Ethereum ETHBerlin Hackathon focused on decentralized finance

Willmen Blanco
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Ethereum ETHBerlin Hackathon focused on decentralized finance

A total of 88 projects were presented in this edition of the Ethereum monthly hackathon. The number of ETHBerlin developers increased more than 200% compared to last year.

Every month, Ethereum developers form all over the world meet to build a project from scratch. The second edition of ETHBerlin, an Ethereum hackathon in which experiences, workshops and talks were shared, was held from August 21st to 25th in Berlin, Germany. A total of € 60,000 in prize money was distributed among the participants.

This hackathon, whose first issue took place in Berlin last year, aims to act as an educational event, a cultural festival, and “a community initiative to boost the decentralized ecosystem,” as written on its website. The event featured 88 project presentations, 730 developers and 36 jurors.

After the ETHDenver, held in February in the United States, this is the largest number of projects presented in an Ethereum hackathon so far this year. About a quarter of the projects were related to finance. Another category that found many solutions was that of Decentralized Autonomous Organizations (DAO).

Among the winners is LSDai, a project that creates a future according to the Dai loan rate based on the Compound Finance model, so lenders can protect themselves from declining interests. Besides, those who want to bet on the fluctuation of the interest rate can also benefit.

Cherry Swap is one of the autonomous open source platforms for interest rate swaps that obtained the first places. The project, inspired by prediction markets, was created using the Compound Finance protocol. It combines swaps of interest rates with predictions based on the crowd, through positions grouped according to market interest rates.

RateLock also creates fixed-rate loans with Compound Finance, but it uses an interest rate swap order book system within the blockchain. Loans are supported by multiple counterparties and, when users agree, lenders receive their share of the guarantee through an ERC20 token. When the loan is repaid, lenders obtain a fixed-rate fee from the borrowers’ collateralized debt, while the rest of the shareholders involved in the loan are paid on the basis of the amount owed at the closing of the loan.

Hotspot me!, in contrast, was not focused on loans with cryptocurrencies, but on the lack of Wi-Fi access at ETHBerlin. With this application, users can access the Internet through nearby anonymous access points (AAP), in exchange for micropayments.

Likewise, a project combining Chainlink with the predictive betting market Augur was awarded. Developers Peter Mitchell and Jasperdg de Gooijer considered that Chainlink oracles were not safe enough, so they could be affected by third parties’ manipulation of the API. Consequently, they built a layer of dispute over Chainlink, which uses Augur’s resolution mechanics, to obtain faster resolutions and a much stronger reserve oracle.

A total of 61 speakers were invited to this month’s event. Among them were Bitcoin developer Udi Wertheimer, Trust Wallet founder Viktor Radchenko, Ethereum developer Afri Schoedon, Althea’s Co-Founder Deborah Simpier, and MakerDAO member Mariano Conti, among others.

The first issue of the Ethereum ETHBerlin hackathon was held from September 7th to 9th, 2018, with a total of 196 participants. On that occasion, participants competed for non-monetary prizes. However, the initial receptivity allowed creating the Decentralization Department, the body responsible for coordinating the series of activities that were part of this year’s event, as well as supporting the projects included in the hackathon and obtaining funds to the awards. Ethereum’s next hackathon, the ETHBoston, will be held from September 6th to 8th.

By Willmen Blanco

In Search of Development Opportunities in a Blockchain Meeting in Colombia

Willmen Blanco
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In Search of Development Opportunities in a Blockchain Meeting in Colombia

The event is organized by the Ministry of Information and Communication Technologies (MinTIC) of Colombia. Those people that are interested in participating in the event can register for free.

The government of Colombia will hold in September 2019 an event focused on blockchain and digital content. The meeting, called Colombia 4.0, will include a set of conferences, workshops and activities related to the use of new technologies.

Colombia 4.0 will be held from September 25th, 26th and 27th in the city of Bogotá, said the organizers of the event. The Ministry of Information and Communication Technologies of Colombia (MinTIC) is the promoter of this set of activities. In the same way, the Mayor’s Office of Bogotá, together with Héroes Fest and INNpulsa Colombia are part of this initiative.

