Crypto Markets See More Red as Prices Slump Downwards

The crypto markets are seeing more lows today, with Bitcoin, Ethereum, and altcoins all seeing red.

The crypto markets continue their slump today, June 26, with most of the coins on Coin360 seeing red.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,205, down around 1 percent over a 24 hour period to press time.

Bitcoin price chart

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Stablecoin Tether’s release of 250 million tokens yesterday, June 25 had prompted some on Twitter to predict a price increase in Bitcoin, as Tether had been reportedly connected to Bitcoin price manipulation in 2017.

Ethereum (ETH) is also slightly down, losing almost 5 percent over a 24 hour period and trading at around $446.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Of the top ten coins listed on CoinMarketCap, EOS, whose mainnet went live at the beginning of June after the completion of a year-long $4 billion Initial Coin Offering (ICO) is down the most, almost seven percent over a 24 hour period, trading for around $8 by press time.

After the initial launch, the mainnet had reportedly “frozen” for about four hours. EOS had also come under fire on crypto Twitter for a series of orders from the EOS Core Arbitration Forum (ECAF) to block user accounts that some say puts the coin’s decentralized system in jeopardy.

EOS price chart

EOS price chart. Source: Coinmarketcap

Coinmarketcap cryptocurrency exchanges rankings have been shaken up this week, as two crypto exchanges — CoinBene and Bit-Z — shot to first and second place after their addition of a “transaction fee mining” model.

Binance, usually ranked first, has been pushed to fourth place, which also could be attributed to the postponement of restarting the trading and withdrawals following a risk warning after an already prolonged update.

Total market cap is at around $248 billion, up from this week’s low on June 24 of $235 billion.

Total market capitalization

Total market cap of all cryptocurrencies from Coinmarketcap

Canada’s Investment Industry Organization to Issue Proposals on Blockchain, Crypto Regulations

The IIROC has formed a working group to recommend a regulatory response to blockchain’s impact on capital markets.

The Investment Industry Regulatory Organization of Canada (IIROC) has formed a working group to recommend a potential regulatory response to blockchain applications within the capital markets ecosystem. The news comes from a June 25 notice summarizing IIROC’s aims for the 2019 fiscal year.

Canada’s IIROC is a non-profit self-regulatory body that aims to serve the public interest by proposing measures to protect investors and support healthy domestic capital markets.

As part of its vision and priorities for the forthcoming year, the IIROC outlines what it considers to be the stakes of the emergence of blockchain technology and related applications, including cryptocurrencies, stating that:

“The potential application of blockchain technology is poised to dramatically alter the very ecosystem that underpins the capital markets. Digital assets such as cryptocurrencies… have already begun to impact the capital markets in significant ways, as potential direct or indirect investments, or in the form of initial coin offerings, cryptocurrency exchanges, etc.”

In order to “keep pace” with the “fast-evolving” crypto sphere and its “transformational implications” for the existing financial order, IIROC’s newly formed working group will focus on building knowledge of new innovationsю

The organization will also liaise with other Canadian regulators and stakeholders to develop a “consistent” regulatory strategy.

Earlier this month, the Canadian government released an official draft of new regulations for crypto exchanges and payment processors, seeking to strengthen their compliance with the country’s Anti Money Laundering and Anti Terrorist Financing Regime (AML/ATF).

As a Cointelegraph in-depth analysis this spring outlined, the country has been proactive in developing blockchain applications across diverse fields. These include finance, government, legal, health, education, space, national and multinational cryptocurrencies, energy, and initial coin offerings (ICOs).

For its own part, the Bank of Canada (BoC) has been experimenting with a major blockchain Proof-of-Concept (PoC), dubbed “Project Jasper,” for securities settlements since 2016, which would tokenize both cash and assets to enable instant exchange.

Earlier this month, a BoC official publicly voiced doubts as to the potential advantages of the project, suggesting that “at this time, there is no cost-saving effect compared to the existing central bank system. Hacking and other operational risks are likely to occur.”

Company to Store Healthcare Data on Blockchain Platform for Simple and Secure Data Sharing

A company claims to offer a solution to the current fragmented and isolated nature of patient health data.

Data storage in healthcare industries is of critical importance. Security breaches in this sector will not only have an impact financially — in terms of health insurance — but could also compromise patient safety. The new platform Timicoin aims to enhance patient data safety through blockchain technology.

Describing themselves as the “Tokenized Healthcare Ecosystem,” Timicoin claims to offer a solution to the current fragmented and isolated nature of patient health data, which results in inefficient and ineffective use of the information. For example, medical institutions transferring information on patients is currently more complex than it should be, because of isolated facilities and user data. Timicoin propose that their blockchain solution will secure healthcare information within a Health Information Exchange (HIE).

