Bike That Generates Cryptocurrency

Samuel Paz
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Bike That Generates Cryptocurrency

The world of cryptocurrencies continues to expand and encompass the least expected places. This time its the world of sports, with cycling.

In the United Kingdom, a leading employer of the sport of cycling, confirmed the delivery of the first “e-bike” in the world, which generates profits in cryptocurrency, according to information released by local media on June 12th. The 50cycles company, which is based in London, will begin offering their range of TOBA vehicles in the month of August, through an association with the cryptocurrency known as “LoyalCoin”.

Scott Snait, the CEO of 50cycles, issued a statement, saying,

“This is not only the first electric bicycle of this type, but it will also be the First  product to be ‘tokenized’ and that grants a reward for their use.”

By using the electric bicycle, passengers will generate LoyalCoins equivalent to about
20 £ ($ 26.50) per thousand miles.

The cryptocurrency in question is freely negotiable since LoyalCoin exists as an integration with other loyalty programs. These Blockchain-based programs continue to make inroads in several countries, suggesting that individuals are aware of the disjointed state of many loyalty programs currently available in different industries.

The initial participants of this program should start cycling now, since the value of LoyalCoin is projected by some to reach $2250 per coin, very quickly.

 

by Samuel Paz

Apple Bans Mining

Samuel Paz
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Apple Bans Mining

     Apple recently updated the requirements for applications that circulate through their App Store. They made it clear that those apps that compromise the useful life of Apple devices are prohibited. Other apps related to cryptocurrencies will continued to be offered in the app store.

It is a global modification, with clear specifications for other applications, the warnings
already published in the App Store Review Guidelines on June 4th on cryptocurrencies are clear:

All alternative process used to mine cryptocurrencies is prohibited on the App Store , as is the case with Coinhive.

“Applications should not quickly drain the battery, generate excessive heat or exert unnecessary pressure on the device’s resources. Applications, including third-party ads that are displayed on them, can not execute unrelated Alternating  processes, such as cryptocurrency mining.”

In addition, applications can not offer rewards in cryptocurrencies, for performing tasks such as downloading an application, or for any comment in a social network. However, this does not mean that Apple will not allow applications related to cryptocurrencies. Those who develop may offer wallets or applications that are related to cryptocurrency exchanges.

Applications associated with Initial Coin Offerings (ICO), or products derived from
cryptocurrencies,

“must come from banks, securities firms or other approved financial institutions”

and the operation must strictly comply with the associated laws, established. Mining in the cloud is allowed, since this process does not put at risk the useful life of the device.

Will this decision put the release of the iOs version of Electroneum, the mobile based cryptocurrency, at risk? Or will other similar cryptographic projects be sidelined due to Apple’s recent decision.

 

by Samuel Paz

Tokenization of Everything – CEO of Circle

Emanuel Adrade
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Tokenization of Everything – CEO of Circle

“We Are at the Beginning of Tokenization of Everything”, according to the CEO of Circle.

On July 13th, Jeremy Allarie, the co-founder and CEO of the payment company Circle, spoke of the “Crypto-revolution” that the world is currently experiencing, saying that we are “at the beginning of tokenization of everything.”

Just as the Internet transformed data and communications, the blockchain is now ready to

revolutionize “every aspect of finance”

and

“reinvent public administrations and Services to [their] image and likeness”

“Once you have a global open system of immutable record keeping, [a] transaction
processing system and [a] secure computing environment, you can re-conceptualize a global basis of all aspects of finance. Commercial law and corporate, the intermediation of contracts, [and] essentially all the systems that we use in decision-making [both civic and corporate].”

The CEO spoke of a vision of a “tokenized” global economy and society, where “all form of value storage becomes a public register and crypto-token” that has free floating market value and can be negotiated in digital exchanges to world level.

Mr. Allarie added, you can “tokenize your home, car or art,” and establish open global financial relationships around any physical property.

The “Tokenization of private or public votes in all forms of social governance” could bring with it an immutable system that is more transparent and responsible than those currently available. Allaire mentioned five categories of crypto-assets, starting with cryptocurrencies
that seek privacy and that withdraw financial activities from the centralized control of governments and serve as a “public good” on the internet.

The well-known “crypto-securities” can work to represent financial contracts based on laws and a potential “beyond” of a paper contract mediated by a law firm in court. He stressed that many initial coin offerings (ICOs) are in this category. Then he mentioned the crypto-assets that support transaction settlement systems, such as Ripple (XRP) and Stellar (XLM), as well as the “very ambitious” blockchain-based platforms, such as Ethereum (ETH, which he described as “operating systems for the global economy.”

The last category of crypto-assets that Allaire exhibited were stable currencies, backed by fiat, designed to denominate financial contracts. Allaire highlighted its potential for use cases that require less volatility in the reference price, but still seek decentralization and blockchain security.

Last month, Circle closed a $ 110 million round of fundraising carried out by mining hardware manufacturer, Bitmain, after partnering to develop a stable currency backed by the US dollars. Circle’s USDC will be an ERC-20 token based on the Ethereum network and it is speculated that it will be launched in the summer. The investment caused Circle’s valuation to rise to almost $ 3 billion, an increase of almost six times since 2016.

 

by Emanuel Andrade

Wells Fargo Bank Bans Cryptocurrency Purchases

Samuel Paz
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Wells Fargo Bank Bans Cryptocurrency Purchases

The San Francisco based bank, Wells Fargo, announced recently that the purchase of cryptocurrency with their credit cards will no longer be allowed.

