. Sounds pretty good, right? Well, this is basically how Initial Coin Offerings work.

Like most trends, it has its positives and negatives. A lot of projects are really helping to solve problems, as BlueOcean does in the medical sphere, but you also have to be very cautious when investing to avoid getting deceived. ICOs are risky due to a variety of reasons – from lack of government regulations to the manipulations of hackers and thieves.

Regardless, the number of ICOs listed rose by 282% in 2018 (3804 projects) compared to 2017 (1349 projects), but the total number of funds raised increased by only 15% in 2018. In addition, the average lifespan of an ICO was twice as long at the end of 2018 compared to where it was at the end of 2017 (stats from ICObench).

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The following transcript refers to an interview with Calvin Cheng, the CEO of digital asset exchange, ABCC. This comes after the recent live community Q&A session which took place between Cheng and the ABCC community on the 12th of September 2018.

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• Questions from readers
• Interview Questions
• Qtum Review: Current state of the project

‘Qtum’ since its crowd sale in March 2017, has gained quite a lot of respect in the developer as well as investor community. The project is a hybrid of the best of Bitcoin and Ethereum plans to make blockchain user-friendly for businesses. The project inherits the UTXO model from Bitcoin for tracking funds and utilizes Ethereum’s EVM to allow smart contracts. With major releases for Qtum yet to be announced, the recent exit of the ex-lead developer of Qtum Stephen Xu has raised some eyebrows. So today we will be interviewing Stephen and asking him questions regarding Qtum and blockchain’s future.

We will start by asking questions from our readers that we received through various social media handles. Though we were not able to address all of them we have selected two of them.

The post “Should we still ‘Hold’ Qtum or take your exit as a warning sign?” A one-on-one interview with Ex- lead dev Qtum, Stephen Xu appeared first on coinpress.