Russia Prepares to Test Cryptocurrencies in Four of Its Regions

Russia Prepares to Test Cryptocurrencies in Four of Its Regions

The Russian Federation, which is yet to regulate digital assets, is now planning to allow four of its regions to test innovations that are not covered by its current legislation. A bill drafted by the Economy ministry envisages the establishment of regulatory sandboxes there. The special economic zones will allow companies, entrepreneurs and authorities to experiment with cryptocurrencies without breaking the federal law. Also read: Russia Adopts Law to Isolate Runet From the Internet Regions to Become Test Grounds for Crypto Projects The draft has been designed to facilitate the development of neuro- and quantum technologies, artificial intelligence, robotics, virtual and augmented reality as well as crypto and blockchain technologies. Companies are often unable to introduce these innovations to the market due to the absence of a relevant legal framework governing their implementation. The plan is to launch projects in all of these fields within regulatory sandboxes that will be created in the capital Moscow and the regions of Perm Krai, Kaluga Oblast, and Kaliningrad Oblast, Izvestia reported quoting Savva Shipov, Russia’s deputy minister of economic development. Shipov told the business daily that the main goal is to stimulate innovations with regulations that will be more flexible than those that exist on the federal level. The authors of the bill point out that similar regulatory mechanisms are already being put in place elsewhere around the world, especially in regards to the financial services sector. This type of arrangements limit the legal risks for businesses and decrease the time and capital needed to develop and introduce innovative products and services. According to Kirill Kabanov, advisor to the Russian president on the civil society development and human rights, existing laws often do not correspond to economic realities. “For example, for many years cryptocurrencies are actively circulating around the world, but in fact, most countries, including Russia, do not regulate their use,” he noted. “Regulatory sandboxes will be effective if they are used as test grounds for norms that can later be applied to adapt the legal environment to the new technological structure,” Kabanov added. In fact, President Putin himself ordered Russian deputies to adopt laws and regulations pertaining to the digital economy during the spring parliamentary session, no later than July 1. A package of bills regulating…

BCH Developer Builds Onchain Token Auction Console — SLP Agora

BCH Developer Builds Onchain Token Auction Console — SLP Agora

On April 26, software developer Tobias Ruck revealed a new platform he’s been working on called SLP Agora, an onchain trading console written in Rust that allows users to auction SLP tokens for bitcoin cash. The application’s decision-based transactions are secured by a smart contract technique enabled by the newly implemented opcode OP_Checkdatasig. Also read: Meet ‘Spedn’ — A Smart Contract Programming Language for Bitcoin Cash SLP Agora Enables Token Auctions Onchain The Simple Ledger Protocol (SLP), a system that allows token creation on the Bitcoin Cash (BCH) network, has become extremely popular. Lots of people have been creating tokens and some of them are being sold on exchanges and even used by the micronation of Liberland. Now the software engineer Tobias Ruck has released a new SLP application called SLP Agora, a platform that allows for onchain token auctions. The open source platform uses smart contracts to perform the actions using the OP_Checkdatasig opcode that was added to the BCH network last November. According to Ruck, the application is built with the programming language Rust and uses a “nifty trick” outlined by the software developer Tendo Pein. “SLP Agora is a simple trading platform written in Rust where you can put your favourite tokens up for auction — all on the BCH blockchain,” Ruck explained on Friday. In addition to the release of the early version of SLP Agora, Ruck also hosted a live stream in order to show other BCH developers and the community how the market works. People can also try SLP Agora out by downloading the EXE files for Windows or build the application on another operating system using the source code. “So far, it’s only an interactive console application (not pretty but easy to use), however, I hope there will be enough interest and support in the community that we’re able to build a nice intuitive web interface and create an extensible protocol,” Ruck remarked. Tobias Ruck hosting a live stream in order to show the BCH community how SLP Agora works. Revolutionizing Smart Contracts With OP_Checkdatasig Ruck also warned that there may be a couple of bugs because the application is so new and noted that people should only use small fractions of funds at the moment. The developer…