Wells Fargo is the third largest bank, by assets, in the United States, and recently reported
that their customers are prohibited from any crypto-activity, using their credit cards. A bank spokesman regarding the decision, which was made to avoid “multiple risks” associated with cryptocurrencies –

“Customers can no longer use their Wells Fargo credit cards to Buy Cryptocurrencies. We do this to be consistent throughout the Wells Fargo  company due to the multiple risks associated with this volatile investment. This decision is in line with the industry in general”.

Wells Fargo now joins the growing list of financial institutions that prohibit the purchase of cryptocurrencies with their credit cards. In February, Chase, Bank of America and Citigroup announced that they will not allow the purchase of cryptocurrencies by credit card. Chase issued a statement in regards to their decision saying that they have done so,

“To face the risk that the processing of payments and other services may Be Affected by technologies such as cryptocurrencies”

This scenario is not limited to banks in the United States. In Canada, Toronto-Dominion Bank (TD), one of the largest banks in North America, announced the prohibition of their customers to purchase cryptocurrencies with their credit cards. TD Bank issued a statement saying,

“The measures were taken to serve and protect our customers, as well as the bank”

Similarly, HDFC Bank, in India, has announced the same conditions, prohibiting the purchase of cryptocurrencies through their credit cards. These restrictive measures were supported by the the United Kingdom’s, Lloyds Banking Group, as well as Virgin Money, in Australia, South Africa and the United Kingdom.

 

by Samuel Paz

Cryptocurrencies Do Not Endanger Financial Stability – German Government

Emanuel Adrade
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Cryptocurrencies Do Not Endanger Financial Stability – German Government

Everyday, new nations come to the conclusion that the global adoption of strict regulations on cryptocurrencies are necessary. 

However, there are still some nations that maintain optimism in the potential for cryptocurrencies, and continue to have a more flexible point of view, and are waiting to see what future developments for the industry might unfold.

Case and point, Germany, who’s government recently commented that digital currencies
do not really endanger the financial stability of nations; however, it also emphasizes the need to establish regulatory measures to maintain market control.

According to a spokesperson for the German federal government, the volume of
cryptocurrency transactions is relatively low compared to the traditional financial system, so it could not present a threat to the stability of the system. On the other hand, federal authorities also emphasized the importance of companies in the industry to maintain compliance with, or at least receives the approval of the Federal Financial Supervision Commission (BaFin).

The German spokesperson commented:

“In order to address the risks of Bitcoin and other cryptocurrencies, there are already important regulations in Germany: for example, exchange houses in Germany must follow the same rules against money laundering as other financial services providers, especially when try to identify customers or policies of ‘know your customer’ (KYC).”

They also added,

“There is a need for coordinated action at the European and international level,
therefore, the Federal Government is pushing for a harmonized management of
regulations.”

Other defenders of digital currencies have taken the lead by announcing the benefits they bring to the modern market, and warning that regulatory measures should go hand in hand with their development and not to stop them. In this regard, on May 4th, the Finance Minister of Luxembourg, Pierre Gramegna, said that the market has enough space to accept cryptocurrencies, which, in his opinion, can coexist with fiduciary money.

 

by Emanuel Andrade

IOTA & Volkswagen Autonomous Vehicles

Samuel Larreal
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IOTA & Volkswagen Autonomous Vehicles

IOTA and Volkswagen, launch new concept for new tangled-based autonomous mobility

Yesterday, IOTA and Volkswagen announced a proof-of-concept that uses IOTA’s Tangle system in order to improve autonomous mobility at an expo in Germany. This new concept enables Volkswagen to use IOTA’s Tangle architecture to transfer software updates “over-the-air” as part of the car manufacturer’s new “Connected Car” systems. Volkswagen’s aim is to use Tangle to securely and use wireless means to distribute data within its developing smart car economy. Industry experts expect over 250 million connected cars to be on the road by 2020, raising the need for frequent remote software updates and transparent data access on a large scale.

According to official statements this new partnership would push for

“transparency and digital trust with customers, authorities, and third parties by using the immutable nature of the IOTA blockchain to implement software updates and, in future, provide customized services such as usage-based insurance”

According to IOTA Tangle is directed acyclic graph (DAG), a data structure that moves in one direction without looping back on itself. Just like blockchain, Tangle is a distributed ledger, in which a network of independent accounts performs transactions among themselves, reaching consensus about who owns what without depending on a centralized authority.

A recent IOTA press release states that as part of its partnership with Volkswagen, IOTA may also be integrated into a Mobility-as-a-Service (MaaS) system in the future, a development that would use its distributed ledger technology for trip planning, booking, and payment services within the smart vehicle ecosystem.

In January of this year, Volkswagen’s Chief Digital Officer (CDO), Johann Jungwirth, joined the IOTA Foundation’s Supervisory Board, saying that the IOTA platform would

“allow connected devices to digitally send money to each other in form of micro-payments, making it “useful” for the future of IoT. IOTA’s platform is notably transaction-free, which its developers have argued makes it optimal for a micro-payment infrastructure.”

“Distributed Ledger Technologies (DLT) are crucial for the future of trusted transactions. IOTA has great potential to become a DLT leader with the Tangle approach.”

Declared Jungwirth,

The mobility industry has bet on blockchain technology, in the last few months as Crypto World Journal has reported previously with the announcement of MOBI (The Mobility Open Blockchain Initiative) a new investigative group founded by more than 30 companies, that promises to change the mobility industry – manufacturing giants BMW, GM, Ford, and Renault, as well as Bosch, Hyperledger, and IBM.

 

by Samuel Larreal

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