Russia Developing AI System to Monitor Cryptocurrency Transactions — Prototype Already in Use

Russia Developing AI System to Monitor Cryptocurrency Transactions — Prototype Already in Use

Russia is reportedly developing a system using artificial intelligence to track and analyze transactions involving cryptocurrencies, such as bitcoin, dash, and monero. The system prototype has alre… With a total of more than 14,000 branches in 83 regions of the country, Sberbank is Russia’s largest bank. This coverage has enabled it to control the liquidity of the Russian economy since it supports a third of its banking system. With such importance on the national scene, the bank naturally sees the big picture … To say that 2020 has been full of unexpected changes would be an understatement. Disruption has been a theme across nearly all industries, but this hasn’t be… With the recent massive fluctuation in Bitcoin, there has been a renewed interest in cryptocurrencies. These 10 are the ones you should monitor and invest in 2018. Spread the loveAccording to crypto economy expert Renato Rodríguez, Bitcoin could be a solid solution to face the 2020 crisis. Bitcoin was created in 2009 as a response to the… Coingecko ranks cryptocurrencies according to their market cap. The market cap is calculated by multiplying the price of one coin, by the total amount of circulating coins. Today we will look at the top 5 most expensive coins among the top 100 coins by market cap. 5. Bitcoin Cash 302 $ Bitcoin Cash is the first and …

Russia Developing AI System to Monitor Cryptocurrency Transactions — Prototype Already in Use

Russia is reportedly developing a system using artificial intelligence to track and analyze transactions involving cryptocurrencies, such as bitcoin, dash, and monero. The system prototype has already been created and is currently being tested. This news followed the signing of crypto regulation into law by President Vladimir Putin.

The Russian government is planning a new system to track bitcoin transactions, local media RBC reported Monday, citing a letter to Parshin Maxim Viktorovich, Deputy Minister of Russia’s Digital Development, Communications and Mass Media. The letter, which it has seen, describes a plan for the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) to monitor cryptocurrency transactions.

Rosfinmonitoring is tasked with collecting and analyzing financial transactions to combat domestic and international money laundering, terrorist financing, and other financial crimes. According to the letter:

Rosfinmonitoring plans to develop a system for analyzing cryptocurrency transactions using artificial intelligence (AI).

The project, called “Transparent Blockchain,” will “partially remove the anonymity of participants in transactions with cryptocurrencies in Bitcoin, Ethereum, Omni, Dash, and Monero systems,” the letter reportedly notes. The authorities, the Bank of Russia, and financial organizations will be able to use the system to monitor and analyze the movement of cryptocurrencies, identify service providers, and conduct investigations related to their illegal circulation.

The letter also details an “urgent need” for Rosfinmonitoring to monitor crypto transactions to give the government control over the circulation of cryptocurrencies. This is to prevent crypto assets from being used in “illegal schemes,” it adds, giving some examples of “drug trafficking, tax evasion, cybercrimes, contract killings, sale of information from closed databases, [and] financing of extremism.”

Furthermore, Nikita Kulikov, member of the State Duma’s expert council and founder of Pravorobotov Autonomous Non-Profit Organization, noted that Rosfinmonitoring plans to create an AI to “monitor the entire internet in search of illegal actions with crypto assets,” such as signs of money laundering and terrorist financing.

The prototype of this system has already been created and tested in the field of drug trafficking control, the letter details. It was developed by the Lebedev Physical Institute of the Russian Academy of Sciences, one of the leading Russian research institutes specializing in physics. The Ministry of Internal Affairs became acquainted with this prototype and got interested in its use, the letter elaborates.

So far, the system has been developed without federal funding. However, to take it to the next level and provide it as a governmental service, preliminary data suggests that the project will require 760 million rubles ($10.33 million) from the federal budget: 440 million rubles this year, 230 million rubles next year and 90 million rubles in 2023.

A law regulating cryptocurrencies in Russia has recently been signed by Putin. It provides cryptocurrency with a legal framework but prohibits its use for payments.

What do you think about Russia developing a crypto monitoring system? Let us know in the comments section below.