In a tweet posted on August 27th, 2019, the organizers of Colombia 4.0 informed that Corferias Bogotá will be the venue for the meeting. They also said that this space will gather both national and international experts in digital creative content and industries 4.0. At the end of the tweet, they invited people to register for free at/on http://www.col40.co.

It should be noted that this is the fifth edition of Colombia 4.0, after it was launched in 2015. The same as in previous deliveries, the government of Colombia shows its interest in blockchain, by incorporating this technology back into the agenda. The website of the event indicates that both speakers and participants will be responsible for identifying possible “advantages, limitations and opportunities” offered by blockchain in Colombia, which is its main goal.

Those people that are interested can complete a form and register to participate in the event, highlighting their personal data and interest or research area. It is informed that tickets are totally free and can be booked online, entering Colombia 4.0 official website.

All about Digital Revolution

The conferences of Colombia 4.0 will not only focus on blockchain technologies and their possible use cases. The summit also aims at gathering international speakers to discuss digital content and technologies in general.

Animation, video games, electronic music, digital advertising and media are some of the most popular subjects that will be covered at the conferences. There will also be talks and workshops on the subjects of artificial intelligence, smart cities and financial technologies (Fintech). Children will also have the opportunity to learn about new technology in the event, through activities especially designed for them.

The national government assures that Colombia 4.0 is one of the largest orange economy meetings in the country. According to records from previous editions, in 2018 about 72,100 people participated in the event and a total of 140 speakers attended. Guests from the United States, France, Canada and Argentina, to name a few countries, have also participated in previous events. Similarly, some Colombian startups have managed to capitalize on international finance through this summit.

Blockchain developers can have a great experience if they attend this event. They will not only learn new things about this technology but they will also meet interesting people that can work with them. They will also have the opportunity of finding new applications that they have never imagined before.

By Willmen Blanco

More than 0.15% of all Bitcoin is in the Hands of BitMEX

Willmen Blanco
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More than 0.15% of all Bitcoin is in the Hands of BitMEX

Since the beginning of the year 2019, BitMEX has had a growth of 50% in terms of Bitcoin. The company says that this fund is a relatively small part of all its negotiations.

The BitMEX insurance fund has registered a massive increase in assets since the beginning of 2019. Now it has more than US $312 million in Bitcoin, which represents 0.15% of the total Bitcoin currently existing.

The cryptocurrency trading platform serves as a facilitator for derivative contracts between multiple parties. Using BitMEX, users can make leveraged transactions with a much larger amount of Bitcoin than the one that they initially deposited. However, this practice involves risks. For example, when two traders bet directly against each other, the winner may obtain an amount greater than the one that the loser initially offered as collateral.

Traditional asset leverage platforms such as the Chicago Mercantile Exchange (CME) have several levels of protection against such eventualities.  The first is the capacity to force “losers” to pay under the threat of a civil lawsuit, which leads to the possibility for governments to rescue these trading houses if they are on the verge of collapse. Obviously, smaller markets like that of cryptocurrencies, where all users expect to have direct access to the platforms, do not provide this level of protection.

In this is the kind of situations is where the BitMEX insurance fund comes into play. With available data dating back to the beginning of 2016, BitMEX states that this fund grows from settlements that could be executed in the market at a better price than the bankruptcy price of that particular position. The insurance fund also says that the fund is withdrawn when customers are unable to fully meet the demands of their transactions. However, it is especially interesting to see the growth rate of this fund.

BitMEX’s Fund of 31,300 BTC

Since the beginning of 2019, the BitMEX insurance fund has grown from 20,776 BTC in reserve to 31,295 BTC as of August 26th, 2019, an increase of more than 50%. In addition to its rapid growth, the insurance fund is attracting the attention of cryptocurrency communities because their holdings represent an important part of all Bitcoin in the world.

BitMEX states that its theoretical annual trading volume is around US $1 billion, which makes Bitcoin in this insurance fund a relatively small part. Despite this, the inherent volatility of the cryptocurrency ecosystem can quickly change the situation.

Barely last year, for example, OKEx was greatly affected by US $420 million as a direct result of the fluctuation of cryptocurrency prices in general. Even the winning traders encountered a loss, and the aggregate impacted both the futures trader community and OKEx.

