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Blockchain News

BitTorrent Founder Creates Green Cryptocurrency ‘’Chia’’ To Solve Electricity Wasting



Bram Cohen, the inventor of BitTorrent will now become even more famous after possibly having the solution to the electricity wasting problem of Bitcoin. Reading today in our blockchain news, we find out more about the green cryptocurrency ‘’Chia’’.

The cryptocurrency Chia or as Cohen names it ‘’the green money for a digital world’’ is the complete opposite of Bitcoin. Unlike the number one cryptocurrency that uses the proof-of-work consensus mechanism, Chia uses the proof-of-space where the mining process uses the space on the hard disk.

Cohen stated that the hard disk space is widely available:

‘’The idea is that you’re leveraging this resource of storage capacity, and people already have ludicrous amounts of excess storage on their laptops, and other places, which is just not being utilized. There is so much of that already that it should eventually reach the point where if you were buying new hard drives for the purpose of farming, it would lose you money.’’

He also claims that Chia will be more secure than bitcoin. After creating the BitTorrent protocol in 2001 when he was only a student, he thought that it will be insanely expensive to purchase everything you need to attack the bitcoin network, but you could still do it. Attacking Chia, however, is not so easy.

In order to attack Chia you will need access to multiple resources which are basically tons once everyone signs up. The cost of acquiring all information beforehand will be incredibly high and to overwhelm the system will be huge trouble.

The launch of the coin was supposed to happen before 2018 ends but we will have to wait a little longer for the green cryptocurrency to join the crypto market.

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Blockchain News

Bollywood Actors Involved In ‘’Cashcoin’’ $14 Million Crypto Scam

Bollywood actor Shahbaz Khan is soon to be investigated by the Mumbai Crime Branch over his alleged involvement in a crypto scam which is why we are reading more in the latest cryptocurrency news below. The Mumbai police arrested four people involved in the Cashcoin crypto scam that claimed to be a high return investment program which lured investors into investing about $14.52 million. The scammers even ran seminars around India to sell their schemes. Cashcoin approach Shahbaz Khan who is an extremely popular actor in order to use his influence on social media. He would also attend the seminars and speak how great the project is and how he personally knows the investors. Khan’s face is on multiple YouTube videos where he invites investors to come to a Cashcoin event. A translated excerpt from the video says:
 “I will be in Surat on January 5, 2017, for promoting Cashcoin. As we all know that the future belongs to the cashless trend, we also know how much important role cryptocurrencies would play. So, we’ll meet at the event to know more about Cashcoin.”
The police believe Khan received a lot of money for promoting the scam. If the police prove they are right, Khan could face compensation for the investors’ losses and could potentially go to prison for charges of fraud, criminal conspiracy and breach of trust. Shahbaz Khan’s involvement in crypto scams is not the first in the Bollywood world. Before him, there were actors such as Shilpa Shetty and Zarine Khan who promoted other scam crypto projects. In cases such as this one, the police commissioner said:
 “These people have been brand ambassadors for this company, endorsing their products and going for their meetings. We came to know they have received huge remuneration and traveled abroad with the company representatives. This is a serious offense.’’
Other Bollywood actors who got involved in a crypto scam include Vivek Oberoi who is set to play the key role in Prime Minister Narendra Modi’s biopic, also was involved into taking bribes for promoting political parties in India by accepting cryptocurrency as payments.
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Blockchain News

Not So Popular: Justin Sun Apparently Has Fake Twitter Followers

In the time where crypto exchange data is being manipulated and changed, the founder of TRON Justin Sun said that he is the first one in the crypto space to have 1 million followers on Twitter but evidence shows otherwise. Let’s read more about it in the latest blockchain news on DC Forecasts. The Twitter profile of Sun really shows he has 1.01 million followers which exceed those of Vitalik Buterin having 842,000 followers. However, a thread on Twitter appeared that claims many of Sun’s followers are ‘’suspicious.’’ Sun aimed to become the first at ‘’anything’’ because he is in the most competitive market in the world and after he became the first in the crypto world having 1 million followers, he made a free cash giveaway for retweeting the announcement. However, Twitter bot researcher Geoff Golberg pointed out that about 20,000 of Sun’s 50,000 new Twitter followers are added in March alone just when the Tesla giveaway campaign started. Many of the new followers have no followers themselves to speak of the campaign. When you become a social media influencer, fake followers are always there for you. For example, Golberg’s account was attacked by bots in 2016 when his account gained hundreds of followers at a very fast rate so he wrote to the Twitter team which apparently did nothing about it so Golberg used the TwitterAudit tool that reveals how many of your followers are real. When Golberg did his research on Justin Sun, he also found out that the founder of TRON had a marketing strategy with the fake accounts. One of the users posted:
 “Those followers are as authentic as Jussie Smollet’s beatdown story.”
Another commenter believed that getting the police and the Federal Bureau of Investigation involved is the right thing to do in order to bring truth to the crypto community. Justin Sun is believed to be a master at marketing and this is one of the reasons the crypto community can be happy about since his strategies seem to work on investors, dapp users and crypto exchange owners. It’s not a foul play but it sure is very close to the line that you should not cross.
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Blockchain News

