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Blockchain News

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

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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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First Legally Registered DAO Created By Blockchain Devs dOrg

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First legally registered DAO was created by the developer group dOrg which says for itself that is a ‘’blockchain development shop.’’ The group registered the first legally established Decentralized Autonomous Organization under U.S law and we read more about it in the latest cryptocurrency news today. The idea behind the first legally registered DAO was to set a standard for other DAOs in the future. The cooperative set up a Vermont-based company named dOrg LLC. This project marks an interesting milestone since DAOs can be opened without permission and beyond borders by anyone that has the needed know-how. Now, dOrg’s goal is to find a way for the future in which the DAOs can become official legal entities which also suggests that these bodies may be plugging right in the mainstream business circle. In order to actualize the initiative, the developers’ group members consulted with Oliver Goodenough who is a special counsel to one of the top law firms in Vermont-Gravel and Shea. Goodenough who also works as a Law School professor in Vermont has noted that the dOrg DAO seems to be the first of its kind:
 “dOrg asked us to help design a DAO legal wrapper after discovering the potential of BBLLCs. We believe that dOrg is now the first legal entity that directly references blockchain code as its source of governance. Its material operations and ownership interests are managed entirely on-chain.”
The dOrg group also noted that the BBLLC registration process should become much easier:
 “We want to make what we just did accessible to anyone in the world. Ultimately, the process of configuring and deploying a legally registered DAO will be as easy as creating a social media account.”
The ConsenSys-backed ‘’smart legal contracts’’ as previously explained in the coming altcoin news, project OpenLaw proposed a new Ethereum dapp called Incomshare.me which helps students to tokenize income share contracts and to take participation in secondary markets with them. The contracts help the students commit negotiated portions of future salaries. The Incomeshare.me platform uses the ethereum blockchain to host these contracts. OpenLaw community member Josh Ma noted
 “As this alternative model for funding higher-education becomes more popular, enabling a secondary market would accelerate its adoption by providing liquidity and opportunities to mitigate risk, both attractive qualities for investors.”
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Bitcoin Futures Trading Testing By Bakkt Officially Starts In July

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Bitcoin futures trading testing by the institutional trading platform Bakkt will start in July according to the latest announcements. We find out more in the latest cryptocurrency news below. In a blog post, Adam White, the COO of Bakkt and the original employee of the major crypto exchange Coinbase, says that the Bitcoin futures trading testing will start on July 22. He noted:
 “On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.’’
The announcement was expected for a long time now. Bakkt which has named itself as the game-changing crypto ecosystem for all of the institutional investors faced multiple delays in the past. They announced the first testing in August 2018. The biggest issue for Bakkt’s team was the regulatory uncertainty and it still remains the most important problem to solve. Bitcoin futures trading will represent the first of many offerings but it still unknown when a total rollout of the service will be delivered. Setting the date on the pilot phase is coming in a good period but the coming week the rival provider CME Group announced a new record volume for its product. As previously reported in the coming altcoin news, the CME futures passed more than $500 million in implied USD value. Also, a few days ago the new crypto index Cryptoindex was launched which allows traders using TradingView, Bloomberg and Reuters to access information on Bitcoin and other major digital currencies and tokens. At the same time, CBOE which is the first bitcoin futures provider in the world will stop all operations later this month. The executives blamed the poor market performance and announced their decision just weeks before the BTC markets went into bull run mode reaching $9,000. White noted:
 “Bakkt may be a form of moonshot, but it’s grounded in an earthbound endeavor to support the future of finance and the adoption of blockchain technology.’’
Bakkt’s effort to help institutional investors and institutions, in general, to launch safely on the market is a very important element for the future. There are currently many new regulations and recommendations coming from the Financial Action Task Force (FATF) which will put stringent new requirements on all the crypto-related businesses.
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Square Crypto Announces Its First Hire Of Ex-Google Director

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Square Crypto that was hyped on social media turns out to be the real deal after they hired the Ex-director of Google and Silicon Valley angel investor Steve Lee. In the coming altcoin news today we read more on the new hire. Less than a month has passed since Square Crypto announced their new hire and they finally announced it recently on Twitter. The fun began when the Twitter profile teased its followers by claiming to have hired someone named ‘’Gary’’ who simply loves blockchain but the team quickly followed up on the joke with the Truth. Steve Lee who goes under the nickname ‘’Moneyball’’, describes himself as the ‘’PM working to improve Bitcoin’’ who also stated to be very happy to work with Dorsey’s company. Jack Dorsey also posted on Twitter an image of the ‘’historical bitcoin transactions’’ which spiked up the crypto community on Twitter. While the entire division at the company is now working only for Square Crypto, Dorsey seems to be very fond of the community. In the meantime, Bitwise CEO Hunter Horsley congratulated on the new hire:
“@moneyball is amazing. Can’t think of anyone better for this role. Congratulations @sqcrypto and @moneyball!!!”
Square Crypto is going on with the strategy to the vest since coming to the social media platforms in March. Since then, they have shown us multiple times that they are working on something that will be groundbreaking even for crypto. While they have the name ‘’crypto’’ in the company’s name, they are mainly focused on Bitcoin which make sense since Dorsey is expecting for the number one cryptocurrency to become the ‘’native currency’’ of the World Wide Web. The company stated:
 “We are close to making our first hire. So let’s set some expectations. True to @jack’s founding tweets, we are building open source projects that will make mass adoption not just possible but inevitable. Our goal isn’t to make money, but to improve it.”
As it was explained previously in the latest cryptocurrency news, Dorsey’s team knows how to hype the community on Twitter after they even brought Tesla’s CEO Elon Musk into the heart of the conversations sometimes. Twitter, on the other hand, is at the totally opposite way of the crypto spectrum without indicating that they will ever integrate crypto.
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Spring Labs Blockchain Startup Raises $23M, Backed By General Motors

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The United States based blockchain startup Spring Labs is in the coming altcoin news for raising $23 million in its Seed A funding round, as a press release shared on June 12 notes. The startup will apparently use the funds to improve its blockchain based platform named Spring Protocol, developing three new fraud protection products designed to combat fraud in the auto financing industry. As the press release notes, the new products which Spring Labs has announced are Spring Verify, Spring Defense and Spring Protect, all of which designed for identity verification, fraud mointoring/mitigation as well as loan stacking prevention, respectively. The products launched by Spring Labs are to provide information to lenders in an anonymous way - in order to showcase the financing activities such as unsecured consumer lending, small business lending, credit card issuance as well as secured auto lending. As the report shared in the latest cryptocurrency news also notes, auto financing fraud is on the rise and has quintupled from 2011 to 2018, becoming a relatively easier way to commit fraud as the other credit options become more secure than the auto lending options. A lot of best cryptocurrency news sites have cited the report, estimating that the industry losses range between $4 billion and $6 billion each year - mostly because of the auto credit that is established with fake ID credentials. Spring Labs reports this in a way like a clone firm scam, saying that the scammers will typically mix in some real information along with the fake one - all in order to establish the falsified credit accounts. What's also notable is that among the investors in the Seed A funding round for Spring Labs were Galaxy Digital, the crypto investment bank founded by Mike Novogratz - as well as the automotive giant General Motors (GM). The latter (GM) recently announced that it was joining the Spring Founding Industry Partners (SPIF) Program in February. The Chief Strategy Officer at GM, Mike Kanarios, has expressed his enthusiasm in joining the project with Spring Labs, stating:
“As the captive finance arm for General Motors and one of the world’s largest auto finance providers, we are continually innovating and evolving our fraud prevention and detection capabilities to better serve and protect our customers and dealers.”
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