The Timicoin white paper defines an HIE as “a reliable and interoperable electronic sharing of clinical data obtained by the patients, physicians, nurses, pharmacists and other health care [sic] providers across unaffiliated institutions which in turn creates a network effect.” The team claims that this will allow for the simple transfer of patient data, no matter where in the world they are being treated. This, in turn, would avoid wasting resources — for example, retesting patients when results have already been obtained elsewhere.

TimiHR is the name given to the “mobile health record” accessible via a mobile app, enhancing the portable nature of personal health data. The TimiHR ecosystem will be powered by the Timicoin Utility Token and also feature the HIPAA compliant TimiChat private messaging service to allow secure communications between patients, providers and other data users. TimiCloud is a secure storage platform also featured on the app, used for all blockchain backups and data index references. The separate TimiPaitent app will also allow patients to manage permissions for consumers requesting to access their data and maintain their health records, as well as control Timicoin payments and deposits.

The team outlines the four steps of how the system works. Firstly, daily activity data from wearable smart healthcare devices is provided with the patient’s permission. Clinical trial reports and test results can then be combined with this monitoring data and added to the TimiEMR hospital records. TimiHealth’s “Query Engine” can then mine patient records when a consumer requests access to the data, and once the contract and payment have been confirmed and processed, the private data records can be shared — via blockchain — directly between the provider and consumer. The team is keen to highlight that patient identity is never revealed unless explicit permission is granted by the patient, and access can only be granted to their data when confirmed by the patient via the TimiPatient app. Security is enhanced by the use of reputable systems such as DashPay for payments and Hyperledger for data sharing.

Timicoin claims there could be multiple benefits to this storage system. Firstly, in terms of authenticity, any tampering of network nodes in the blockchain can be easily detected by users, as the latest node hash will always be passively connected to the previous node hash. Secondly, patient information will be constantly available from anywhere in the world — in real time — from any updated node, once the patient grants permission. And finally, the Hyperledger system will enhance privacy by implementing a “permissioned blockchain network that will define user roles and access based on the type of user and the payment contracts.” This data will remain on the healthcare institution’s computer, unless shared on the Hyperledger channel after the contract has been initialized.

In terms of mining and rewards, newly generated Timicoins are allocated to miners who process the transaction. Transaction fees will also sometimes be given to patients for providing data and identity.

According to the company, this approach to healthcare data storage has been welcomed by some prominent medical professionals, with Jim Bonnette, M.D., outlining the positives that tokenization can bring to healthcare. Andre Laurent, the worldwide director of engineering for enterprise networking sales at Cisco, has also explained the multiple benefits of blockchain integration in the health professions.

Timicoin, with their advisory board based in the U.S. and technology teams in Puerto Rico, India and London, could be set to simplify and secure how healthcare data is stored, as well as enhancing how it can be best used to further the development of modern medicine.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Robinhood Might Be Working On a New Crypto Wallet To Integrate With Its App

One of the many reasons cryptocurrency enthusiasts can sort of tell what a particular crypto company is up to, is by reading in between the lines of any job advertisement by such a company. With respect to Robinhood, the company has recently posted a job ad for a Crypto Engineer.

Key duties of the Crypto engineer as outlined by the job advertisement are:

  • Build out new functionality for our crypto product, such as adding new currencies or providing wallet functionality
  • Utilize blockchains for new features or infrastructure
  • Design a solution with other engineers and the ops team to fix a scalability problem and then implement it
  • Act as a manager or tech lead, depending on past experience

It is with the first job requirement that we can deduce that Robinhood is probably working on a Cryptocurrency wallet of its own. The job ad goes on to describe the following as additional skills.

  • Strong overall engineering skills that you want to bring to crypto
  • 1+ years of blockchain / crypto development experience – either personal or professional
  • Solid understanding of relational databases and transactions
  • Good intuition for REST API design
  • Prior experience working with distributed services

According to information from a Robinhood spokesperson, users of the platform have been constantly asking for a simpler more efficient way of moving cryptocurrencies into the app from other platforms. This might be the reason why one of the additional skills required for the job, is good knowledge of REST API design to allow for the communication between different crypto platforms as well as the Robinhood App to its wallet. Having a wallet integrated with the trading App, will allow for a safer, secure and more efficient ways for the users to trade on the platform.

The Robinhood App has been hailed as a game changer for all trading on the platform are entirely free. The firm is now valued at over $5.8 Billion after it announced that it had raised $363 Million in an investment round back in May. The firm is currently in the process of expanding trading services across the globe with Australia being the first country outside the United States. The app is currently available in 13 States in the US.