Consumer-Targeted Cryptojacking Is ‘Essentially Extinct’: Research

Consumer-Targeted Cryptojacking Is ‘Essentially Extinct’: Research

Illicit crypto mining — or cryptojacking — against consumers “is essentially extinct,” declares a report released by cybersecurity company MalwareBytes on April 23. Per the report, after in-browser mining service CoinHive shut down in early March — when the team claimed that the project had become economically inviable — cryptojacking against consumers has sharply decreased. At the same time, the number of such attacks targeting businesses increased from the last quarter. Furthermore, MalwareBytes also notes that bitcoin (BTC) holders who use Electrum wallets on a Mac have lost over $2.3 million in stolen coins to a Trojanized version of the wallet in Q1 this year. Cryptojacking is the use of a computing device for mining cryptocurrency without the knowledge of the device’s owner. Common effects experienced by users are slowdown, more heat generation and shorter battery life. Arguably, the cryptocurrency which is seemingly preferred for such attacks is privacy-centric coin monero (XMR), thanks to the ability to mine it on lower-tier hardware. As Cointelegraph reported in May last year, a researcher claimed at the time that the Coinhive crypto mining script had been detected on more than 300 government and university websites worldwide. Earlier this week, United States-based cybersecurity firm Symantec found a spike in a new crypto mining malware that mainly targets enterprises.

How to Create a Bitcoin Cash Wallet With Cashaddress

How to Create a Bitcoin Cash Wallet With Cashaddress

Setting up a bitcoin cash wallet is one of the first steps to getting involved in the world of peer-to-peer electronic cash. And while there are many established wallet providers that support BCH, you can use the Cashaddress platform to create a bitcoin cash wallet all by yourself. Also read: Smartphone Wallpaper Lets You Track the Price of Your Favorite Coins Generate Random BCH Public Address and Private Key Cashaddress.org is a free and open source Javascript bitcoin cash wallet generator which lets you create several types of BCH wallets – single, paper, bulk, vanity, and split wallet – and it’s available in multiple languages. Your BCH address is generated when you type random characters into a textbox or simply move your mouse around in your browser. The website provides you with a public bitcoin cash address, which you can share with others who want or need to send you BCH, and a private key that has to remain secret. They are also represented as QR codes. After funds have been added to your wallet you can always check your balance with a block explorer. Bitcoin Cash Block Explorer is a free and easy to use tool developed by Bitcoin.com. After submitting your public address in the search bar, you’ll receive information about your current balance, number of transactions, total received and total spent in BCH and in U.S. dollars. You can also see the legacy and SLP addresses corresponding to your cash address and check your SLP balances if you have any tokens. To protect their Cashaddress wallets, users must print or record both the address and the key, while also making a backup copy of the latter and storing it safely. Note that clicking “Generate New Address” will create a new public address with its private key, so make sure you have saved the ones you want to use. There’s an option to create a paper BCH wallet as well. The dedicated page allows you to generate multiple addresses and BIP38 password encrypted wallets. You can also use Bitcoin.com’s Paper Wallet tool to print your wallet and find out more about the benefits of paper wallets. In Cashaddress’s Wallet Details section you can have your private key encoded in different formats. The platform…

The Bitfinex-Tether Allegations Explained

The Bitfinex-Tether Allegations Explained

The New York Attorney General claims that BitFinex borrowed money from Tether to cover up an $850 million loss, but BitFinex says the money is elsewhere. Confused? We’ve got you covered. Subscribe to CoinDesk on YouTube: http://www.youtube.com/subscription_c… Site: https://www.coindesk.comFacebook: https://www.facebook.com/CoinDeskTwitter: https://www.twitter.com/coindeskInstagram: https://www.Instagram.com/coindeskNewsletter: https://www.coindesk.com/newsletter/Twitter (Markets): https://www.twitter.com/coindeskmarkets CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community.

Paxos to Issue Up to $100 Million of Stablecoins on Ontology Blockchain

Paxos to Issue Up to $100 Million of Stablecoins on Ontology Blockchain

Stablecoin issuer Paxos will issue up to 100 million of its PAX tokens, pegged 1:1 to the U.S. dollar, on the Ontology blockchain network next month. The launch will make it easier for individuals and businesses using Ontology’s ONT token to transact in fiat-pegged tokens, Ontology announced Friday. Paxos Standard (PAX) is a regulated U.S. dollar-backed stablecoin and was launched last September. It is currently available only on the ethereum blockchain as an ERC-20 token, but now there will be a second option. The new version of PAX would have the same ticker symbol and will follow the Ontology blockchain’s OEP-4 token standard. Ontology co-founder Andy Ji said: “The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.” The announcement comes on the heels of the New York attorney general’s allegation that the Bitfinex exchange, which shares management and owners with stablecoin issuer Tether, lost $850 million of corporate and client funds and subsequently used Tether’s reserves to secretly cover the shortfall. Ontology emphasized that unlike Tether, PAX ensures open auditing and all its deposits in U.S. dollars are kept in independent accounts at Federal Deposit Insurance Corp.-insured banks in the U.S. Shanghai-based Ontology launched its public blockchain network last June, aiming to provide a high volume of fast and cheap transactions. Paxos image via Shutterstock 