Despite being “only part” of its negotiation, the growth in the annual trading volume in Bitcoin that BitMEX has had is an attractive target for cryptocurrency investors. A significant part of all the existing Bitcoin worldwide is in the hands of this platform. The capacity of the cryptocurrency par excellence to recover from all-time lows will continue making it a valuable asset.

By Willmen Blanco

AirSwap Launched a New Tool for OTC Trade

Josselyn Avila
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The exchange protocol, called AirSwap Trader, is available in the beta version. Both parties must connect to a wallet, configure the details and then share the link.

The decentralized platform AirSwap, a trade network driven by the Ethereum platform, launched a new tool called AirSwap Trader. With this exchange protocol, traders of over-the-counter (OTC) trades can agree on direct cryptocurrency exchanges, without intermediaries.

The startup focuses on this type of over-the-counter market to allow transactions to be conducted through smart contracts. According to a recent publication by AirSwap, these constitute a large part of global cryptocurrency transactions.

The AirSwap Trader exchange protocol, currently available in the beta version, is decentralized and has an “automated escrow,” which can be used to trade crypto assets on the Ethereum Network. Among the advantages of this system is the fact that the exchange of tokens is made from wallet to wallet, whilst the platform is responsible for the escrow. The tokens never leave the wallet until the exchange is verified, in accordance with the contract guidelines, which includes a transfer switch.

The platform works with 133 tokens, among which are Gemini Dollar (GUSD), Tether (USDT), KRWb Token, USDC Coin (USDC), True USD (TUSD), standard token Paxos (PAX), Metronome (MET) and DAI, among others.

Decentralized and Secure Trade

AirSwap ensures that peer-to-peer (P2P) trading is secure with its new tool, since transactions are explicitly recognized by the parties and allowed by users, through the use of their wallets. Both sidesPARTIES should use wallets based on browsers such as MetaMask, a website like Portis, or a cold wallet like Ledger, as noted.

It is clarified that the company does not work with listings or lodge orders. Besides, transactions are conducted without records, deposits, or fees. Once the price has been established, the parties go to AirSwap Trader to start the transaction, connect to a wallet, configure the details and share the link.

The startup states that users or traders will never send personal information, nor will they put their identity at risk on third-party servers, as each wallet is expected to retain control of its cryptocurrencies until the exchange is confirmed. They explain that the code itself is verified in Etherscan, where it can be seen exactly how the transaction is executed on the Ethereum Network.

In this way, based on what its “White Paper” raises, the firm intends to establish itself in a business that is run without intermediaries. It then ensures that the price and the amount traded in AirSwap Trader are established by the bidder and accepted or rejected by the buyer.

The platform also promises that, even without a defined counterpart prepared on the other side, a transaction can be created and the link can be shared publicly, with friendly previews on the social networks that show the transaction.

AirSwap is a decentralized platform that was launched in 2017. It executes P2P exchanges for Ethereum blockchain tokens.

This new type of trade with smart contracts has become another challenge for regulators and competent authorities. However, it cannot be denied that it is a reality that is growing steadily.

By Willmen Blanco

Pharmacies in Venezuela install Bitcoin cash points

Willmen Blanco
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Pharmacies in Venezuela install Bitcoin cash points

XPay is able to process payments with cryptocurrencies such as BTC, BCH, DAI and DASH. For the moment, the devices will be working in 3 branches in Caracas and afterward in the 22 existing ones.

The expansion of physical cash points for transactions with Bitcoin and other cryptocurrencies is consolidating as a tendency in Venezuela. The Panda Group team has informed again about the installation of one of its physical cash points, this time with the Venezuelan pharmaceutical network FarMarket, in Caracas.

Now, people in Caracas can also use cryptocurrencies like BTC, BCH, DAI and DASH to buy medicines and other products through these cash points. People in Mérida have the opportunity to spend their cryptocurrencies using this kind of equipment, as was reported regarding the installation of XPay.

The CTO of the Panda Group, Typson Sánchez, explained that this process of installation of Bitcoin cash points is part of an expansion strategy. The idea is to help with the adoption of Bitcoin and other crypto assets; thus, allowing for the existence of a growing number of options, which has led to the alliance with FarMarket.