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Bitcoin’s Lightning Network Capacity Problems Addressed with New Client

Bitcoin’s Lightning Network is considered to be a major development. Scaling the world’s leading cryptocurrency to new levels is not easy. Although significant progress has been made already, there are still some concerns to contend with. Big payments remain a problem, and it seems just a handful of node operators provide over 50% of the capacity.

The Lightning Network Concerns

It is safe to say people have high expectations for the Lightning Network. It is designed to make Bitcoin scale and provide lightning fast transactions. That will only happen when enough people use this technology, which is still in the beta testing phase. The initial response has been pretty positive, albeit some key flaws remain in place.

First of all, sending large payments over LN will be difficult, if not impossible. Most payment channels do not have the necessary capacity – in USD – to conduct large transactions. Despite there being over 7,800 channels, the average capacity is still just $20. As such, routing a bigger payment on the Lightning Network is a challenge and one that won’t be easy to solve. Anything over $5 will be subject to a rather high fail rate.

Furthermore, the majority of LN’s capacity is provided by just ten nodes. More specifically, those top Lightning Network nodes hold over 50% of the current funds presiding on this additional layer. It is a figure which will be subject to change. It is evident more users need to test this technology and begin conducting payments. That can only happen if new software is released to make this process easier.

A new C-Lightning Client Emerges

Thankfully, it would appear that is exactly what is happening. Blockstream unveiled a new client for the Lightning Network this week. C-Lightning 0.6 is a modular and extensible client which will suit the needs of more users accordingly. Giving users more customization options in this regard will always be appreciated. This may be the solution to improve overall adoption of LN technology among Bitcoin users as well.

New features provided by C-Lightning are well worth keeping an eye on. The lightweight nodes feature makes it easier to set up a LN node. Being able to communicate to remote nodes is a pretty big development for this relatively new protocol. Additionally, the new client has a built-in wallet for both on-chain and off-chain funds. Another more than welcome update for LN enthusiasts.

All of this shows there is still a bright future ahead for the Lightning Network. Until Bitcoin users embrace this solution, there will not be any major challenges. However, it would appear the software clients make it significantly easier to embrace this new technology. When that happens, overall network liquidity will improve and the payment layer can be put through its paces properly.

 

Image from Shutterstock

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Two Crypto Exchanges Introduce New Fee Models, Achieve Record Trade Volume

Coinmarketcap crypto exchange rankings have seen a switch up, as two exchanges shoot to the top after adding new trans fee mining model.

Two cryptocurrencies exchanges have shot to the top of ranking by daily volume on Coinmarketcap today, June 26, after their introduction of a “transaction fee mining” model.

Singapore-based CoinBene is now ranked first, with more than $2.1 billion in trading volume over a 24 hour period, with Hong Kong-based Bit-Z in second with about $1.5 billion in trading volume over a 24 hour period. Binance, which previously sat in the number one spot, is ranked fourth, with around $629 million in daily trading volume.

CoinBene introduced their new transaction fee mining model on June 23, according to a post from their website.

Users will receive 100 percent of their trading fees back in Coni, the platform’s native currency, based on the holding volume of Coni per hour divided by its total hourly volume then multiplied by 100 percent. CoinBene wrote on Twitter that “the trading fee will 100% exchange to ETH at closing price hourly and will be return [sic] at 15:00 next day.”

The exchange tweeted June 25 about their move to the top of the CoinMarketCap rankings, writing that “now we are the champion in the world!!!”

According to Bit-Z’s website, their new transaction fee mining model means that users are refunded for their transactions fees in “the form of equivalent BZ,” the platform’s native ERC20 token, if users have completed level three verification.

The model was introduced on June 25, according to Bit-Z’s Twitter, with a limit of 600 million BZ. According to their white paper, the model works by decreasing the amount of BZ returned by 3 percent every 10 million BZ period.

Bit-Z tweeted on June 25 that the total turnover of the 12 hour period after beginning their new transaction fee model exceeded 27 billion:

Can Ethereum’s ERC721 Standard Reshape the Blockchain Gaming Industry

A lot of developments are taking place in the world of cryptocurrency right now. In the Ethereum space, for example, scaling changes will be welcomed with open arms. Additionally, there is the shift to ERC721 tokens, which are considered to be a major improvement.

The ERC721 Token Standard

Most Ethereum users are familiar with ERC20 tokens by now. It is the form of digital asset one can come across while investing in initial coin offerings, for example. However, there are some limitations as to how useful this token standard is when it comes to completely different types of assets. Especially with blockchain-based collectibles, it seems ERC721 will offer many advantages.

