Jax.Network believes its solution has solved the scalability trilemma and has the potential to become a consumer payment system, unlike other cryptocurrencies that experience delays and failures due to throughput restrictions. Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. The feds allege that John McAfee earned millions promoting cryptocurrencies, consulting, speaking, and selling his life story. From 2014 to 2018, the indictment alleges that McAfee failed to file tax returns and tried to hide payments and assets from the IRS. MUSCAT : The Central Bank of Oman (CBO) has warned the public against dealing with cryptocurrencies such as Dagcoin. In a statement issued on Tuesday, CBO has once again clarified that cryptocurrencies are not a legal tender in the Sultanate of Oman and no licence has been granted to any institution or body to trade … Ripple Price Prediction: XRP only facing one last barrier towards $0.30 XRP is finally showing signs of recovery after a massive breakout from an
Being the next step in the evolution of human civilization, blockchain technology still hasn’t been mass-adopted. The biggest obstacle here is a limited transaction processing capacity. Existing blockchains like Bitcoin and Ethereum are only able to do about 7-10 transactions per second. This technological limitation has been called the blockchain scalability trilemma. If it is solved, blockchain technology can facilitate the creation of a decentralized global currency that can be mass adopted and the implementation of decentralized governance systems, immutable data storage systems, which will improve transparency in governance and monetary policy.
Researchers around the world have come up with different proposals for solving the blockchain scalability problem. Sharding is considered to be the most promising. Yet, there is no common vision on how to implement sharding to find the best acceptable compromise among the numerous parameters of the network. Projects such as Ethereum 2.0, Algorand, Cardano, and Zilliqa have developed their own blockchain designs based on sharding. However, all of these projects have a similar pattern in their designs. They all rely on a Proof-of-Stake (PoS) consensus algorithm and pseudo-random selection of validators for shard committees.
Jax.Network believes its solution has solved the scalability trilemma and has the potential to become a consumer payment system, unlike other cryptocurrencies that experience delays and failures due to throughput restrictions. Last month, the Jax.Network team participated in the Blockchain.UA conference and shared their vision with the crypto community.
Jax.Network is a blockchain platform that follows the JaxNet protocol which issues the world’s first scalable and decentralized stable “JAX” coin. Since 2017, its founder Vinod Manoharan has been interested in blockchain and wanted to bring this technology to mass adoption. In 2018, he decided to move to Ukraine to gather a team of technical and scientific experts to solve the blockchain scalability trilemma. Ukraine was the first choice as it has many prominent specialists. With that in mind, Vinod gathered a team, and together they came up with a solution that solves the scalability problem of blockchain networks.
The academic paper of JaxNet protocol was published in May 2020. Based on this protocol, Jax.Network solves the blockchain scalability problem using Proof of Work consensus, a universal reward function, sharding, and merged mining.
The sharding design used in Jax.Network has multiple advantages. It reduces the storage and network traffic requirements for nodes in the network. It also eliminates the bottleneck of block propagation delay and decreases the volatility of mining rewards. All together, these features have a positive effect on the network scalability and decentralization.
In Jax.Network, miners can choose the subset of shards that they want to mine. They can manage their workload according to their computing capabilities.
With the blockchain scalability trilemma being solved, Jax.Network aims to create the first truly scalable and stable coin. If this coin is mass adopted, the global financial ecosystem can be changed forever. With that in mind, Jax.Network caters to the payments market and wants to compete with giants like Visa and Mastercard.
Right now Jax.Network is at its Proof of Concept stage moving forward according to the roadmap. Eventually, the project wants to transform the organizational systems in the world using blockchain technology. To achieve this, the team has plans to build the necessary infrastructure, including a mining pool, transfer hub, blockchain explorer and API, a crypto wallet & instant messenger.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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7 IRS Tax Lessons From John McAfee’s Tax Evasion Indictment
Colorful tech figure and sometimes taunter of the IRS John David McAfee has been indicted for federal income tax evasion. Given his profile, particularly such antics as proclaiming that he isn’t filing tax returns but the IRS can come find him, it may not seem a surprise that McAfee is in some serious hot water. He has long been completely out of the antivirus company that bears his name, but he has still been in the news in numerous controversial ways over the last decade. Everyone has to file tax returns of course, even McAfee, and failing to file can be criminal. The indictment dates from June 15, 2020, but it was just unsealed following McAfee’s arrest in Spain where he is awaiting extradition to the U.S. This is an indictment, so the charges have yet to be proven. But it may be hard for McAfee to explain himself after he once colorfully admitted to not paying taxes in a video posted on Twitter. According to the indictment, McAfee earned millions from promoting cryptocurrencies, consulting, speaking, and selling the rights to his life story. From 2014 to 2018, the feds allege that McAfee failed to file tax returns despite receiving considerable income. How could he not file returns or report income?
