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Founder of Chinese ride-sharing service to launch blockchain-based ride-hailing app

Ketaki Dixit



Founder of Chinese ride-sharing service to launch blockchain-based ride-hailing app
Source: Pexels

On May 27th, at the China International Big Data Industry Expo 2018, Weixing Chen, the former founder of Kuaidi Dache announced plans of launching a blockchain-based ride-hailing app. Kuaidi Dache merged with Didi in 2015 to become Didi Chuxing, China’s largest ride-hailing service.

Weixing Chen is currently the CEO of Hangzhou Fun City, a company that develops and operates web games and mobile internet applications.

He believes that the app will be more efficient and safe compared to the existing ones. In partnership with Yang Jun, the co-founder of Meituan, a local services e-commerce marketplace, Chen’s aim is to create a platform that provides lifestyle services associated with ride-hailing and deliveries.

According to Yang, the value of blockchain is to see whether people can use the technology and where they can use it.

On the sidelines of the Expo held in Guizhou city, Yang Jun said:

“With the use of blockchain, we can build a set of economic systems different from the previous ones…We can direct traffic from the Internet and add on different services to meet users’ needs.”

Chen said:

“Ride hailing is the first time blockchain will be tested on a social application on mass scale,”

However, no further details about the project were disclosed by the two entrepreneurs.

marko, a Twitter user commented:

“it’s completely irrelevant for the end user what kind of database is behind the app like this”

Avram Meitner, an empiricist, physicist, rationalist, and anti-theist tweeted:

“…why? Why make life harder for yourself?”

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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

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Cryptopia: New Zealand Court grants 10 extra working days to present its first liquidators report





Cryptopia: New Zealand Court grants extra 10 working days to present its first liquidators report
Source: Unsplash

Cryptopia, the defunct New Zealand cryptocurrency exchange, announced that there was an update with regard to the first liquidation report. The exchange stated that the New Zealand Court grated the platform ten extra days to present the report, with the date now scheduled to 4th June 2019.

The exchange stated on its official Twitter handle,

“The New Zealand Court has granted a 10 working day extension on the initial Cryptopia Ltd Liquidators report. It is now due on 4 June and will be available on the New Zealand Companies website when it is submitted”

Sean Crypto Phillips, a Twitter user stated,

“I hope that the liquidators understand that the coins are funds held in trust, not general assets of Cryptopia, so should be returned in full and without conversion. Also, I will be interested in any news of recovery from amounts sent to Huobi, although my balance was intact.”

Currently, the exchange’s website continues to be under maintenance, with the site displaying the press release pertaining to the liquidation process. According to that announcement, the liquidation process is handled by David Ruscoe and Russell Moore, representatives of Grant Thornton.

The exchange had decided to take this path because of the security breach that occurred earlier this year in January. Notably, the exchange fell victim to two attacks with the hacker gaining control over all of its Ethereum funds. At present, “the liquidators are focusing on securing the assets for the benefit of all stakeholders.” The investigation conducted by Grant Thornton was reported to take months instead of weeks, with the first report set to be released in the coming month.

Aside from this, the exchange also made headlines when the attacker had started to move the stolen Ethereum funds to different wallets and exchanges, which includes Huobi and EtherDelta. Huobi, a leading centralized exchange, released a statement concerning this incident on its official social media handle. The platform stated that the stolen funds were automatically detected by its system, following which it was immediately frozen.

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