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Bitmain Changes Mining Sales Strategy After Co-Founder Wu Returns

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Bitmain changes its mining sales strategy to stop the decline in market shares after the return of the co-founder of the company Jihan Wu. In our cryptocurrency news today, we find out more about the strategy.

During a customer event hosted by Bitmain in Chengdu, China, Wu showed up on stage for the first time as the one and only chairman and CEO of the company after a month of regaining control. Addressing the clients and partners, he explained how Bitmain changes its tactics just to restore the market dominance of the company. Essentially, he proposed to sway the miners and them to stick to Bitmain’s products by having the company risk it all regarding cash flow, price volatility and electricity costs.

By doing this, Bitmain is betting that the price of Bitcoin will jump next year during the scheduled halving of the mining rewards which will reduce the new supply created with each block of transaction. Whether the next halving will spark a slight rally as the first two did, is still a subject of debate. While the event was only meant for customers, the company’s presentations show that Bitmain has even rolled out three main tactics to appeal to mining investors. To start with, it seems like Bitmain has replaced the previous sales strategy wherein customers had to pay the full amount in advance for mining equipment because of future shipments with a tired down payment structure.

Another tactic that Bitmain plans to roll out is to target those who own mining farms with power resources but still don’t have enough equipment to use the full capacity. The company said it will offer a co-mining agreement that runs for a year for mining farm operators to rent the flagship AntMiner S17. Bitmain will also cover the electricity costs at 0.35 yuan per kilowatt-hour while the mining farm operators remain responsible for maintenance.

In return, Bitmain will retain up to 75 percent of the mining profits and all of the farm operators will take the remaining 25 percent. If the mining revenue is less than the electricity cost, all of the miner coins would go to Bitmain. Through this plan, Bitmain could increase the capacity in mining for itself which is an investment that has decreased over the past two years as the company focused on selling the equipment.

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Cyber Criminal Activity Dominated By Crypto Mining Malware

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Cyber Criminal Activity
As the other industries are vulnerable to cyber criminal activity in 2020, just like that the cryptocurrency industry is vulnerable too, according to a Check Point Research’s cybersecurity report that we have in our crypto news today.In 2019, there was no organization, regardless of its size, that was exempted from cyberattacks. Cyber criminal activity is profitable because it is attractive to people without any morals. Researchers estimated that for 2018, cybercrime attacks made US$1.5 trillion. Bitcoin is strong because of the randomness of the data exchanges within the Bitcoin blockchain, and the utilization of sturdy encryption. In consequence, the blockchain and the data cannot be copied or infiltrated through malware or certain other malicious technology. However, transactions that are made around the blockchain are vulnerable to cyberattacks.For instance, the Cyber Security Report for 2020, underlines the threat to cloud infrastructures related to crypto-mining attacks.  While the value of cryptos, has fallen in value in 2019, cloud infrastructures are a huge target for crypto mining malevolent campaigns. The definition of crypto mining is software programs and malware components that are programmed to take over the resources of a given computer and utilize them for crypto mining without the permission of the host.Ransomware poses another threat that developed in a more sophisticated and becoming more targeted in the previous year. In the first part of 2019, in comparison to 2018, there was a 50% growth in attacks by mobile banking malware. According to the report: “27% of all organizations globally were impacted by cyberattacks that involved mobile devices.”The report gives the description of the malware that concretely exploits Bitcoin over any other crypto. For instance, Command and Control address update mechanism through public Bitcoin lists is included in Glupteba. So Glupteba is utilized to distribute a browser stealer or router exploiter. Also, Cryptoloot is utilized to do online mining of Monero coins when the intruder visits a web page lacking the authorization of the user. Furthermore, Danabo, a banking Trojan that has the target of Windows platform, that are also utilized to steal browser passwords and wallets. The report gives advice:
 “To prevent zero-day attacks, organizations first need incisive, real-time threat intelligence that provides up-to-minute information on the newest attack vectors and hacking techniques. Threat intelligence must cover all attack surfaces, including cloud, mobile, network, endpoint, and IoT, because these vectors are commonplace in an enterprise.”
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Rival Blockchain Attacks Are On The Verge On Increasing: Report