John McAfee, founder of McAfee Associates Inc. and chief cybersecurity visionary at MGT Capital … [+] Investments Inc., speaks during a Bloomberg Television interview on the sidelines of the Shape the Future: Blockchain Global Summit in Hong Kong, China, on Wednesday, Sept. 20, 2017. McAfee, who now runs a bitcoin mining company, says China’s banning of initial coin offerings won’t halt the momentum of cryptocurrencies globally. Photographer: Anthony Kwan/Bloomberg
The indictment alleges that McAfee directed that payments due him should instead go into bank accounts and cryptocurrency exchange accounts in the names of nominees. Hiding things, after all, doesn’t change the tax impact, and can actually make matters worse. The indictment also claims that he tried to evade the IRS by putting other names on real estate, a yacht and more. These are only allegations, but if he is convicted, McAfee faces a maximum sentence of five years in prison on each count of tax evasion, and a maximum sentence of one year in prison on each count of willful failure to file a tax return. He can also expect to pay taxes, big penalties, and interest. McAfee is presumed innocent unless and until he is proven guilty beyond a reasonable doubt, but as McAfee and his legal team mount a defense, here are some key lessons:
Report your income, and always file. You must file a tax return each year with the IRS if your income is over the requisite level. Don’t forget, and don’t be late either, even if you can’t pay what you owe. File anyway, and you can work out payments later. The statute of limitations on audit—usually three years and sometimes six years—can’t even begin to run until you file your return. So file, and remember, the U.S. taxes all income wherever you earn it.
Be accurate too. Failing to file is bad, but filing false returns is arguably worse. The criminal law seems to set that pecking order. Remember, Wesley Snipes was convicted of three misdemeanor counts of failing to file tax returns, and misdemeanors carry lower penalties than felonies. Filing falsely is a felony. You have to file, but make your return as complete and accurate as you can.
Transparency is good, secrecy is bad. Hiding things nearly always looks bad. You might have good reasons to hide things from competitors, an ex-spouse, etc. But don’t hide from the government. Even if there is a good reason to hide ownership from the public, make sure the ownership is not hidden from the government. Report your entities on your tax return, and file returns for them where required.
Don’t obstruct the IRS. Don’t engage in evasive or obstructionist behavior on your returns, or during an IRS audit. Many taxpayers in a civil audit seem to think they can outsmart the IRS or manipulate the government to come out ahead. That doesn’t mean you have to agree with everything the IRS says in an audit. However, there is an established way of proceeding, and an above-board way to communicate with the IRS. Deception and obstruction are not the way.
Don’t be willful. According to the IRS, willfulness is a voluntary, intentional violation of a known legal duty. You may not have meant any harm or to cheat anyone, but that may not be enough. Besides, in some cases mistakes are hard to argue were truly innocent. Can McAfee argue that he didn’t know he had to file returns? It is hard to see how. The failure to learn of filing requirements, efforts to conceal, etc., may mean that a violation was willful. Even willful blindness, a kind of conscious effort to avoid learning about reporting requirements can be enough.
Report foreign accounts and assets too. This was one of the big lessons from Paul Manafort’s conviction, and it commonly features in tax cases. If you have an interest in any foreign bank, securities, or other financial accounts, pay attention. Even a signature power is enough, even if it is not your money. You must file an annual FBAR if the aggregate value of the accounts at any point in the calendar year exceeds $10,000. Penalties are huge, and can swallow entire accounts (yes, 100%). Criminal penalties can include up to 10 years in prison. Remember Form 8938 (for FATCA) and 5471 (for foreign companies) too. If you forget these forms, your IRS audit statute of limitations never runs.
Watch Your Lifestyle. It’s bad enough if you are skirting your tax obligations. But, if you are doing that and simultaneously living lavishly, it can look even worse.
Author: Robert W. Wood
No licence issued to trade cryptocurrencies in Oman, CBO warns public
MUSCAT : The Central Bank of Oman (CBO) has warned the public against dealing with cryptocurrencies such as Dagcoin.
In a statement issued on Tuesday, CBO has once again clarified that cryptocurrencies are not a legal tender in the Sultanate of Oman and no licence has been granted to any institution or body to trade cryptocurrency or similar products in the country.
Further, the Central Bank of Oman has not given any license/authorisation to any entity for dealing in cryptocurrencies or similar products. Hence, using, holding and trading of cryptocurrencies and similar products are neither guaranteed by the Central Bank of Oman nor protected by the Banking Law 114/2000 as a Central Bank money,” CBO explained.
“Members of the public are cautioned that users, holders and traders of cryptocurrencies and similar products may be exposed to potential financial, operational, legal, and security related risks, in addition to the lack of customer protection. Anyone dealing in such cryptocurrencies and similar products will be doing so at their own risk and responsibility,” CBO added.
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Cryptocurrencies Price Prediction: Ripple, NEO & Theta – American Wrap 5 October
XRP is finally showing signs of recovery after a massive breakout from an important pattern formed on the daily channel. Several technical indicators are showing that XRP could be poised to hit $0.30 in the short-term.
NEO is down 12% since the beginning of October and continues trading inside a downtrend. Despite the launch of Flamingo, a decentralized finance protocol built on top of NEO’s blockchain, the price of the digital asset has continued to drop.
For the most part, THETA has been flat and trading sideways from 2018 until February 2020. In the last seven months, THETA has managed to see a vast $600 million growth in market capitalization.
Author: FX Street