Bitpoint exchange briefed fiscal year losses, Binance donated masks to Japanese nursing homes, and more headlined news from Japan this past week. A list of private cryptocurrencies that claim to offer enhanced security and protection of user identity. The Best in Blockchain & Cryptocurrency
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This week’s headlines from Japan included BitBank exchange adding three trading pairs, Bitpoint exchange posting decreased fiscal year totals, Bitpoint adding information on its 2019 hack, and Binance donating masks to Japanese nursing homes through its charity arm.
Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan.
Japan’s BitBank exchange gave details this week on three upcoming additional trading pairs. The platform originally unveiled the fresh pairs in late April. On May 24, BitBank will complete a four-hour offline upgrade to put the pairs into play.
After the upgrade, customers can trade Ethereum (ETH) against the Japanese yen (JPY), Ripple’s XRP against Bitcoin (BTC), and Litecoin (LTC) against the yen.
Bitpoin’s fiscal year finished on March 20, 2020, showing sales totals 44.4% lower than the year prior. The company ended the year with operating losses in the red, although the outfit hosted less total loss than the prior year.
Bitpoint suffered a hack in July 2019, bleeding $2.3 million in the process. The hack resulted in temporary exchange closure, followed by a staged reopening, resuming full service in December 2019. In total, the ordeal proved expensive for the company, contributing to the overall fiscal year losses.
The exchange also announced plans for new know-your-customer, or KYC, functions, new interfacing and additional asset capabilities. Additionally, Bitpoint plans on dialing back its international efforts, focusing on its domestic endeavors.
Bitpoint released additional intel surrounding the hack it suffered in 2019. No evidence of unauthorized access was reported, meaning someone might have pilfered digital asset private keys via the maintenance server.
“It is highly possible that the maintenance server was hacked and intruded,” a Bitpoint announcement said, as covered by Cointelegraph Japan. The announcement added:
Authorities continue an ongoing investigation surrounding the hack. Bitpoint transitioned to a cold wallet-based operation following the breach.
In light of the coronavirus pandemic, the Binance Charity Foundation donated face masks to a Japanese nursing home, via the Japan Federation of care Business Providers.
Binance has donated crypto assets to fund various medical supply donations in multiple regions, including China and Italy.
Author: Benjamin Pirus
The Five Most Private Cryptocurrencies
Cryptocurrencies have gained popularity due to several factors, including privacy and anonymity. Some of them help users to conceal their identities and their transactions. Amid mounting concerns about the anonymity of early cryptocurrencies, such as Bitcoin, users are searching for new options.
Let’s take a look at the top privacy-oriented cryptocurrencies, which have several built-in privacy features. They claim to offer enhanced security features that help to keep users’ identities and activities concealed.
Monero (XMR) stands at the top of the list. This cryptocurrency’s popularity has been on the rise, primarily due to its ability to help anonymize users. Monero transactions are much more difficult to trace because they use ring signatures and stealth addresses. These methods help to hide the identities of the sender and the receiver. Additionally, Ring Confidential Transactions, or RingCT, helps to conceal the transaction amount, providing more privacy.
Trading at $64.19 as of May 23, 2020, Monero was the sixteenth-largest cryptocurrency with a market cap of $1.13 billion.
Zcash (ZEC) defines itself as “If Bitcoin is like http for money, Zcash is https,” underlining its enhanced security and privacy features. Zcash has implemented a cryptographic tool called Zero-Knowledge Proof and grants participants an option to shield transactions. It allows participants to transact without any of them revealing their addresses to the other(s). Zero-Knowledge Proof also obfuscates the transaction amount.
Zcash ranks at number 26 in the list of cryptocurrencies with a market cap of $435 million, trading at $47.22 as of May 23, 2020.
Komodo (KMD) started as a fork of Zcash, so it inherits many of Zcash’s privacy features. In particular, Komodo shares the Zero-Knowledge Proof protocol for preserving privacy. Komodo focuses on making transactions more secure. Perhaps the most important advance associated with Komodo is the atomic swap DEX protocol that powers the P2P exchange AtomicDEX. Atomic swaps allow users to directly exchange different digital assets without centralized control. While the intention was to reduce the well-known security issues with cryptocurrency exchanges, atomic swaps also improve privacy.
Komodo was priced at around 59.84 cents and had a market capitalization of $71.8 million. That made it the 77th largest cryptocurrency as of May 23, 2020.
