Asia Pacific’s First Tokenomics Research Center Opens in Taiwan 26260

Flowchain Tokenomics Research Center opened in National Tsing Hua University located in Hsinchu City, Taiwan, on September 6, 2019. With the cooperation of Professor Chuan-Hsiang Han of the Department of Quantitative Finance at National Tsing Hua University, Flowchain aims to build a Tokenomics Research Center to conduct macro and micro models in the tokenized world using evidence-based research.

Tokenomics is a term used to describe the study of the design of a cryptocurrency and its related virtual assets to build the ecosystem around that specific token. In order to ensure the reliability of participants’ behaviors, it combines elements of the study of economic incentives, game theory, cryptography, behavioral psychology, and computer science.

To conduct a reliable and valid model for tokenomics, Flowchain Tokenomics Research Center first used FlowchainCoin (FLC) as an indicator. Jollen Chen, Flowchain’s founder and CEO, initially found it challenging to explain the trading patterns of virtual assets by using the economic models of traditional financial assets. Law enforcement agencies are also unable to analyze and respond to crimes related to virtual assets without specific standards. Consequently, the security and stability of blockchain economics development cannot be guaranteed.

Flowchain, therefore, attempts to use algorithms to build a tokenomics model of trading strategies to prevent scams by tapping into the combination of the team’s experiences in issuing FLC and Professor Han’s background in economics. “Blockchain technology is primarily known from cryptocurrency applications, including token issuing. The goal is that through the Flowchain Tokenomics Research Center, we can create a better tokenomics ecology for Flowchain using rigorous academic research methodologies. Also, with the hope of a successful transformation and development for Taiwan’s tokenomics industries, I anticipate sharing our experiences and future results with them.” said Jollen.

Flowchain is also seeking additional cooperation opportunities with professionals and academics at research universities in other geographic locations overseas to build a comprehensive model.

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Real Name Virtual Bank Accounts Required for South Korean Cryptocurrency Exchanges 15923

In the recent past, on November 21st, 2019, the South Korean parliament approved legal amendments to meet international regulatory standards. The Value Network Domain Name System (VDNS) is especially developed by Bithumb as an identity authentication system is an effort to comply with global requirements.

In a bid to ensure that cryptocurrency virtual assets-handling companies in South Korea are in compliance with the recommendations of the International Anti-Money Laundering Organization, Financial Action Task Force (FATF), amendments to the Act on Reporting and Use of Specific Financial Information have been revised by the Amendment Subcommittee on Parliamentary Affairs from the National Assembly, the legislative body of South Korea.

The amendment comes with the new Special Financial Transaction Information Act, which is backed by the Korean Blockchain Association. This officially brings the cryptocurrency sector under the purview of the local mainstream economy. More importantly, real name virtual bank accounts are now a mandatory requirement. The exchanges and its representatives are also now under the purview of the Financial Commission’s Financial Information Analysis Institute (FIU) and report directly to them.  According to the approved revisions, noncompliance could result in a 5-year jail term including a fine of up to 50 million Won ($42,000 US Dollars).

The Current Situation

South Korea’s cryptocurrency industry faces stifling restrictions, more notably, after January 2018, when the Financial Services Commission cracked down against anonymous virtual accounts, tagging large transaction volumes as potential money laundering targets, leaving only a handful of cryptocurrency exchanges permission to have commercial bank accounts and continue operations, Bithumb being one. With South Korea accounting for nearly 20% of the world’s cryptocurrency transactions, this niche industry was severely affected when banks put an end to the practice of the limitless operation of only virtual accounts for its cryptocurrency-using customers.

