United Nations Will Impulse a Blockchain-Project to Reduce the Emission of Greenhouse Gases

Maria Rodríguez
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United Nations Will Impulse a Blockchain-Project to Reduce the Emission of Greenhouse Gases

The HOOXI social network, created by the W-Foundation, will be one of the main projects that will help reduce carbon emissions

For some years, The United Nations (UN) has made great efforts in ecological matters with the firm idea of ​​combating climate change, reducing the emission of greenhouse gases and developing alternatives to preserve the natural resources of the planet. In this regard, The UN has promoted different projects and initiatives that seek to improve the climate levels in the short and medium term. The most recent measure was announced a few days ago and will involve blockchain technology in order to lower greenhouse gas levels.

In a recent announcement made by The United Nations, it was informed that an important alliance, known as the Memorandum of Understanding (MoU), has been signed with the important South Korean non-profit organization W-Foundation, in order to generate concrete actions that seek to improve the environment conditions.

In this sense, it is known that there will be various projects that will be evaluated in order to take action against the deterioration of the planet’s climate. The Secretariat of the United Nations Framework Convention on Climate Change (UNFCCC) will be responsible for promoting ecological projects with the W-Foundation. One of these ideas is to use a compensation system with cryptocurrencies for companies and those who make efforts to reduce the emission of greenhouse gases.

But, specifically, the MoU agreement has the original meaning of using the potential of blockchain technology through the HOOXI application, which was created by W-Foundation. The tool is a social network which is available for smartphones, and compatible with Android and iOS. The platform is a social panel that seeks to motivate efforts for people to reduce pollution, invite others to conservation projects and take actions to reduce carbon emissions. Performing these actions through HOOXI is rewarded with points used in a classification system for users.

Another particularity that this eco-friendly application has is that each month users are rewarded with the W Green Pay cryptocurrency (WGP) and20% points, as a support measure for the use of the application. HOOXI is not the only project that is being supported by the MoU agreement, since there is a series of other applications that will be supported by new technologies. For instance, the formation of a methodology oriented in an Activity Program related to the HOOXI portfolio, in addition to other projects that would use distributed ledger technology (DLT) for all carbon offset.

Blockchain ​​As A Tool of The UN

In previous occasions, The United Nations has directly supported initiatives that involve blockchain technology and its variables. The international organization used blockchain technology in a system to monitor the supply chain for refugees in the Middle East, monitoring the movement of food from a concentration point to their destination in Ethiopia. Also, it relied on an Ethereum system for the transfer of funds to refugee camps in Jordan.

The UN does not discriminate the tools that can be very useful for its humanitarian aid projects. For this reason, during some years the organization has already enabled direct channels for fundraising with cryptocurrencies and other reception methods.

By María Rodríguez

Vegan Crypto Project is Supported by Game of Thrones Star

Andres Chavez
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Vegan Crypto Project is Supported by Game of Thrones Star

Isn’t it fun when our beloved TV series or movie characters recognize the value and the importance of supporting crypto-related projects? Of course it is. And, for the venture itself, it represents a huge boost in credibility and popularity and the potential for being used and applied by the masses.

Such is the case of VeganNation, which is a platform that supports the exchange of “100 percent cruelty-free” products and services. The project is based in Israel, and it is developing what they call a “fully functioning ecosystem” that serves as a helpful tool to vegans all over the world.

VeganNation will now be supported by “Bronn,” a character in the beloved and popular TV series Game of Thrones, which ended recently in a highly controversial final episode but managed to draw viewership like any other TV production in history. Jerome Flynn, the actor who gives life to Bronn, joined the advisory board of the pro-vegan lifestyle project.

A Proprietary Token

The new venture has also launched its proprietary crypto token, aiming to keep up with modern times and build a network in which goods and services can be exchanged and paid with the coin.

According to a press release, Flynn showed his commitment with the new project and shared his thoughts about what the vegan lifestyle represents, as a way to embrace Mother Nature and preserve the planet’s resources in a better and smoother way.

“Vegan Nation is the basis of an international vegan economy that makes vegan lives simpler, more economical, and better for the Earth and the soul of each of us. VeganCoin will allow many more to become vegans and thereby contribute to the reduction of our ecological footprint.”