Old Twitter Account Gives Away $10K in Bitcoin Cash in 48 Hours 

Old Twitter Account Gives Away $10K in Bitcoin Cash in 48 Hours 

Over the last two days, Bitcoin Cash (BCH) supporters have noticed a Twitter handle called @Bitcoininfo tipping a bunch of random individuals and nonprofit organizations significant amounts of BCH. The Twitter profile with 107,000 followers revealed on April 26 that it gave away $10,000 in BCH using the tipping bot Tippr. Also read: Researchers Find Hundreds of Ethereum Wallets at Risk Due to Weak Key Pairs Dispersing $10K in Bitcoin Cash With Tippr This week the BCH community and nonprofit organizations witnessed a lot of BCH tipping on social media. A Twitter handle that goes by the name @Bitcoininfo spread BCH around the web using Tippr, the social media tipping bot that dispenses BCH. The Twitter account gave away a total of $10,000 worth of BCH over the last 48 hours with its last 0.2515 BCH going to the charity @Eatbch. The Twitter handle gave away funds to people like popular libertarian blogger @Libertydoll who had her Paypal account suspended, the group Find Bitcoin Cash, Bitcoin ABC, Bitcoin Unlimited, Flowee the Hub, Libre Office, Openbazaar, and a ton of other random people on Twitter. Some people simply asked the Twitter handle for money and the account just gave them a $50 tip in BCH. One person asked “Can I get $50?” and @Bitcoininfo replied “No,” before sending the user $51 instead. The Twitter account also tipped well known crypto luminaries like the developers Jeff Garzik and Gavin Andresen. After giving away countless tips of $50-500 fractions of BCH, the Twitter handle would sometimes tell the user to “spend it, save it or pay it forward.” Some BCH fans did in fact tip other users after getting a tip from the mystery Twitter account. @Bitcoininfo dispersed much larger $500 increments to nonprofits like the Water Project, Tor Project, Eatbch, Bitcoin Cash Association, Coindance, Pathways Canada, the Internet Archive, Ethiopia Aid, East African Center, Gnome Foundation, and Electronic Frontier Foundation. After tipping so many random individuals and organizations, people really began noticing @Bitcoininfo’s generosity. Reddit users on r/btc started tallying up all the funds the account gave away when it reached $6,600. A Generous OG Bitcoiner from 2011 Seeing how the account joined Twitter in 2011, one user wrote that he loved seeing early adopters who are…

DAI Has Been Struggling to Maintain Its $1 Peg, but the MakerDAO Community Believes It Will Soon Be Crypto’s ‘Default’ Stablecoin

DAI Has Been Struggling to Maintain Its $1 Peg, but the MakerDAO Community Believes It Will Soon Be Crypto’s ‘Default’ Stablecoin

Stability has become a holy grail for the crypto market, and right now, one of the biggest stablecoins is MakerDAO’s DAI. Launched in December 2017 as an ERC-20 token, it’s pegged 1:1 with the United States dollar, with its peg being maintained via over-collateralization with ether (ETH). In other words, users receive the equivalent of $1 in DAI by depositing more than $1 in ETH, and they can later reclaim their collateral by repaying the DAI they’ve received plus a “stability fee” in MKR, MakerDAO’s other (nonstablecoin) token. By charging users this additional fee, the MakerDAO system theoretically prevents the value of DAI from dropping below $1, since the fee makes it expensive to mint more DAI tokens. However, as elegant as this system is in theory, it recently hasn’t been working quite as well as intended. DAI has been below $1 for much of 2019 and has even dropped under $0.95 on a couple of occasions. MakerDAO users have therefore voted to increase the stability fee on five separate occasions this year, with the most recent vote on April 11 deciding that the fee will rise to 11.5% per year. But even with this hike, the MakerDAO community isn’t sure that the value of DAI won’t keep fluctuating until more substantial and longer-term solutions are implemented. Despite the infighting that has occurred recently regarding MakerDAO governance and transparency, it is nonetheless hopeful that such solutions will be found and agreed upon, and that DAI will become the “default stablecoin” for the wider cryptocurrency community. People are buying DAI to go long on ETH As the chart below illustrates, DAI hasn’t quite stuck rigidly to its $1 pegging. For its entire (albeit short) life, its value has fluctuated consistently around the $1 level, and since the end of March, it has stubbornly hung below its intended price. And as Steven Becker, the president and chief operating officer of MakerDAO, told Cointelegraph, this variation is largely the product of one of the most basic economic forces: supply and demand. “The price has hovered below $1 simply because the supply has outpaced the demand for Dai. As a result, the MakerDAO community has been increasing the Stability Fee in order to incentivize CDP owners to close out…