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It is no new news, that the rival blockchains, or to be more concrete, the teams that guide them, do not like each other. The community of Bitcoin mocks on Ethereum, while the community of EOS mocks on Tron, and so on, in a seemingly endless chain of barbs, enmity. Let’s find out more in the blockchain latest news today.However, does the verbal hostility between the cryptocurrency communities turns sometimes in something more hostile and destructive? Probably, if the attacks of the past like Verge and IOTA were the work of rival developers, instead of random hackers. According to some critics within the cryptocurrency community, we can be witnesses, to bigger attacks between the rival communities in one way or another, in the near future. In an already hostile atmosphere, this is probably to make the affairs between cryptocurrencies even worse and can lead to threatening the future of some cryptos.But developers related to rival blockchains are of the opinion that scenario like this is very unlikely. Yes, hackers who think they can profit from attacking a certain network could try to attack it, however, rivalry on itself has not incentivized enough developers to do the same. The first question, is, is there any evidence that one network has attacked another one or another way? In July of 2018, certain developers of Ethereum accused members of the EOS community of a Sybil attack, that in this case resulted in spam by airdrops of tokens that had no value to the Ethereum blockchain, which in consequence it inflated the price of the gas needed to process transactions.It is obvious, that no one associated with EOS took the responsibility, but the fact that around $2 million were spent to send the worthless tokens is an indication that the one behind the attack had quite bigger finance than the common user. Evidence of other rival attacks is scarce, while there are numerous breaches of a multitude of networks that happen over the past months and years. As for the future, there are some people within the cryptocurrency sector, think that rival cryptos will attack each other’s chains with intensifying intensity, in the next years.
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Sablier Payment Protocol Enables Streamed Salaries In Crypto

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Sablier, the payment protocol that allows users to send streamed salaries around the world in crypto, is leveraged by Ethereum and in our ETH news today, we find out more about this protocol.The users can now stream interest-bearing tokens such as CHAI and others can earn income in interest with the help of these tokens. This payment protocol announced the synthetic USD, wrapped BTC, wrapped ETH and CHAI as the cryptocurrencies that the users can choose to stream over the Dapp. Earning income in USD will allow for the seamless exchanges of the tokens for some other assets such as sXAU and also the users will get paid in a currency that can be easily invested into other digital assets.With the CHAI integration, the users are able to receive their income in an interest-earning asset. CHAI is basically a DAI that is wrapped in the Maker Protocol’s Dai Savings Rate and instead of locking the funds in DSR, one can choose to hold it in the CHAI and earn interest without having to lock up a huge portion of the funds. The token balance will stay constant to reflect the amount of the DAI deposited while the prices of the CHAI token increase reflecting the value that was accrued from the interest.  CHAI can be converted back to DAI with the help of the native interface or changed to ETH by using Uniswap. This possibility could gain even more traction if the token liquidity deepens on Decentralized exchanges such as Radar Relay and Kyber.Payment applications such as Sablier have already been here but very few can be used in a wide range of use cases. Most of these protocols focus on enabling one-time payments and a cost-effective problem-solving. Sablier is built by Paul Razvan Berg and will solve the problem that exists in the payment industry as a whole and not just the crypto payments. All of the companies that look to hire employees can now guarantee monetary security by streaming salaries via a crypto platform over a certain period of time. Instead of a one-time payment of about 1,000 DAI at the end of the month, employees can earn 1.38 DAI per hour. Freelancers that also work on a project-to-project basis will have bigger confidence that they will get paid in time.
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Blockchain Dispute Resolution Firm Listed On London’s Stock Exchange

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The Main Market of the London Stock Exchange now lists a new blockchain dispute resolution firm which uses smart contracts to manage arbitration and dispute resolutions around transactions. As officially announced on January 17, the firm intends to list on the LSE.Proof of Trust Ltd. is the name of the business and even though it did not give any financial details or timetable for the listing, the CEO Dean Armstrong said that the company was excited at the prospect of the listing and “look[s] forward to providing investors with the opportunity to share in this groundbreaking project."Additionally, the blockchain dispute resolution firm describes its proprietary technology in the crypto news as one that stands to be the first-ever "insurance protocol for blockchain transactions and smart contracts." As it stated:
"The Proof of Trust owns the worldwide patents to a protocol which facilitates clear dispute resolution based upon smart contract disputes which are highly efficient both in terms of speed and use of resources."
The system also delivers an anti-collusion algorithm which ensures the authenticity of the data used to execute smart contracts. Proof of Trust claims that the protocol has come to the attention of major governments and corporations globally and has been presented to a number of prime ministers.Now, the blockchain dispute resolution firm is probably going to gain more respect after it decided to seek a listing on the LSE and similar exchanges. The truth is, the crypto industry has long suffered from a poor reputation in the traditional financial circles and the lack of regulation during the ICO boom did nothing to alleviate this.The blockchain news now show that more and more crypto firms are choosing to go down the more traditional route and have an initial public offering (IPO) of shares on a major stock exchange. The first firm which did that on the LSE has been doing pretty well - Argo Mining has added 1,000 new mining machines and had seen its share price almost triple since May 2019, reaching £9.50 ($11.85) per share. Even though the price dropped back, it is still strong standing at £7.15 ($9.32) per share.The market news show that there might be a bullish run soon and that BTC could finally reach the $10,000 mark.
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