XinFin, a Singapore based company is prepared to launch XDC, the first currency to use hybrid blockchain protocol architecture for enterprise adoption in global trade and finance market. It’s a combination of the best public and private blockchain when it comes to delivering the best experience to its users.
It is an ERC20 based utility token which works on the Ethereum ecosystem. The company states on its website that;
“XinFin-Hybrid Blockchain will provide more flexibility, faster transaction time, security, auditability and simplicity features as compared to any other popular blockchain network.”
The company raised USD 1.5 million in a private sale in July-August 2017 and used these funds to develop its hybrid blockchain technology and tradefinex.org, an app used in transactions of the coin. To reduce the amount of power consumed by XDC the company also gives importance to “proof of authority”.
Youtube Link: https://www.youtube.com/watch?v=K-tHZkV6zAs
Telegram Account: https://t.me/xinfintalk
Token Page: www.xinfin.io
Main Website: www.xinfin.org
XinFin, in order to be truly decentralized and have more number of stakeholders, plans to restrict or contain the number of tokens that a particular individual or group can have at a given time.
Alex Mathbeck Marketing Head in Xinfin said that;
The major hurdles for mainstream adoption of Blockchain ecosystem is the power intensive mining process, highly congested trust less networks, security and scalability. The XDC protocol is designed considering real world applications in global trade and finance. It has also been designed to make sure the enterprises that work with XDC protocol can work with full regulatory compliance.”
Xinfin also has its own E-wallet with which users can send or receive XDC tokens.
Matt Norman, an ICO investor and a Financial Advisor from London, says,
“I have been following Xinfin’s project since October last year and I think they have good tech backed by great philosophy. This is something a lot of investors have been talking about.”
Japan proposes guidelines for allowing Initial Coin Offerings [ICOs]
Although Initial Coin Offerings [ICOs], a popular way of capital raising and investment, is restricted by the United States and China, Japan is working towards legalizing and regulating it.
According to a report published by the Tama University and The Center for Rule-making Strategies, a government-backed research group proposed rules to establish ‘ICO as a sustainable financing method’.
The group included the chief executive of Japan’s largest cryptocurrency exchange, the bitFlyer, along with experts from various other fields. They proposed principles which focused on investor protection during the purchase and sale of tokens. While there are rules set for the purchase and sale of tokens in the trading market, there are no laws in issue markets, thereby increasing the risk of misunderstanding between parties and no investor protection.
The report says:
“ICO is still in its infancy and has no industry practices yet….rules must be set to enable ICO to obtain public trust and to expand as a sound and reliable financing method.”
The report also stated that focusing on ‘issuance of tokens’ and ‘trading of tokens in the issue market’ while setting the rules could play a major role in the development of ICOs.
Based on the rules set for the issuance of tokens, the issuers should maintain transparency in the conditions for the distribution of procured funds, profits, and assets among token investors, shareholders, and debt holders. It also requires the issuers to disclose the progress of the project reports to the token investors.
Furthermore, it enabled the token sellers to identify investors using Know Your Customer [KYC] checks, which also prevented money laundering. The rules also promoted the standardization of the ICO token listing and restricted insider trading.
Kenji Harashima, a researcher at Mizuho Research Institute says that ICOs have the potential to become a new way to raise funds with good principles and rules.
However, these rules are subject to deliberation by Japan’s Financial Services Agency [JFSA] and will become law in the coming years.
The punch that cost a billion – Centra Tech founders arrested over fraud charges
Founders of Centra Tech Inc, an Initial Coin Offering [ICO] endorsed by Floyd Mayweather were slapped with criminal charges by the U.S. for raising more than $25 million for planning a digital currency without registering the offering with the regulator.
Floyd Mayweather, the current undefeated boxing champion, was hired by the Founders to promote the upcoming offering on social media. Mayweather tweeted on the site saying that ‘Centra’s ICO would start soon and urged users to buy the coin before it is sold out’.
Sohrab “sam” Sharma, 26, and Robert Farkas, 31 who, in a criminal complaint in the Manhattan federal court, were accused of conspiracy to commit securities fraud and wire fraud. There are alleges that they had persuaded investors to invest in the currency by telling them that they had partnerships with Visa and Mastercard.
Steve Peikin, Director of the law enforcement agency, SEC issued a statement:
“The defendants have marketed their plans by relying heavily on celebrities and social media ,”
“Centra has sold investors by promising new digital technologies and by using a sophisticated marketing campaign to lie about their supposed partnerships with legitimate businesses. As the complaint follows, these and other claims were simply false.”
The Security and Exchange Commission which is the main regulator for cryptocurrency has warned users about buying in tokens sales. It has given various points which users should note before buying.
Jay Claton, the Chairman of SEC had earlier stated:
“I think if we don’t stop the fraudsters, there is a serious risk of a regulatory pendulum — the regulatory actions will be so severe that they will restrict the capacity of this new security”
SEC also stated that, despite the regulatory rule, many ICOs have continued to function without being registered.
A Twitterati says:
“Bad actors should be forced in jail. Shame of them”
Another Twitterati says:
“All crypto currencies are scams. Charge them all. Don’t let Bitcoin bully the smaller ones. Shut them ALL down”
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