Instead of relying on cryptographic techniques, Verge (XVG) banks on the existing and tested technology of The Onion Router (TOR) and the Invisible Internet Project (I2P) to protect users’ identities. TOR bounces a user’s communications over a distributed network of relays and tunnels run by volunteers spread across the globe, thereby hiding the user’s identity. On the other hand, I2P encrypts user data before sending it through an anonymous, peer-to-peer, and volunteer-run globally distributed network. It allows hiding the locations and IP addresses of the transacting participants.
Verge made headlines when a popular adult website adopted it to start accepting cryptocurrency payments. The primary reason for the development was Verge’s privacy features.
As of May 23, 2020, Verge ranked 85th by market cap with a total value of $63.3 million and an exchange rate of 0.39 cents.
Horizen (ZEN) offers privacy shielded Z-Addresses and public T-Addresses that work similarly to Bitcoin. However, sending funds from a Z-Address to a T-Address will show the amount received. Horizen also boasts a vast node network, which helps to improve anonymity.
On May 23, 2020, Horizen traded at $6.58 and had a total market cap of around $60.1 million. That made it the 88th largest cryptocurrency.
While privacy is a much-desired feature in the virtual world, it brings with it the perils of a large criminal element. Cryptocurrency operators have to fend off numerous hacking attempts by malicious participants. Law enforcement agencies and regulators are also more likely to investigate people with large transactions. Though Bitcoin remains the most popular choice, it is constantly being targeted by government agencies. They have become quite good at tracing Bitcoin transactions, creating a strong incentive to switch to more private cryptocurrencies.
Investing in cryptocurrencies and Initial Coin Offerings (ICOs) is very risky and highly speculative. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.
Leaderboard – The Best in Blockchain & Cryptocurrency – Week 21
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Author: Crypto Chick
Топ-100 криптовалют, их рейтинг, стоимость и капитализация – BitcoinNEWS
Research draws parallels with astrophysics to explain rapid rise of cryptocurrencies
Cryptocurrencies like Bitcoin have made immense inroads with regard to their value and legitimacy in most economies and societies. What was once touted as ‘drug dealer money’ today is seen more for its worth, setting aside the very many prejudices that surrounded cryptocurrencies. Interestingly in the past few years with Bitcoin gaining increased recognition, the crypto-market has erupted with a wide gamut of cryptocurrencies.
A recent paper published by researchers from the University of Athens titled “The Explosion of Cryptocurrencies: A Black Hole Analogy” draws parallels with the world of astrophysics and the booming crypto-sphere in a bid to explain the rapid rise of cryptocurrencies that currently are present in the market. While many cryptocurrencies are far from useful and many seemingly illegitimate, the past few years have definitely registered a disproportionate increase in cryptocurrencies and tokens.
The study noted that there exists a ‘self-gravitational property in the crypto-market’. The gravitational property in the case of the crypto-market is elaborated in the paper by drawing parallels to astrophysics. The number of traded cryptocurrencies according to the researchers denote the mass of the crypto-market, and when considered at a singular point in time is considered to be the ‘gravitational force’. The paper argues that,
“Therefore, putting some more structure on the analogy, we consider the cryptocurrency market as a self-gravitational body whose mass is denoted by the number of cryptocurrencies traded.”
It went on to add that the primary hypothesis for the crypto market revolves around the fact that,
“The mass of the market (number of traded cryptocurrencies) increases, gravitational force increases, and consequently more cryptocurrencies are born (traded) in the next period.”
In the past few years, the over-saturation of the crypto-market with altcoins has led to them commonly being referred to as ‘shitcoins’ and very many among these obscure cryptos seems to have close to no value at all and are at best speculative assets with zero use case or utilitarian worth.
While this proliferation of altcoins may imply greater growth of the crypto-market, it can also in turn backfire and once again plague the ecosystem by labeling it yet another cash grab. In a recent interaction, CoinJanitor’s Kinegsberg expressed his concern, he stated,
“The risk isn’t with other altcoins existing; the risk is with other people who are supposed to know what they are talking about suggesting that crypto is about making money. Crypto isn’t about making money. It’s about adoption, it’s about use, it’s about making the world a better place.”
Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature.
Author: Published 3 hours ago on May 24, 2020
By Jude Lopez