Bitfinex Withdraws $89 Million From Cold Wallet as Users Signal Exodus Over Legal Debacle

Bitfinex Withdraws $89 Million From Cold Wallet as Users Signal Exodus Over Legal Debacle

Cryptocurrency exchange Bitfinex has withdrawn funds worth almost $90 million from its cold wallet, blockchain data reported by cryptocurrency news outlet The Block confirmed on April 26. Bitfinex, which has the same owner as USD stablecoin Tether (USDT), has not publicly explained the reason for the withdrawals, which come as both companies face a fresh debacle over potentially missing funds. Over roughly the past 12 hours, Bitfinex has moved large amounts of bitcoin (BTC) and ether (ETH) from its wallets to unknown addresses, along with smaller amounts of other coins such as makerdao (MKR), online transaction monitoring resource Whale Alert revealed. As Cointelegraph reported, the United States Attorney General in New York accused Bitfinex of using its Tether power to cover a rumored $850 million funding gap with reserves meant for backing the stablecoin. Bitfinex has already publicly renounced the accusations, repeating in a blog post that both its platform and Tether are financially sound. The spat stems from an agreement Bitfinex made with payment gateway Crypto Capital Corp. in 2018. The third party should have handled user withdrawals, but instead appeared to hold the funds, with Bitfinex still to retrieve them. “The New York Attorney General’s court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million ‘loss’ at Crypto Capital,” a statement released Friday reads. It continues: “On the contrary, we have been informed that these Crypto Capital amounts are not lost but have been, in fact, seized and safeguarded. We are and have been actively working to exercise our rights and remedies and get those funds released.” The latest withdrawals coincide with users signalling they had begun taking funds out of Bitfinex as a safeguarding procedure, among them United Kingdom-based entrepreneur Alistair Milne, who withdrew an unspecified sum worth at least $1 million.

Bitfinex Needs ‘A Few Weeks’ to Unfreeze Funds, CFO Tells Shareholder

Bitfinex Needs ‘A Few Weeks’ to Unfreeze Funds, CFO Tells Shareholder

Two Bitfinex shareholders said they were unconcerned by the New York Attorney General’s allegations that the cryptocurrency exchange lost $850 million of client and corporate funds. Zhao Dong, a Bitfinex shareholder who has tried to reassure the crypto community that the exchange is solvent and operational numerous times in the past, told CoinDesk Friday that he remains “supportive” of both Bitfinex and Tether, the stablecoin issuer with overlapping management and ownership. Giancarlo Devasini, Bitfinex’s chief financial officer, personally assured Zhao that this is a temporary situation, Zhao said. Indeed, Devasini told him that the exchange “need[s] a few weeks and the funds will be unfrozen.” “The funds were in several banks in Poland, [the] U.S. and Portugal, so I’m not sure but that’s what I heard,” Zhao said. While the New York Attorney General’s office says the missing funds belong to both Bitfinex’s corporate accounts as well as its customers, Zhao said the funds belonged entirely to customers, saying: “What the information I have right now is there are no losses, but the funds belong to clients. If the U.S. government seized the funds, they should know, the funds doesn’t belong to Bitfinex or Tether, it’s the clients’ money.” ‘I trust them’ Zhao spoke a day after the New York Attorney General revealed a court order asking the exchange to preserve and turn over all documentation about the matter, as well as documents outlining how Bitfinex borrowed funds from its sister firm Tether (both are operated by iFinex). According to the NYAG’s investigative findings, Bitfinex could not access $850 million held by Panama-based Crypto Capital, and had borrowed $700 million from Tether’s reserves to cover up the shortfall. The news sparked a sell-off in the broader crypto market and a significant shift to alternative stablecoins over the next several hours, indicating trader concern about the two long-controversial companies. However, when asked if he was concerned about allegations that Bitfinex hid the loss of $850 million, Zhao said he was not. He cited events from his six years trading on the exchange as the reason for his confidence. “They did very well [after previous calamities] so I trust them,” Zhao said, referring to a hack in 2016 and the freezing of its funds by Wells Fargo in…