Singapore-Based Blockchain Accelerator Partners With BMW & Intel

One government-backed blockchain accelerator from Singapore named Tribe is in today's crypto news - mainly for gaining two new and big strategic partners in its line up. We are talking about the car manufacturer BMW and the tech giant Intel, which are its new partners as of recently. The news went viral after the local English language tech news outlet Tech In Asia reported about the partnership (March 22) - describing Tribe as a "product-centric program for blockchain startups that aims to connect its participants with corporate partners." The partnership is also supported by Enterprise Singapore which is a government agency responsible for developing the startup ecosystem within the country - as well as the accounting giant PricewaterhouseCoopers' Singapore Digital Hub and the South Korean blockchain network Icon Foundation. Both BMW and Intel are expected to provide expertise to the startups that are selected for support. While the car manufacturer will obviously focus on the mobility industry, Intel will share knowledge gained through its activities in the world of blockchain and crypto mining sectors. Another partner is the data management giant Nielsen which has joined to provide a form of a sandbox focusing on regulatory compliance risks as well as other necessary considerations when setting up a project of this caliber - a blockchain product for market. Nielsen is setting up a sandbox that will allow Tribe participants to “gain firsthand appreciation of inherent business risks, understand regulatory environments in which their prospective clients operate, and fine-tune their business models,” the accelerator said in an official statement. What's interesting is the fact that this move comes in the midst of blockchain-related phenomenon in Singapore's regulatory environment - where the lawmakers and regulators appear to be accommodating to the technology. In the long run, Singapore plans to integrate the blockchain shipping initiative TradeTrust  which has recently piloted - as well as the central bank's (very own) Project Ubin payments project which is set to deliver its first results in 2020. Previously, Singapore's Tribe Accelerator has partnered with ConsenSys by signing a Memorandum of Understanding (MOU) with a goal to undertake different initiatives and activities to further the blockchain ecosystem in Singapore.
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Blockchain News

Binance Announces Major Changes To Launchpad Token Sale Format

One of the largest cryptocurrency exchanges on the crypto market-Binance, officially announced there will be major changes to the Launchpad token sale format into a new lottery format according to the blog post published today, March 24 which we are reading more about in the crypto news below. According to the announcement, the company will start a new lottery format for every new project on the Binance Launchpad. Initially, the platform worked according to the method first come-first served which wasn’t adequate for many users who joined the high-demand and were left without tokens. The blog post also shows that the lottery ticket system, in which users and participants can join, will be able to claim up to five tickets if the users hold the Binance Coin (BNB) tokens more than 18 days prior to the lottery with 1 ticket per 100 BNB. The exchange platform will then be able to announce all of the winning tickets and how big the amount of funds is and which owner of the ticket will receive the funds. Also, users will be able to choose the number of tickets they wish to use as participants in the lottery in a period of 24 hours before the winners are chosen. While the exchange giant claims that the new system may cause some issues in BNB trading before the snapshot but also after the snapshot time, the reports show that the side effects will be brought to a bare minimum:
 “Other market participants may view this as an opportunity, and countertrade to even out the fluctuations.”
The Binance Launchpad is the company’s token launch platform, as the name says, and in most recent times it has concluded a $4 million sale of the Celer Network (CELR) token seven days ago. The platform also conducted the Fetch.AI (FET) token sale and was able to raise about $6 million in just 20 seconds back in February. As previously reported, multiple changes were done to the Binance Application Programming Interface that shows how the company is working hard on implementing margin trading. A week ago, LBank and Bit-Z both of which are exchanges, overtook Binance on the adjusted trade volume according to the rankings on CoinMarketCap but the newly found reports show that most of their volume is fake.
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