The project’s associated cryptocurrency will be the VeganCoin. It will be the most important aspect of the venture’s decentralized “vegan economy,” and it will be traceable. The pre-sale phase ended in April, and a sizable percentage of funds, precisely 10%, will be destined to promote ecosystem validators, also called “rangers,” per the project’s innovative “green paper.”

VeganNation claims to “unite people, businesses and organizations empowering everyone to discover, share and purchase all things vegan.” By using the coin, people will be able to “purchase from vegan businesses, and support a cruelty-free sustainable economy that grows ethically.”

Tracking the Origin of Food

The initiative, a very clever one with an attractive proposal to the environment, is able to track the origin of specific foods and products through its network, validating whether they are 100% vegan and free of any mishandling or cruelty. Similarly, VeganNation offered a product marketplace, a social media platform, and apps for mobile devices, such as iOS and Android.

Jerome Patrick Flynn was born in Kent, United Kingdom, on March 16th, 1963. He is best known for its role as Bronn in HBO’s Game of Thrones, but has also played other prominent roles, including the series Soldier Soldier and Ripper Street. He also participated in Netflix production Black Mirror.

The British actor has been involved with the vegetarian lifestyle for 35 years now, and has been vegan for five. He offers his contributions to the society by being an activist for animal rights.

By Andres Chavez

Cryptopia Announces Sudden Liquidation after USD 15 Million Hacking

Maria Rodríguez
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Cryptopia Announces Sudden Liquidation after USD 15 Million Hacking

The administrators of the exchange decided to suspend the activities and liquidate the firm

Since the beginning of this year, two important hacks took place and affected two cryptocurrency exchanges. One of them, Binance, seems to be recovering its potential after losing 7,000 bitcoins (the equivalent to almost USD 41 million), whilst the other cryptocurrency exchange house has not been lifted.

Cryptopia, a New Zealand-based cryptocurrency exchange, suffered a serious hack during last January. The theft forced Cryptopia to suspend its operations and left as a consequence the decision to liquidate that business, as reported by a message posted on its official Twitter account and a communication published on its official website. The crypto exchange which lost NZD$ 23 million ($15 million) in the security breach has appointed liquidators.

The attack that the Cryptopia platform suffered in early 2019 caused “severe injuries” which seem to have failed to heal until now. At the end of March, the exchange announced that it would resume operations. However, their clients and the crypto-community were not very receptive to the measure, due to the distrust that the attack generated in them.

Despite the efforts to reduce costs and recover the profitability of the business, the goal has not been achieved. In that sense, the decision made by the administrators of Cryptopia is the suspension of their activities and the liquidation of the firm. According to the statement, the measure taken by the exchange represents “the best for customers, staff and other interested parties”.

They Will Reimburse the Money

With the aim of not harming those who were its users, the Cryptopia administration went to the New Zealand Grant Thornton law firm to begin the liquidation process. The people in charge of this case are David Ruscoe and Russell Moore.

The news also generated concern among customers who still have funds in the platform. Due to this, Thornton explained that the procedure will consist in contacting all the clients and suppliers to attend them, to know their cases better and to give them an appointment in the next days.

“We know that Cryptopia customers will want this issue resolved as soon as possible. That is why we will conduct a thorough investigation, working with different parties, including management and shareholders to find the solution that is most convenient for customers and interested parties”, said Ruscoe.

As part of the procedure, the liquidators will have the collaboration of independent experts as well as the respective authorities to establish the obligations of the company and meet the necessary payments.

However, Ruscoe indicated that it will not be a simple process and that it could take a long time. “Given the complexities involved, we expect the research to take months instead of weeks”, he says.

Another decision taken by the company is not to comment anymore about the liquidation process, until an initial report of the case is published next week on the website of the New Zealand Business Office.

Different companies, such as the US firm Chainalysis, are working on programs that help detect vulnerabilities in the cryptocurrency exchange platforms. Meanwhile, users expect higher levels of security so that their investments are protected and avoid losses of time or money.

By María Rodríguez

Send Bitcoin through WhatsApp with this Wallet

Willmen Blanco
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Send Bitcoin through WhatsApp with this Wallet

The wallet is generated with the user’s telephone number and it provides a recovery phrase. Lite.IM works with WhatsApp, Telegram, Facebook Messenger, and text messages

Zulu Republic, a Switzerland-based cryptocurrency startup, announced last May 19th that the services of its Lite.IM wallet are already enabled for WhatsApp. The application allows transferring BTC, ETH and LTC to any contact using a robot as an intermediary.