Enter Bithumb Chain and the Value Network Domain Name System

Bearing in mind the need to simplify on-ramping onto the cryptocurrency world for new businesses and the general public alike, Bithumb Chain’s Value Network Domain Name System (VDNS) was built to serve as an identity authentication system. With Bithumb Chain’s VDNS system, every on-chain address is entitled to one top-level domain with a domain name of up to 32 characters. The VDNS system offers users to issue non-public proofs on the blockchain, and a way to authenticate such proofs against the issuer’s domain name linked to their addresses, thereby meeting the demand for transactional privacy as per FATF requirements as well. 

About Bithumb Chain

Bithumb Chain is designed to be a multifaceted solution targeted to solve various on-ramping issues in the cryptocurrency world serving as a bridge between various off-chain and on-chain services, products, and infrastructure. Bithumb Global is presently one of the leading cryptocurrency exchanges of South Korea and the world.

For more information on Bithumb Chain and Bithumb Global, please visit www.bithumb.pro

Top 5 Altcoins: ATOM, TRX, ADA, EOS and XMR 13950

ATOM/USD

Cosmos (ATOM) has seen huge gains in the past seven days with a 19% rally. During the week, the community approved the Cosmos hub 3 upgrade, which is likely to take place on Dec. 11. Can the altcoin continue its rally in the next few days or will it face profit booking? Let’s analyze its chart.

ATOM/USD weekly chart. Source: Tradingview

ATOM/USD weekly chart. Source: Tradingview

The ATOM/USD pair is stuck in a $4.4389 to $1.9101 range. The bulls failed to propel the price above the range a couple of weeks back. However, the subsequent dip below $3 was purchased aggressively that has propelled the price back towards the resistance. This is a positive sign as it shows strong demand at lower levels.

We anticipate the buyers to make one more attempt to push the price above the overhead resistance. If successful, the pair might pick up momentum and rally to $7, which is likely to act as a stiff resistance. Therefore, traders can buy on a close (UTC time) above $4.4389 with a stop loss of $2.60.

However, if the bulls fail to push the price above $4.4389, the price might extend its stay inside the range for a few more weeks. The first support on the downside is $2.6218 and below it $1.9101.

TRX/USD

Cryptocurrency exchange Poloniex acquired TRX Market, the largest non-custodial exchange on the Tron (TRX) network, for an undisclosed amount. Following the buyout, Poloniex has renamed TRX Market as “Poloni DEX” and has changed the website to poloniex.org.

TRX/USDT weekly chart. Source: Tradingview

TRX/USDT weekly chart. Source: Tradingview

The TRX/USD pair is stuck in a large range between $0.041 on the upside and $0.011240 on the downside. Currently, the price is attempting to bounce off the minor support close to $0.013 levels.

A strong rebound can carry the price to $0.02340, which is likely to attract sellers. If the price turns down from the overhead resistance, the pair will consolidate between $0.013 and $0.02340, whereas, a breakout of $0.02340 can propel the price to $0.0410

Conversely, if the price turns down from the current levels and plummets below $0.013, a retest of $0.011240 will be on the cards. The 20-week EMA is sloping down gradually and the RSI is still in the negative territory, which suggests that bears are in command. We do not find any reliable buy setups, hence, we remain neutral on the pair.

ADA/USD

The Cardano (ADA) Foundation and fintech platform Coti, have developed AdaPay, an ADA payment gateway for merchants, which offers “near-instant” settlement in 35 fiat currencies directly in their bank accounts. Will this move boost prices in the coming weeks? Let’s study its chart.

ADA/USDT weekly chart. Source: Tradingview

ADA/USDT weekly chart. Source: Tradingview

The bulls have been attempting to defend the support at $0.035778 for the past two weeks. However, with the 20-week EMA sloping down and the RSI in the negative territory, the advantage is with the bears.

If the rebound fails to scale above the 20-week EMA, the bears will attempt to sink the price below $0.035778. If successful, a retest of $0.028271 will be on the cards. Below this level, the downtrend will resume.

The first sign of strength will be a move above the 20-week EMA. Such a move will indicate accumulation by the bulls at lower levels. The ADA/USD pair will pick up momentum on a break above the $0.0560221 to $0.065229 resistance zone.