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The next stablecoin will be Banking ... and Russian - Cryptocurrencies

The next stablecoin will be Banking … and Russian – Cryptocurrencies

With a total of more than 14,000 branches in 83 regions of the country, Sberbank is Russia’s largest bank. This coverage has enabled it to control the liquidity of the Russian economy since it supports a third of its banking system. With such importance on the national scene, the bank naturally sees the big picture and has decided to get into cryptocurrency. According to statements made by Sergey Popov, director of transactions at Sberbank, the bank is considering issuing its own stablecoin which could be pegged to the Russian ruble.

On July 31, the Russian President Vladimir Poutine officially signed the bill on DFA (Digital Financial Assets). This law prohibits any Russian resident from using cryptocurrencies such as bitcoin to make all kinds of payments from 1er January 2021. However, exchanges between crypto are authorized, the purchase, their sales or loans. It is in this context that the Sberbank decided to embark on the project of developing a stablecoin in the country.

In accordance with the words of the directors of the bank, the stablecoins in question may be used for settlements involving other digital financial assets. Sergey popov reassured that the issuance of the stablecoin would be done in strict compliance with the law that had just been adopted in the country. “We could probably issue a stablecoin based on the law that was recently passed. As we can relate this token to the ruble, it could become a basis or instrument for settlements involving other digital financial assets. “ he thus declared.

Several past initiatives of the Sberbank suggest that it has been preparing for a long time to jump into the deep end of cryptocurrency. Last November, the bank had developed a blockchain solution for repo transactions better known as REPO.

Last May, she invested just over $ 100 million to acquire 5,000 vending machines multiple chains capable of mining cryptocurrencies. An acquisition that already announced the bank’s ambitions in the field, even if no information had filtered through at the time. With the announcement of a future stablecoin issuance having been made only days after the adoption of the DFA law, we can imagine that their project was ready in the starting blocks.

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As of yet, no timeline for the stablecoin exit has been made public by Sberbank after its trading director said. The bank should move cautiously on the file when we know that it had to abandon a project on cryptocurrencies last year because of the reluctance displayed by the country’s central bank.

Source: personal-financial.com


Cryptocurrencies Go Mainstream 2020

Cryptocurrencies Go Mainstream 2020

To say that 2020 has been full of unexpected changes would be an understatement. Disruption has been a theme across nearly all industries, but this hasn’t been negative for every sector. As traditional institutions continue to crack under pressure, cryptocurrency adoption could be on the verge of taking off.

Tumultuous times often provide fertile ground for widespread change, and the turn toward crypto could be one such shift. The first half of 2020 has been promising for cryptocurrency, and the second could be even more so. If current trends continue, this year could be the one where crypto breaks into the mainstream.

The world has been experiencing a digital transformation for years, but COVID-19 has sped things up. As face-to-face business has become a less viable option, companies have rushed to adopt new digital processes. Some estimates hold that five years’ worth of digital adoption occurred in just a couple of months.

This trend toward digitization is good news for crypto, which is as digital as it gets. Crypto exchanges happen online, and these currencies don’t represent any physical assets. They’re an innately digital technology, making them ideal for a digital world.

As more transactions are happening online, crypto stands as a more tempting option. Since cryptocurrencies rely on blockchains, they offer more security than digital credit card transactions. With more online exchanges come more cyberthreats, so this increase in security is essential.

Another trend that the coronavirus pandemic has spurred is a distrust in older systems. Under the stresses of COVID-19, some institutions have started to crumble, causing trouble for businesses. With traditional financial systems like the U.S. Mint and the stock market floundering, crypto becomes more appealing.

Due to the pandemic, the Mint has had to slow operations, leading to a nationwide coin shortage, affecting business. Many retailers have shifted away from accepting cash in response, favoring electronic payments. With more stores having to accept digital currency, taking the next step toward crypto comes easier.

Cryptocurrency adoption could also rise as investors grow suspicious of the stock market. The pandemic has caused a global recession, which affected Bitcoin too, as its price fell to $3,000 in March. Unlike most of the stock market, though, Bitcoin’s value recovered and is now back to more than $9,000.

Crypto may not be immune to substantial market changes, but it’s less affected than traditional investments. Since crypto is decentralized and not tied to fiat currencies, these shifts don’t affect it directly. As a result, disillusioned investors may turn to it during and after the COVID recession.