Users can access the service from a link provided by the startup or from the Lite.IM website, by entering the area code of their country and their telephone number. The application re-directs to a chat room where a bot can be contacted in order to process operations with cryptocurrencies, which activated activated with the word “HOLD”.

The wallet is generated from the telephone number and an alphanumeric key, producing a private key or mnemonic phrase that users can export. An amount of BTC, ETH or LTC must be deposited in the public address of the wallet or QR code to be able to use it. If users have sufficient balance, they can send these cryptocurrencies to any contact, only by using their phone numbers or wallet address.

In addition to WhatsApp, Lite.IM also provides services on Telegram, Facebook Messenger and even text messaging platforms. The application was launched last August 2018, being noted as one of the first wallets integrated with messaging applications.

More Adoption and Less Privacy

Lite.IM is noted because it has user-friendly options for those who are not very familiar with cryptocurrencies. The application allows sending remittances in crypto assets to any user without the need of a wallet, which contributes to the adoption of the ecosystem. It is also an easily accessible platform, since it is integrated with the most popular messaging applications on the market.

The Lite.IM wallet works in most countries worldwide. The United States and North Korea, two of the most censored countries within the ecosystem, are enabled on the platform. Iran is one of the few countries that are not contemplated, possibly because of the trade restrictions recently imposed by the international community.

Regarding Latin American, the residents of Bolivia and Ecuador are not qualified for this wallet, in accordance with their governments’ policies. However, users from Venezuela, the Dominican Republic, Argentina, Cuba, Colombia and Mexico, to name a few, will be able to conduct cryptocurrency transactions through WhatsApp. Additionally, the Lite.IM portfolio can be configured so that all options are in Spanish.

A point against this wallet is privacy. According to privacy policies in Zulu Republic, the company stores all personal information entered into the wallet, such as e-mail addresses, telephone numbers, and cookies. This feature can be disadvantageous for those who consider privacy as one of the strongest bastions of cryptocurrencies.

Wallets integrated with messaging applications or social networks are increasingly popular within the ecosystem, which facilitates sending remittances or tips through creative content. Lite.IM is not the only wallet launching its services through WhatsApp, since the first specialized wallet within this platform was developed by the Spanish startup, Wuabit, last year.

The DropBit wallet, designed for iOS operating system phones, also allows sending cryptocurrencies through text messages. Similarly, SendCrypto and Tippin.me are other platforms that can be integrated with networks such as Twitter and Reddit in order to send tips.

Developers of cryptocurrencies are interested in having more users adopt them. The advantages of the options mentioned above must be considered when deciding to invest in crypto assets.

By Willmen Blanco

US $100 Thousand in Cryptocurrencies Lost through Phone Fraud

Willmen Blanco
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US $100 Thousand in Cryptocurrencies Lost through Phone Fraud

The attacker deceived service providers to control the victim’s SIM card. This cryptocurrency fraud strategy has been used very often since 2017

A computer engineer explains how he lost US $100,000 in cryptocurrencies through the hacking of his telephone SIM card. This type of attack, also known as SIM exchange fraud, was committed by cybercriminals to access his Coinbase wallet.

BitGo Chief Engineer, Sean Coonce, published his story on Medium last May 20th. He says that the hacking or “SIM port attack” was perpetrated within a period of 24 hours and that the attacker is now managing his cryptocurrency account.

Coonce explains that through this process the attacker deceives a service provider into transferring the victim’s telephone number to a SIM card placed in a device under his control. In this way, he can reestablish the passwords and access the accounts online.

This service, offered by most cell phone providers, is taken advantage of by cybercriminals to made SIM port attacks, which usually begin with the hacking of the victim’s e-mail account, such as the investor narrates in his story.

Coonce says that once cybercriminals control the main e-mail account, they start using it to administer profitable online services like bank accounts and social network accounts, among others. He notes that they can even block the victims’ access to their own accounts, leaving them with few resources to recover them.

The Attack in Several Steps

According to Coonce, the attack started when the hacker succeeded in translating his telephone number to a SIM card installed in a device under his possession. In order to do that, he requested the change from the service provider.