EOS/USD

Six of EOS’s total pool of Block Producers are being managed by a single entity, according to EOS Block Producer EOS New York.

This again raked up the issue of centralization in the EOS community. However, the altcoin shrugged aside the news and managed to rally about 8% in the past seven days. Can it extend its rally?

EOS/USD weekly chart. Source: Tradingview

EOS/USD weekly chart. Source: Tradingview

The EOS/USD pair is bouncing off the critical support at $2.4001. This is a positive sign as it shows that buyers are keen to accumulate at lower levels. The price can now move up to the downtrend line.

We anticipate stiff resistance at the downtrend line because three previous relief rallies had been rejected there. If the price again reverses direction from the downtrend line, the bears will attempt to sink it below $2.4001. If successful, a retest of $1.55 is likely.

Alternatively, if the bulls can propel the price above the downtrend line, a move to $4.8719 is can occur. The pair will pick up momentum on a break above this level.

XMR/USD

A few crypto exchanges are delisting privacy-centric coins to appease regulators. Cryptocurrency exchange BitBay, for example, will delist Monero (XMR) on Feb. 19 next year.

Security firm Eset has reported that cybercriminals have been using YouTube channels to distribute a Monero cryptocurrency mining module. However, after Eset informed YouTube, the channels were removed. Business technology publication ZDNet has reported that hackers have launched a new cryptojacking campaign to target vulnerable Docker instances to deploy crypto-malware to mine Monero.

Even though the news flow has not been supportive, the altcoin has turned out to be the fifth-best performer of the past seven days. Do the technicals project a further rally? Let’s find out.

XMR/USDT weekly chart. Source: Tradingview

XMR/USDT weekly chart. Source: Tradingview

The XMR/USD pair has been trading inside a descending channel for the past few months. A breakout of the channel and the moving averages will be the first sign that the downtrend might be over.

If the price closes (UTC time) above the moving averages, we anticipate a move to $121.427. Therefore, traders can initiate long positions on a close (UTC time) above the moving averages with a stop below $38.

However, if the price fails to sustain above the channel, the bears will attempt to sink the pair below the critical support at $38.83. This is an important level to watch out for because if it cracks, the downtrend will resume.

The market data is provided by the HitBTC exchange.

Alibaba and OneConnect take the top two positions in Blockchain Patents list and file IPO prospectuses on the same day 16389

On the afternoon of November 18, BlockData released China Blockchain Patents Report 2019 and the Comprehensive Strength list of China’s Blockchain Patents 2019. Alibaba ranked first in the list, while OneConnect and China Unicom took second and third place, respectively. In an accompanying ranking by strength of blockchain patents specifically in the fintech field, OneConnect topped the list, followed by Ping An Technology, Hangzhou Fuzamei Technology, Launch Tech, Baidu, Tencent Technology and WeBank. In order to comprehensively demonstrate the strength of all companies having obtained blockchain patents, the list is based on an analysis that takes into consideration five factors: the number of patent applications, the number of patents granted, the scope of patent protection, the location in the patent family and the application for the patent.

Just prior to the launch of the list, the top two performers, Alibaba and OneConnect, had issued IPO prospectuses in Hong Kong and the United States and were receiving substantial attention from capital markets.

On the evening of November 13, Alibaba submitted a preliminary prospectus that appeared on the website of the Stock Exchange of Hong Kong (SEHK), announcing a plan to issue 500 million new ordinary shares worldwide and list on the main board of the exchange. If Alibaba successfully launches an IPO in Hong Kong, it will be the largestever such transaction in the Hong Kong market. Alibaba will also be the first Chinese Internet company to be listed in both Hong Kong and New York. Based on Alibaba’s prospectus, as of June 30, 2019, the company held 6,175 authorized patents and 13,336 publicly filed patent applications in China. Elsewhere, the company held 3,112 authorized patents and 9,742 publicly filed patent applications.

