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Paxos Precious Metal Digital Token Will Be “Definitely” Launched This Year

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Paxos, the popular blockchain trust company, will issue a digital token backed by precious metals ‘’definitely this year’’ according to Paxos CEO Chad Cascarilla in an interview which we are reading today in our crypto news today.

During the interview, Cascarilla explained how Paxos is working on a gold-backed coin and he continued to explained that ‘’it is something we will see definitely this year.’’ He added:

‘’ We are excited about the concept of being able to take a commodity and I think precious metal are really obvious ones, and gold is probably the most obvious and being able to tokenize it.’’

In order to be able to implement the new concept, Paxos has to make sure that it has in his hands the right amount of inventory in the real world which is equal to one registered on blockchain. Cascarilla explained:

 “In order to put something in a blockchain, you have to make sure you have the right amount of inventory in the real world versus what is in the blockchain. How you do with a gold token is how much gold do you have in a vault equals how many gold tokens outstanding.”

He also continued to explain about the company’s status as a financial institution which allows the company to utilize the banking system in order to make possible that they are holding backing assets in the real world that are equal to the number of assets on a blockchain. While Paxos is planning to launch its metal-backed digital token this year, Cascarilla made clear that the company has not set the exact date yet.

While talking about the Paxos Standard (PAX) which is the company’s ETH-based stablecoin backed 1:1 by the United States Dollar, Cascarilla stated that it is different from other stablecoins because it is fully audited and regulated after it got approved by the New York State Department of Financial Services (NYDFS) and it is also liquid.

Paxos was initially founded in 2012 as a bitcoin exchange named itBit but it later changed to a blockchain-focused firm. Now, Paxos holds a trust company charter in New York which means it has the same privileges as a bank.

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Blockchain News

Binance Launched Completes Another Successful Token Sale Of Celer Network

The token sale platform of one of the largest crypto exchanges on the market, the Binance Launchpad has completed another successful token sale of the Celer Network. In our blockchain news below we will read exactly what happened during the token sale. In an official press release, the crypto exchange announced the fundraising results for the Celer Network. The sale was completed in less than 17 minutes and ended up with increasing the hard cap of the project of $4 million worth of the CELR tokens. This token sale is the third successful one on the Binance Launchpad Platform since 2019 has started which also managed to raise millions of dollars in record time. The first time this happened was with the BitTorrent token sale which sold out in 15 minutes while the second was the one of Fetch.AI also sold out in minutes. The CELR tokens were sold for 0.000434 BNB so now the market is focused at the price movements after the listing on Binance. Anyway, this event shows how big the power of Binance is and how great the authority of the platform is because of its ability to back managers and restore the users’ trust in events that are meant to raise enough funds. However, it seems like the community is not satisfied. The larger part of the community bombed the Binance Twitter homepage with disapproving messages and angry, disappointing comments. Binance was not able to cope with the large demand so users faced major technical issues just as the token sale started. Before the start of the event, Binance told its users to refresh the token sale page on the Binance Launchpad when the timer hits zero. Twitter users and other social media users complained they got logged off from their accounts. Also, many were unable to log in multiple times and had a hard time entering the platform. Others complained about the incorrect balance dashboard and the inconsistencies with funds as they were placing their buy orders. After the users managed to place their orders, their orders were ignored for some time. Changpeng Zhao, the CEO of Binance explained that the platform had ‘’capacity/caching issues’’ despite the newest upgrade. He also made clear that about 40,000 people tried to buy the CELR tokens but only 31,129 managed to do so.
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Blockchain News

