Bitcoin Association’s Bitcoin SV Hackathon Finalists Announced in Lead Up to CoinGeek Toronto Conference 10049

Bitcoin SV

Bitcoin Association, the leading global organization for Bitcoin business, has held the first ever Bitcoin SV (BSV) Hackathon. The first phase of competition was a virtual hackathon that took place globally over the weekend of May 4-5 with 122 individual competitors, plus another 94 joining together to form 42 teams. Their challenge was to develop a solution for BSV on-boarding issues, extending beyond on-boarding new users to the challenge of also on-boarding new developers to BSV.

The quality of entries was so high that the judges named 14, rather than the originally expected 10, semi-finalists. Now the entries have been narrowed to three top finalists. A representative of each finalist team will be flown to Toronto for the ultimate judging and awarding of 400 BSV coins (currently valued over $27,000) at the CoinGeek Toronto conference on May 30. All finalists will also have the opportunity to be considered for investment by CoinGeek founder Calvin Ayre, the technology entrepreneur. The finalists will be judged by four expert judges plus a vote by the entire conference audience, expected to be more than 250 global cryptocurrency elites. The winner will be announced at the conference’s end with 1st place winning 250 BSV, 2nd place 100 BSV, and 3rd place 50 BSV.

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Korea’s Union Mobile Launches ‘ELYNET’ Blockchain Project 28429

Korea

NY Union Mobile, which worked to become the fourth mobile carrier in Korea, has officially announced the launch of their blockchain project ‘ELYNET’. The project is designed to provide differentiated mobile services using blockchain technology while leaving behind regulatory hurdles for approval as a mobile network operator.

As a decentralized telecom project, ELYNET uses blockchain technology to make communication more efficient for users who currently rely on a single carrier for telecom service. Through ELYNET, users can freely use data communication services without the drawbacks of existing wireless carriers such as roaming fees and contracts. The ELYNET project effectively eliminates the need for expensive data centers for wireless communications, allowing users to enjoy superior telecom quality at dramatically lower costs.

The ELYNET team plans to use the application of distributed ledger technology to further expand the user base of parent company Union Mobile. “Most of the members of our project team have built their careers at existing mobile carriers, including LG U+, and we have received support from talented people who have worked at KPMG and Samsung for the design of the token economy”, said Union Mobile’s CEO Seyong Ro. “This will help us to realize our business. When users connect to the communications network through ELYNET’s own operating system, they can purchase data through ELyX, a token used in ELYNET’s ecosystem, and freely enjoy mobile data communication anywhere in the world without roaming fees or contracts.”

Trezor: New Bitcoin-Only Firmware Now Available 29410

Trezor

Trezor are thrilled to announce that the beta version of our new Bitcoin-only firmware is now available to download for both Trezor One and Trezor Model T. Trezor aim to introduce a stable version of Bitcoin-only firmware in the next month’s release. From now on, Trezor will be producing four different versions of firmware — regular (full altcoin support + U2F/WebAuthn) and Bitcoin-only, for both Trezor One and Model T.

Trezor have created a customized version of both our firmware and Wallet designed for everyone who supports the idea of Bitcoin. Every Bitcoin maximalist can now enjoy the Wallet interface with nothing else but Bitcoin. All the features of Trezor One and Model T available just the way you like it; Bitcoin only.

How to install Bitcoin-only firmware

Trezor recommend testing your recovery seed in a dry-run recovery before updating the firmware. It’s also essential to note that after installing Bitcoin-only firmware, all your other coins will disappear from the Wallet interface — but don’t worry! The private keys to your altcoins remain protected within your Trezor. The regular Trezor firmware is required to access your altcoins. You can swap between the regular firmware and Bitcoin-only firmware as many times as you like.

There are two ways of installing the Bitcoin-only firmware. You can use either Trezor Wallet or trezorctl (advanced users).