One of the main aspects of ERC721 is it can be used for non-fungible, or cryptographically unique and non-interchangeable, tokens (NFTs). A good example is the CryptoKitties project, which issued digital assets on top of the Ethereum blockchain a while ago. Although those are issued as ERC20 tokens, it is technically not the best solution. Since these assets are all unique in their own way, their fungibility is completely different from ICO tokens.

The exchange of such assets is also different from ERC20 tokens. Since they can’t be freely exchanged while retaining the same value, they behave in a completely different and non-fungible manner. While CryptoKitties are just one example, there have been several copycat projects over the past few months following the same train of thought.

A Game Changer

The bigger question is how people will respond to the ERC721 standard. It is not the first time a new token standard is presented. Both ERC725 and ERC735 are also interesting, albeit for different purposes. Those two standards mainly focus on verifying one’s credentials or identity.  ERC721 is a completely different creature in this regard, and a definite step-up from ERC20.

Additionally, it depends on how many non-fungible assets will be created moving forward. It is still a bit of a niche market within cryptocurrency and blockchain as of right now. That doesn’t mean there won’t be more projects in this regard, though. Even so, the ERC721 standard is still in the early stages of development, and nothing has been officially finalized.

With blockchain making inroads in the gaming industry, interesting changes may be on the horizon. Tokenizing in-game items and assets can result in wider adoption of ERC721. It will also highlight the potential of this underlying technology in terms of digital assets. Blockchain games may not take off anytime soon, but they are attracting a lot of interest.

 

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Daily Discussion, June 26, 2018

Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

Daily threads are fast paced! If you don’t get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

We have a couple chat rooms now. Come say hello.

Please check the previous discussion thread for unanswered questions.

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Robinhood Aims to be Coinbase Competitor with Crypto Service Expansion

Robinhood, a fee-less financial services startup, recently opened up free cryptocurrency trading for U.S. customers. Many users criticized ‘Robinhood Crypto’ for its limited cryptocurrency-related services. But a recent job offering, which went unnoticed by most, shows that the company plans to expand its involvement in the cryptocurrency space, as Business Insider reports. 

Robinhood Advertises Job For Cryptocurrency Wallet Developer

Robinhood was founded on the goal that investment in the financial industry should be open for as many users as possible, with its fee-less structure being integral to the realization of this goal.

Robinhood’s cryptocurrency operation opened in January amidst the cryptocurrency market hitting all-time highs, at a collective valuation of over $800 billion. The cryptocurrency community jumped on the opportunity for fee-less cryptocurrency trading, with many having high expectations for the service. 

Although the sign-up list for the Robinhood Crypto quickly reached over one million users, some were quick to call out the limited functionality the service offered. Specifically, the lack of support for the deposit and withdrawals of cryptocurrencies onto the financial service.

In its current state, the service only allows for cryptocurrency trading, essentially making it a platform directed towards price speculation. A representative of this growing startup acknowledged these criticisms, stating:

“People are constantly asking for the ability to transfer their tokens into Robinhood”

However, a recent job opening at Robinhood indicates that the fintech company is willing to offer a cryptocurrency wallet in the future, asking for “Crypto Engineers” for the development of “new functionality for our crypto product, such as adding new currencies or providing wallet functionality.” The addition of a cryptocurrency wallet to the lineup of services offered will allow users to transfer cryptocurrencies from Robinhood to their personal wallets.

Is RobinHood A Viable Coinbase Competitor?

Analysts of the cryptocurrency industry say that popular cryptocurrency infrastructure company, Coinbase, should be fearful of what Robinhood can bring to the table. Experts speculate that free trading put hand in hand with a cryptocurrency wallet, will allow for the growing cryptocurrency service to overtake a seasoned market participant like Coinbase.

According to documents obtained by Mashable, the SEC has received countless complaints about the Coinbase service. Users attributed many of these issues to the ‘growing pains’ the exchange has experienced. However, these complaints may just be one of the many reasons why Coinbase consumers may migrate to new exchanges, with consumers also criticizing the high fees on the platform. As Robinhood develops its platform, many expect for the mass migration of cryptocurrency users to this free and easy-to-use cryptocurrency trading option.

CEO of the growing fintech startup, Vlad Tenev, recently took an interview with Cheddar, stating:

“Whenever you think of what’s going to give you the best value for financial services, for anything you need, we want people to think of Robinhood eventually.”

Tenev also added that he already sees this happening, through the operation of the company’s cryptocurrency, stock, and options services. Competition has become an indispensable aspect of all healthy markets, with sustainable competition producing optimal market conditions for companies involved.

In conclusion, Coinbase may begin to feel mounting pressure on its security as a top cryptocurrency company. Michael Dunworth, the founder of cryptocurrency company, Wyre, mentioned that competition will be “a pretty significant threat for their (Coinbase) core bread and butter.”

 

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