Since the moment that Panda Group managed to integrate the devices with bolivars, they started to seek businesses and chains willing to accept cryptocurrencies as a means of payment, which they are still doing. In the particular case of FarMarket, it took them about a month to make the equipment start working.

It should be noted that this agreement will allow Venezuelans to make payments with Bitcoin and other cryptocurrencies.  This system will first be implemented in the branches at Centro Comercial Lido, Centro Comercial Ciudad Tamanaco and the stores in Santa Paula.

FarMarket is the first Venezuelan pharmaceutical chain that decided to venture into the world of crypto assets with the support of Panda Group. The exchange platform aims at allowing everybody to have this possibility, but only those who are brave will arrive first, said Sánchez.

The cash points for transactions with Bitcoin and other cryptocurrencies will be operational only in these three stores, during the first three months. After that, they will be available in all the 22 stores in the Big Caracas. The idea of installing physical cash points in Venezuela and other countries in Latin America is to help with the adoption. The CTO of the Panda Group explained that for the user it represents an easier transition from the cash points used in the traditional financial system.

Regarding the possibility of implementing a card for these cash points, similar to those used by Traki in alliance with Pundi X, Sanchez indicated that that is not the objective of the Panda Group, for the moment. He underscored that they are willing to incorporate more options for the user and they will always be open to doing that.

Currently, their software is compatible with all the non escrow wallets that are available in the market, which could be described as a positive aspect. Sánchez added that they are planning to offer their service for other cryptocurrencies like Ether (ETH) and Horizen (ZEN).

By Willmen Blanco

According to market researcher ABI, Global Blockchain Revenues Will Reach $10 Billion in 2023

Andres Chavez
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According to market researcher ABI, Global Blockchain Revenues Will Reach $10 Billion in 2023

Specialists and researchers in innovative technologies were serious when they forecasted a bright future for blockchain. They said that the technology would become mainstream, and for the most part, those predictions have been materialized in 2019.

A recent report published by tech market advisory company ABI Research concluded that the global revenues for blockchain technology are expected to hit $10 billion by 2023, which is an astonishingly high figure that shows just how much the industry has grown and how much room for improvement there is currently.

Venture Capital Funding: Proven Success

ABI states that investments in the blockchain industry will continue to increase, despite the reduced popularity of the once-hot initial coin offerings or ICOs. The primary explanation of the projected revenue numbers in the next four years is the venture capital (VC) funding blockchain infrastructure development.

According to ABI, venture capital is essentially replacing ICOs as a mean of funding blockchain projects. In 2018 alone, a total of 620 funding rounds totaled approximately $3.1 billion, an increment over the 153 rounds at $850 million in 2017.

Reasons to Look Beyond ICOs

According to the firm’s blockchain and Digital Security Research Director Michela Menting, “tighter regulation (including securities) and taxation (as foreign currency, income, financial asset, etc.) on cryptocurrencies in a number of countries are prompting investors to look beyond ICOs towards more stable VC-based investment for blockchain startups focusing on support infrastructure, retail, supply chain and enterprise applications.”

The blockchain technology is now a viable solution for real-life issues. Project administrators, government officials, banks, sport teams, startups, tech firms, shipping companies, universities, and other ventures are looking at blockchain because of its benefits, which include trust and transparency.

However, and despite the fact that they show amazing revenue numbers, blockchain apps outside the insurance and finance industries are currently struggling because of, according to reports, the absence of a middleware class of blockchain offerings and products that successfully link with applications from startups.

Do not Fear the Crypto Winter

Despite the aforementioned scenario, ABI thinks that those offerings will start to flourish from 2021 on, when platform agnostic components start gaining steam over the currently-implemented platform-locking services. The specialist observed that she does not think the crypto winter will have a negative effect that will drag for an extended period of time.

“While the crypto-winter has dampened spirits somewhat despite successful completion of many pilots, the dip in enthusiasm is temporary and will serve to filter out the superficial and fraudulent offers from the market,” she explained.

According to recent reports from specialized crypto news sites, Algo Capital has raised $200 million (two times the projected amount) for its VC fund, in the latest example of the success of this particular form of funding. Similarly, the first half of the year was filled with successful VC funding rounds that helped blockchain projects to hit their goals and start developing helpful tools with everyday use and potential.

By Andres Chavez

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