You will need:

  • Trezor Model T running version 2.1.0 or newer, or Trezor One
  • Access to Trezor Beta Wallet or trezorctl
  • The correct firmware installation file for your device — Trezor One or Trezor Model T

Installation process using Trezor Wallet:

  1. Visit https://beta-wallet.trezor.io/ and connect your Trezor.
  2. If you are using Trezor Model T and your firmware version is lower than 2.1.0, upgrade to the latest offered version via web-wallet first!
  3. Type “custom_firmware” after your Trezor device ID in the URL.
  4. Download the firmware installation file for your device (Trezor One, Trezor T) and click on “Choose File” to upload the firmware file.
  5. Trezor Wallet will then prompt you to initiate the firmware update process. Follow the instructions to load the firmware file on the device.

Image of the URL address in the second step.

Installation process using trezorctl:

  1. Download the correct file for your device.
  2. Put your device into bootloader mode and confirm a connection with a host on device.
  3. Launch Terminal and go to the folder with the firmware file.
  4. If you have a Model T, update the firmware by pasting
    “trezorctl firmware-update -f trezor-2.1.5-bitcoinonly.bin” into the Terminal window and press enter. Confirm installation on the device.
    If you have a Trezor One, update the firmware by pasting
    “trezorctl firmware-update -f trezor-1.8.3-bitcoinonly.bin” into the Terminal and press enter. Confirm on the device.
  5. Create a new wallet via https://beta-wallet.trezor.io/

Thank you for testing the Bitcoin-only firmware. If you experience any issues or want to share your ideas with us, please send us your feedback here.

Thank you for being a part of the Trezor beta testing community.

Bitmain expands in-demand Antminer 17 series with two new miners; reveals specifications and selling times 26545

 

Bitmain, the world’s top 10 fabless chipmaker, has expanded its in-demand Antminer 17 series of miners with two new models – Antminer S17e and Antminer T17e, – and is announcing specifications as well as selling times ahead of the launch date on 9 September, 2019.

The Antminer S17e and T17e models have been designed to offer the best value for money. The Antminer S17e has a hash rate of 64 TH/s and operates with a power efficiency of 45 J/TH, while the T17e offers a hash rate of 53 TH/s and a power efficiency of 55 J/TH.

Significant improvements to power efficiency and hash rate have been achieved from Bitmain’s comprehensive strength accumulated over the years in the field and relentless technological innovation.

Both new models have been designed for more stable operations in the long-term to reduce maintenance costs for customers. This is made possible through the dual tube heat dissipation technology which improves how efficiently heat dissipates. The models are also equipped with a more secure software system to prevent malicious attacks.

Bitmain also introduces its compensation strategy for delivery delay. If mining machines are not shipped after a certain period of the specified delivery date, Bitmain will compensate customers by coupons for each day of delay, based on PPS rewards of the mining pool (electricity cost deducted).

The Antminer S17e and T17e will be released in three batches and will be available for sale on Bitmain’s official website according to the following timings:

1st Batch:
Selling Time: 
9 September 2019, 19:00 GMT+8
Delivery Time: 1 – 10 November 2019 

2nd Batch:
Selling Time: 
10 September 2019, 19:00 GMT+8
Delivery Time: 11 – 20 November 2019 

3rd Batch:
Selling Time: 
11 September 2019, 19:00 GMT+8
Delivery Time: 21 – 30 November 2019

Nestlé on propagating digital thinking & pioneering the use of blockchains 27803

Nestl

AS COMPANIES embrace technology and add digital to their DNA, they realize that the sky is the limit. Of course, digital thinking skills are critical, and that’s what sets organizations such as Nestlé apart from its competitors.

The company has been working on the Chain of Origin project — an effort to bring more transparency into the supply chain — which has just been shortlisted for an award in the ‘Operating Model Mastery‘ category at the IDC Digital Transformation Awards.

Ahead of the award ceremony, Tech Wire Asia caught up with Nestlé Digital Technology Manager Armin Nehzat to learn how the company propagates digital thinking and its success pioneering the use of blockchains in the Chain of Origin project.