On November 13, OneConnect formally applied for an IPO with the U.S. Securities and Exchange Commission (SEC). According to the prospectus, as of the end of September 2019, the company has applied for 2,850 domestic patents and 542 foreign patents. OneConnect topped the list in the accompanying ranking by strength of blockchain patents specifically in the fintech field released by BlockData. OneConnect’s blockchain solution FiMAX has been implemented in the Chinese government’s super vehicle management office as well as in solutions for supply chain finance, trade finance, small and medium-sized enterprise loans, intelligent environmental protection, mortgages, drug traceability and electronic medical records spanning five key sectors: finance, smart city, real estate, automotive and healthcare.

WAX Burns 243 Million Tokens on Strong Growth and Momentum 16789

When the Worldwide Asset eXchange (WAX)™ was born back in December 2017, Co-Founder William Quigley saw a need to bring video game and e-commerce transactions to the blockchain. Quigley recognized that people want to own and trade their digital assets without onerous restrictions from giant, faceless corporations.

WAX is delivering on this promise by providing decentralized blockchain tools and services that are secure, resilient and easy to use. As the WAX ecosystem continues to grow, the team has recorded three important developments in the past few weeks.

  • First Token Burn: Today the company announced 243 million WAX Protocol Tokens have been burned since the WAX Blockchain mainnet was launched on June 30, 2019. The burn is equal to 26.4% of tokens in circulating supply.

  • WAX FCAS Score Jumps: CoinMarketCap has increased WAX’s Fundamental Crypto Asset Score by 94 points (16.5%) since the mainnet launched 4 months ago and has assigned WAX a “B” project health score. The FCAS report noted that WAX’s user activity rose 102 points (14.95%) and its developer behavior spiked 170 points (23.6%) over this same 4 month period. 

  • New Account Growth: In the past 30 days, WAX users have created over 70,000 verified new accounts on the WAX blockchain, far outpacing new account creation rates on other well-known blockchains like TRON ($TRX), EOS ($EOS) and Ethereum ($ETH).

WAX anticipates several new developments in the next few months to support its mission to provide the most frictionless platform to own, trade and transact digital assets.

“This massive token burn reflects the amount of enthusiasm our community has for our platform. As more people unstake their Genesis WAX Tokens to use the WAX blockchain, we will see even more tokens being burned,” said William Quigley, co-founder of WAX.

The WAX Genesis Block Member (GBM) Rewards program
WAX ERC20 Token holders who participated in the mainnet token swap received Genesis WAX Protocol Tokens. Genesis WAX Protocol Token holders can double their tokens by leaving them staked for 3 years (i.e. one staked Genesis WAX Protocol Token will produce 1/1096 of a WAX Protocol Token each day for 1,096 days). Unstaked Genesis WAX Protocol Tokens permanently stop producing GBM rewards. All unearned GBM rewards are burned. To date, 243 million tokens have been burned.

Walmart Canada and DLT Labs™ launch world’s largest full production blockchain solution for industrial application 18698

Walmart Canada and DLT Labs™ today announce the launch of Walmart Canada’s blockchain-based freight and payment network, the world’s largest full production blockchain solution for any industrial application. The new system uses distributed ledger technology to track deliveries, verify transactions, and automate payments and reconciliation among Walmart Canada and its carriers which deliver inventory to over 400 retail stores across Canada annually. All Walmart Canada’s third-party carriers are scheduled to be live by February 1, 2020. The solution is accessible using a web portal and an easy to use mobile application.

