Popular crypto mining company Bitmain is in the crypto news today for facing a $5 million lawsuit for allegedly mining cryptocurrencies for its own benefit on the devices of its customers.
The filings were published under the North District Court of California on November 19.
The lead plaintiff Gor Gevorkyan has directed his lawsuit against Bitmain’s China and U.S entities. Gevorkyan alleged that the company is trying to benefit and it is doing that successfully without authorization:
“Until the complicated and time-consuming initialization procedures are completed, Bitmain’s ASIC [Application-Specific Integrated Circuit] devices are preconfigured to use its customers’ electricity to generate cryptocurrency for the benefit of Bitmain rather than its customers.”
In this case, the filing clearly states that he purchased Bitmain devices in January 2018 and the product was ‘’difficult to configure’’. Before he could finally understand how the product works and right after he initialized his devices, they started operating at a cost-intensive mode at his expense.
The ASIC devices were mining cryptocurrencies from the very moment Gevorkyan turned on the device and the device would start transferring cryptocurrency to the Defendant’s address. This is why, in the lawsuit, Bitmain is accused of engaging in ‘’an unfair business practice’’.
Gevorkyan is seeking damages for $5 million on behalf of all the miners that are in a similar situation with Bitmain.
This is a very interesting time for Bitmain since they are aiming to raise more than $10 billion in their IPO but have a series of difficulties. Also, the hardware manufacturer could potentially face losses after investing a huge amount of its funds in Bitcoin Cash before its hard fork.
Telecom Giant AT&T Interested In A Blockchain-Based Social Media ‘Mapping’ System
“The social media history map platforms described herein may take advantage of the immutable and permanent nature of blockchain records to store, and provide access to, data representing online transactions that occur on multiple social media applications.”According to the filing, content creators would keep the ownership of their data on the "mapping" platform:
“However, instead of passing ownership of blocks or data between users, a social media account owner maintains primary ownership of his or her online transaction data. What passes from the social media account owner to other users of the social media history map service, such as followers of the social media account owner, is a notion of elevated visibility rights.”This is just one more patent application in the series that were submitted by companies such as Xerox, American Express, IBM and others - and a new milestone for AT&T overlooking its expansion in the field of blockchain.
Binance Labs Introduces Us To The ‘First Batch’ Of (Final) Blockchain Projects
TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week
“This week, the 24-hour transaction number for Dapps reached 1.04M, a 48% increase compared with last week; the 24-hour trading volume hit 640M TRX, an 151% increase compared with last week. We have seen significant increases in both indexes […]”One of the most interesting projects built on Tron is Seedit which is a decentralized platform that lets users contribute funds to the content creators that they most appreciate. Project Atlas is also a well-known project which incentivizes people to seed content on the BitTorrent protocol, which was acquired by Tron back in July this year.
LinkedIn’s Largest Growing Job Sector Is Blockchain Development
“It’s no surprise that we’re seeing an explosion of machine learning roles and continuing growth of data science roles. In fact, we started to see glimmers of this in last year’s report; however, both fields are starting to see more specialized roles emerge. It also may not shock you that Blockchain Developer is topping the list following this year’s surge in interest around blockchain and cryptocurrency.”The great news for all of the people interested in a career in this sector is that there are plenty of universities now that adopt blockchain-related courses which help to boost the blockchain expertise in the following years.
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