“The company, on a global level, has seen the need to develop in a digital way. We launched a global program called DAT (Digital Acceleration Team) where members of the brand teams are exposed to digital projects.

“Members of the DAT also have the ability to go on missions to other Nestlé offices in order to propagate digital thinking and complete briefs based on brand & consumer problems and needs, usually on smaller budgets and condensed timelines.

For the Chain of Origin project, the company took a similar approach and started with an initial proof of concept that did not require an investment. That helped the team present the business case and secure funding for development.

According to Nehzat, the Chain of Origin project has been a tad more challenging than most others.

“It has been testing how quickly we can move as an organization to completely review how we do business. From sourcing products at the micro lot level, all the way through to tracking products individually to the end consumers.

In order to succeed, the company adopted a “start-up” mindset approach, deploying small teams with the ability to solve problems on the go.

However, Nehzat plans on taking the learnings from this project and transferring them to things that the organization pursues in the future.

“While we are starting the transformation on a small scale with a new brand, we are looking to see how this could scale to other product offers. So I guess it’s more of a long term journey rather than a short term bet.”

Cryptocurrency futures exchange CoinFlex targets Asia traders with physical delivery of bitcoin contracts 27524

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New cryptocurrency futures exchange CoinFlex, which claims to be the world’s first exchange that offers physical delivery for bitcoin futures contracts, wants to ramp up business from Asian retail investors who want to avoid falling victim to price manipulation that it says is rampant in cash-settlement contracts.

Mark Lamb, Hong Kong-based chief executive of the company, said contracts that physically deliver bitcoin and other tokens at settlement will benefit traders, who can be certain the spot and futures prices have not been manipulated and that they closely track the spot bitcoin price. This is because cash-settlement contracts, whose price is often calculated using a formula based on the spot bitcoin prices of other exchanges, can be easily manipulated.

“Professional and retail traders alike are affected by price manipulation in the cash settled futures market. In physical delivered contracts, anyone long at expiry receives the underlying bitcoin. There are no formulas involved,” Lamb said.

He did not comment when asked if CoinFlex was offering services to Hong Kong-based customers. The city’s Securities and Futures Commission proposed a regulatory framework on cryptocurrency exchanges in November 2018, and has said it was unlikely to grant licences to exchanges that offered the trading of futures and derivative contracts.

Lamb said he had seen an increase in attempts to manipulate prices over the past few months, by traders who moved the underlying spot prices that go into the formula in their favour, as they took advantage of the thinner trading volume of the cryptocurrency spot market compared with that of futures. Currently, the trading volume of bitcoin futures is 1.5 times that of spot.

S. Korean Financial Regulator Planning to Directly Regulate Cryptocurrency Exchanges 19862

The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) has disclosed a plan to directly regulate cryptocurrency exchanges and bring them into the regulatory system. Currently, the FIU indirectly controls cryptocurrency exchanges through administrative guidance to banks.

An FIU official said on Aug. 6 that the government will enhance the transparency of cryptocurrency transactions by introducing a “cryptocurrency exchange licensing system” recommended by the Financial Action Task Force (FATF).

Lee Tae-hoon, head of administration and planning at the FIU, said, “If an amendment to the Act on Reporting and Use of Certain Financial Transaction Information, which reflects the FATF’s international standards for cryptocurrencies, passes the National Assembly, it will be possible to prevent money laundering through cryptocurrencies.”

Lee was speaking at a public hearing on the enactment of a law to improve transparency in virtual asset trading held at the National Assembly Member’s Office building.

“If the amendment is approved by lawmakers, we can raise the effectiveness of regulations by shifting from the current indirect regulation through commercial banks to direct regulation,” Lee said.

In this regard, crypto exchanges and legal circles pointed out that the regulations on banks’ issuance of real-name accounts to cryptocurrency exchanges need to be specified first to ensure that cryptocurrency exchanges have the same level of real-name authentication and anti-money laundering systems as that of traditional financial companies.