Craig Wright Filed 114 Blockchain-Related Patents Since 2017: TNX Report

A new report published by The Next Web (TNW) is in the digital currency news, showing that Craig Wright, who is an Australian computer scientist and a lot of times connected to the alias of the Bitcoin creator 'Satoshi Nakamoto' - has reportedly applied for more than a hundred blockchain related patents since 2017. According to TNW's report, since August 2017, the World Intellectual Property Organization (WIPO) has published 155 patent applications filed by Craig Wright. According to the US Patent and Trademark Office, the WIPO publishes patent applications in order to notify the public that there is a potential new technology in some industries and/or spaces. Wright will not only gain the control over the patents' concerns if they are formally awarded by the WIPO - The Next Web (TNW) has also reported that WIPO awards a patent if it deems it sufficiently innovative. The term "blockchain" was used in patent titles 114 times, while "cryptocurrency" was only mentioned six times. Similarly, "Bitcoin" was never mentioned. There were some references to smart contracts and digital assets too. Some people even argued that Wright is "a patent troll" who is attempting to amass the blockchain-related patents and not actually use them but extract rents from companies that want to apply the technology. According to Marc Kaufman who is an attorney co-chairing the Blockchain Intellectual Property Council at the U.S. Chamber of Digital Commerce - and his comments shared to Fortune:
“His tactics and activities have all the marks of being a patent assertion entity or what’s pejoratively known as a troll. I’m not aware of his companies having any products.”
In 2018, Wright was sued for $4 billion when the estate of David Kleiman who was a cyber-security expert (dubbed among the Bitcoin and blockchain tech developers) claimed that Wright stole billions of dollars worth of Bitcoin (BTC). According to the suing process that Kleiman initiated, Wright recognized that the family was unaware of Kleiman's wealth and therefore “forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him. Craig backdated these contracts and forged Dave’s signature on them.”  
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Blockchain News

Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI

The popular crypto hardware wallet Ledger Nano S by the French company Ledger, has received its first level security certificate (CPSN) from the French national cybersecurity agency (ANSSI) and the company shared its announcement today which we are reading more about in the latest cryptocurrency news. The National Cybersecurity Agency of France (ANSSI) issued reports to the Secretariat-General for National Defense and Security in order to be able to assist the Prime Minister of France in all of the matters related with the national security. All of the products who aim to receive the first level certificate by going under multiple evaluations by the ANSSI lab by testing various attack scenarios that test the product’s security. Evaluations start from ‘’firewall identification, authentication and access, secure communications, and embedded software.’’ Ledger was among the first wallets that claimed its position on the crypto market by making clear how important is to have an independent third party certification that will attest the level of security of its offering and also explains that the CPSN means for Ledger Nano S a new beginning of an overall effort for further certifications of their products. The blog post continues further to explain how Ledger operates in the same time with its own in-house security evaluation ‘’Attack Lab’’ which is named Ledger Donjon that provides a test for the products’ resilience for different threat scenarios. The company also developed a brand new operating system dubbed BOLOS (Blockchain Open Ledger Operating System) in order to provide hardware and software strategies that enhance security. The CPSN certificate covers the core embedded security tools and operations including the random number generator which is created by using special software but in the same time being compliant with the security guidelines that are already established by the Security General Referential of France. As previously reported by DC Forecasts, researches tried to hack the Ledger Nano S and allegedly claimed to have done it successfully by also attacking Ledger’s expensive wallet The Ledger Blue, but the company argued that the vulnerabilities were not critical. At the start of February, Ledger apologized for the issues with the new firmware update for Nano S which led to the massive decrease in the storage capacity of the device.
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Blockchain News

The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March

Cryptopia, the exchange based in New Zealand that recently got hacked, posted an official update on March 17th, expressing its plans to resume trading on the platform and that this will be done by the end of the month. In that case, let’s find out more about their decision in today’s digital currency news. In their post, you can read that the co-founder of the exchange Rob Hex Dawson is strongly dedicated to reopen the exchange and to make trading available for the users. He provided the users of Cryptopia with all of the needed data about the ongoing reboot process as well as many recommendations on how to interact and operate with their accounts. Cryptopia initially re-launched their website on March 5th after the platform provided the public with their balances data since the hack that happened on January 14, 2019, until today. The exchange gave a lengthy explanation that the updated website can be used to reset the passwords and the two-factor authentication credentials. In the announcement, Cryptopia also provided many details on how the entire process will happen for all of those customers who lost their funds after the $16 million hacks by also adding that the exchange is working hard to make sure that the process is compliant with the laws. Hex explained that the users who lost their funds will see a section in their account with the sign ‘’Withdraws on your account for those coins’’ and explained that the transactions IDs for all the withdraw orders won’t exist on the network. For every withdraw order made, the users will see a subsequent deposit of the Cryptopia Loss Marker named TXID- or short for lost coins which will also not be represented on the network. Hex said that the CLM is not a coin but represents the amount of each coin for each user in New Zealand dollars. Per the reports you can also read that the founder of the exchange also said that the users will be able to cancel their orders via the website will the API is disabled. The exchange warned the users strongly, to refrain from depositing funds into the old addresses. After the huge Cryptopia hack, the exchange stated that they will not start trading until they are 100% sure that they can secure the users’ balances.
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