Walmart Canada partnered with DLT Labs™ to automate freight and payment data using DLT’s leading supply chain platform DL Asset Track™. The new blockchain-based freight and payment network manages, integrates and synchronizes all the supply chain and logistics data in real time, aggregating the data between Walmart Canada and its fleet of third-party trucks on a shared ledger. The solution also automates the myriad necessary calculations enabling real-time invoicing, payments and settlement. At the same time, it seamlessly integrates with each company’s legacy systems, so organizations can continue to follow their existing processes without retraining or a new investment in technology. This innovation arose from Walmart Canada’s continued focus on reducing costs to ensure the lowest everyday prices for Canadian consumers.

John Bayliss, senior vice-president, logistics and supply chain, Walmart Canada, says, “Walmart Canada is dedicated to efficiency across our business, including most importantly in our supply chain and logistics management. Our carrier partners move over 500,000 loads of inventory nationally, which creates an extraordinary volume of transaction data. This new dynamic and interactive blockchain technology platform is creating complete transparency between Walmart Canada and all of our carrier partners.” Bayliss adds, “Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain. Moreover, this degree of improved efficiency represents a powerful platform for us to continue to reduce our environmental footprint and continue our leadership in environmental sustainability.”

Loudon Owen, CEO of DLT Labs™, says, “Walmart is a global leader in innovation, with a relentless focus on improving people’s lives, and DLT Labs™ is delighted to partner with such an extraordinary organization to bring the world’s first and largest blockchain solution for industry into production. This proves the high value of blockchain and sets the stage to revolutionize supply chain management and logistics, due to its ability to enable secure information sharing, manage trust and reduce waste in multi-partner operational processes.” Owen adds, “Just as the Roman’s concept, ‘dictum meum pactum’ (meaning ‘my word is my bond’) was fundamental to building trade, this product creates a secure digital handshake using blockchain to renew trust and efficiency in global trade.”

Bison Transport was the carrier partner in the pilot of this new blockchain-based freight and payment network. According to Rod Hendrickson, VP Finance, Bison Transport, “Great partners find innovative ways to create business solutions that benefit both parties. The blockchain initiative we worked on with Walmart and DLT Labs is just that – a mutually beneficial solution that works well for Bison Transport and Walmart Canada.  This project is a new paradigm that will greatly improve workflows, reduce paperwork, and make the business we do with Walmart more efficient.”

Walmart Canada’s distribution centres are hubs of activity, with more than 4,500 associates and drivers moving thousands of items daily from sites located in CalgaryMississauga and Cornwall to stores from coast to coast across Canada. Walmart Canada operates 8.75 million square feet of distribution center and moves more than 853 million cases of merchandise annually. These goods are transported by a combination of 3rd party fleet as well as Walmart Canada’s own fleet of 180 tractors, 2,000 trailers and more than 350 drivers. Each third-party trailer tracks approximately 200 data points per shipment. Automating this data collection and management using blockchain results in a significant cost-saving.

Walmart Canada is committed to ongoing leadership in developing smart transportation networks, having already established more efficient techniques for loading, routing, driving, and energy efficient improvements with truck manufacturers. Interconnecting the data between Walmart Canada and its carrier partners provides a platform to materially improve operations, delivery coordination and routing efficiency, waste and cost reduction, and automated payment reconciliation and processing.

Credit/Debit Card Top-Up for Singapore MCO Visa Card is Now Available 19762

Crypto.com, the pioneering payments and cryptocurrency platform, is introducing SGD direct top-up for MCO Visa Cards in Singapore. A frequently requested feature, cardholders can now fund their MCO Visa Card with credit/debit cards, in addition to topping up from their Crypto Wallet.

Users can top up their MCO Visa Cards with no fees using debit cards and a 1% processing fee (based on the top up amount) will be applicable for top up using credit cards. Users can top up their MCO Visa card now by following these instructions.

Note: Requires app version iOS 3.40/ Android 3.40 or higher

About Crypto.com

Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. With over 1 million users on its platform today, Crypto.com provides a powerful alternative to traditional financial services, turning its vision of “cryptocurrency in every wallet” into reality, one customer at a time. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 205+ strong team. For more information, please visit www.crypto.com.