With the authorization, he used the SIM card to reestablish the victim’s Google account through the two-factor authentication (2FA) process based on SMS messages, also changing the password. Afterward, he used the e-mail account to start the procedure to recover the password of the cryptocurrency account.

In the end, both the e-mail account and the cryptocurrency account were manipulated by the cybercriminal to conduct several transactions. In this way, he could transfer and spend funds, quickly emptying the victim’s account.

This type of crime has occurred very often since 2017, when a growing number of attacks through calls were made to the companies Verizon, T-Mobile US, Sprint and AT&T, asking them to transfer the control of a telephone number to another device under the hackers’ control. Last year American investor Michael Terpin filed a lawsuit of US $224 million against AT&T, after being a victim of this kind of fraud whilst this company was his service provider.

Some Recommendations

Investors should have different options to protect their crypto assets from cybercriminals, among which are using cold wallets and storing offline. Besides, they must be alert with respect to deficiencies in the 2FA process based on SMS messages, so they are advised to use physically-managed authentication hardware.

Additionally, they can use the Google Voice 2FA service for establishing a 2FA recovery number without the need of an SIM card. It is also recommended to create secondary e-mail accounts, avoid sharing many personal data on the Internet, and use offline password administrators.

By Willmen Blanco

Investors Warned about Bitcoin’s Excessive Price

Willmen Blanco
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Investors Warned about Bitcoin’s Excessive Price

For the banking giant JPMorgan the increase in the prices of the cryptocurrency only means the overvaluation of assets and it imitates the increase that Bitcoin had in 2017, just before its fall in 2018. His comment has received criticism

JPMorgan strategists have been warning investors about Bitcoin (BTC), despite the current bullish market. According to a recent investor note, BTC has moved ahead of its “intrinsic value”, mimicking its 2017 rise, before its fall in 2018.

BTC’s price (US $8,787.79) has experienced a dramatic increase since early April, indicating the possible end of the almost 18 months of crypto winter. However, the strategists of the banking giant JPMorgan found further arguments to dissuade customers from investing in BTC.

For JPMorgan, the gains in the price of the cryptocurrency only mean the overvaluation of assets. In order to give the FUD (Fear, Uncertainty and Doubt) tactic an air of science, they were able to put a figure on the “intrinsic price”. According to JPMorgan, this is derived from treating BTC as a commodity and calculating its “production cost”.

According to the strategists:

In recent days, the real price has moved sharply above the marginal cost. This divergence between the real and intrinsic values ​​has some resonances with the highest peak at the end of 2017, and at that time this divergence was mainly resolved by a reduction in real prices.

Of course, JPMorgan omits the fact that BTC does not behave like a basic product, since its offer is not only of fixed capital, but also of predictable and constant production, regardless market demand.

One Step at a Time

But this is not the first time that JPMorgan makes similar claims.

In fact, the bank’s spokesmen had the same opinion last February, when BTC was priced around US $4,000. JPMorgan explained that at that moment the “intrinsic value” was of only US $2,400, based on the “average cash price of a low-cost Chinese miner”.

However, all he actually draws is an approximate sketch of the profit margins for the miners.

Despite that, JPMorgan’s people were previously adamant that BTC had no “intrinsic value”, claiming that this value could only exist in a dystopian future.

EToro’s Senior Market Analyst, Mati Greenspan, considers very important JPMorgan’s step to finally admit BTC’s intrinsic value. Greenspan said that he was glad about that, and now he expects them to understand that miners with a surplus tend to hoard.

Many in the mining community have argued that the concept of “marginal cost” or “equilibrium point” is inaccurate. With a limited offer, these miners can only receive a larger part of that amount in comparison to other miners.

However, JPMorgan alludes to the challenge of defining a “fair value” for BTC and prefers to warn interested investors. One of its strategists warns:

Defining an intrinsic or fair value for any cryptocurrency is clearly challenging. Actually, the points of view range from some researchers arguing that it has no fundamental value to others estimating reasonable values ​​well above current prices.

To conclude, it is important to warn investors that the JPMorgan has its own cryptocurrency, and attention must always be paid to the possible interests behind this type of analysis. However, they have to be careful not to make decisions solely based on a biased view of the panorama.

By Willmen Blanco

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