If you are following our altcoin news section, you obviously know that there is no cryptocurrency such as Samsung Coin. However, it seems like after the popularity of Facebook’s long-expected cryptocurrency Libra, someone in South Korea appears to be trying to take advantage of Samsung and their blockchain networks – nabbing the “Samsung Coin” trademark.
As recent filings with the Korean Intellectual Property Office (KIPO) which is an application to register the trademark in both English and Korean show, an individual called Kim Nam-jin submitted them and wants to make the name ‘Samsung Coin’ official.
However, the filing was made under categories which were related to computer programs including “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”
When contacted by many best cryptocurrency news sites, a Samsung representative told the press that the tech giant is not behind any application of this kind. “We don’t work this way,” they said.
Now that the anonymous and fake Samsung Coin trademark application is in the news, it is important to mention that it does not specifically state whether it is related to blockchain or cryptocurrency. The filing follows our previous report that Samsung is developing its own blockchain using Ethereum tech and may eventually issue its own cryptocurrency which is called “Samsung Coin.”
Now, it is a possible clue to their motivation for the filing. The same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.
The KIPO database also shows that Kim Nam-Jin also filed an application on July 10 in an attempt to trademark the “ThinkQ Wallet.” He is obviously interested in scamming the companies into creating fake coins.
Based on the LG application details, the wallet would provide a variety of mobile services including a “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.” The Samsung Coin filing was initially covered by a lot of news sources that incorrectly indicated that Samsung is applying for the trademark.
Even though there is no official information about any link between Samsung and a cryptocurrency, the technology giant has always been viral in the news for its links to blockchain and interest in expanding the company in that behalf.
Bank Of England Governor Says Crypto Could Displace The US Dollar
“While the world economy is being reordered, the U.S. dollar remains as important as when Bretton Woods collapsed,’’Carney suggested there could be multiple replacements to the dollar including the Chinese renminbi and the digital currency supported by the international coalition of the central banks:
“It is an open question whether such a new Synthetic Hegemonic Currency (SHC) would be best provided by the public sector, perhaps through a network of central bank digital currencies. An SHC could dampen the domineering influence of the U.S. dollar on global trade.’’As explained previously in the best cryptocurrency news sites, the technology can disrupt the current network effects that could protect the dollar noting that an increasing number of transactions could occur online by using electronic payments rather than cash. While he did not state cryptocurrencies explicitly, he did note that the relatively high costs of the domestic and cross border electronic payments are encouraging innovation with some new entrants applying new technologies to offer lower costs. One example is Facebook’s libra crypto project as he noted but in order for the project to succeed, Carney stated:
“The Bank of England and other regulators have been clear that unlike in social media, for which standards and regulations are only now being developed after the technologies have been adopted by billions of users, the terms of engagement for any new systemic private payments system must be in force well in advance of any launch.”
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
Wikipedia Co-Founder Claims EOS Is De Facto Centralized
‘’We cannot continue to build dapps on EOS if the network is de facto centralized in the hands of the Chinese. I’ve been making noise internally at EP about this since I learned about it earlier this summer. Sorry, but it can’t go on much longer, as far as I’m concerned.’’The statements appeared more than a year ago after the Wikipedia co-founder announced they would develop a truly censorship-proof system on built on the EOS blockchain. As Everipedia’s chief information officer, Sanger noted that EOS will make the process of approving articles, making edits and storing information more distributed but his latest comments outlined that the project did not assist his platform into becoming more authentic, decentralized version of Wikipedia. Despite becoming one of the most popular and widely used blockchains, EOS has a huge problem concerning its integrity. There are a few other people who own a huge part of the project’s tokens. This gives them a massive influence on the right to select block procedures which is a total of 20 entities that validate and add transaction records on the native blockchain. The structure resembles a corrupted democratic process according to Sanger where one individual can vote up to 100 times because he has up to 100 identity cards. This increases the probability of potential cooperation where the malicious actors can join together to seize the EOS funds or alter transaction records saved on the blockchain. As explained in some of the best cryptocurrency news sites, the huge problem lies in the inability of Block.one which is the parent company of the cryptocurrency to solve the problem. This became even worse when Dan Larimar the CTO of the company confirmed that the decentralization is not their biggest priority.
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