Blockchain adoption has seen steady growth in recent years, and 2020’s unique needs could accelerate this trend. In April of last year, the retail giant Amazon launched a blockchain management service to the general public. Earlier this year, Google partnered with a blockchain company, Theta Labs, bringing it one step closer to the technology.

This trend is happening on a national scale, too, not just with individual corporations. Nations like Sweden and China are interested in applying blockchains to their sovereign currencies. Blockchain application on a country-wide scale would bring international attention to the potential of related technologies like crypto.

Blockchain is not the same as cryptocurrency, but it is the underlying technology that enables crypto. The association between the two is strong enough that a rise in blockchain adoption could easily lead to a similar trend in cryptocurrency adoption. If companies and nations gained experience in working with blockchains, adopting crypto wouldn’t come with a steep learning curve.

Perhaps the best indicator of cryptocurrency’s potential is the performance of the crypto sphere itself. While 2020 has proved harsh for many exchanges, that’s not true of cryptocurrency. Monthly crypto trading volume lept by $400 billion between January and February and has remained high since.

Of the 15% of Americans who own cryptocurrency, more than half of them invested in it this year. Another 11% of surveyed Americans plan to invest in cryptocurrency within the next 12 months. If that happens, then more than a quarter of American adults would have crypto investments, making it reasonably mainstream.

As more individuals take an interest in cryptocurrencies, businesses follow suit, further legitimizing the concept. Financial services are increasingly looking into cryptocurrency valuation, equating it to traditional assets in terms of legitimacy. With more people investing in crypto, companies may be missing out on a market demographic if they don’t recognize it.

With record investments and growing social trends, cryptocurrency adoption could skyrocket in 2020. It may not replace traditional currency anytime soon, but the idea of it becoming mainstream is not unfounded.

These trends suggest 2020 could be the year of cryptocurrency. Of course, if there’s any lesson to be learned this year, it’s that the future is always uncertain. Cryptocurrency’s future certainly looks positive, but nothing is guaranteed.

Source: socialnomics.net

Author: Devin Partida


10 Best Cryptocurrency to Invest in 2020 (Next Big Altcoins)

10 Best Cryptocurrency to Invest in 2020 (Next Big Altcoins)

Cryptocurrencies have been in the news a lot lately. Almost every person around tends to be speaking about these non-stop.

The main reason for this sudden new interest has been the spike in the prices of Bitcoin and other cryptocurrencies. Naturally, people have been intrigued by this entirely-digital currency platform and have been wondering how to make money out of it.

First things first, there’s something important you MUST know. Investing in Bitcoins or cryptocurrencies is a highly speculative activity. The ups and downs follow no specific pattern and the market is unregulated. Therefore, you should be aware of this ground reality before processing any further.

To start with lets first understand what a cryptocurrency is. Normal currencies like the dollar or the pound are issued by the central banks of different countries. These currencies are valid only because they’re guaranteed by the central banks of their respective countries. They are available in coins and banknotes which can be used for making transactions.

Cryptocurrencies, on the other hand, are completely digital. They work on something called a “blockchain” mechanism where every transaction is recorded in a single ledger using encryption. These currencies are not controlled by any central bank or authority and, therefore, are considered to be outside governmental control.

As a result, details of cryptocurrencies and their holders are completely anonymous. The transactions made through cryptocurrencies are also anonymous since there is no identifiable record of who exactly holds which cryptocurrency and in what amount.

This has made Bitcoin and other cryptocurrencies a favorite tool of those who wish to remain anonymous while conducting their activities. Payments can be made on the Dark Web using cryptocurrencies mainly because they are untraceable and outside government control.

This fact has greatly contributed towards the rise in the value of cryptocurrencies. Of course, there are some genuine applications of these currencies and, increasingly, a lot of renowned international websites and merchants have started accepting them as a legitimate form of payment.

With a plethora of cryptocurrencies out there in the market, the biggest question that people face is: which of these should I be tracking?

We did some research to find out the 10 most important cryptocurrencies (Bitcoin alternatives) in the market that are legit and worth looking at for an average person.

The trend of Google Searches for “Cryptocurrency”

Here’s a list of the 7 Best Cryptocurrency to Invest in 2020:

Ethereum is a cryptocurrency proposed by Vitalik Buterin, who was a computer programmer. It was launched in July 2015 with about 12 million pre-mined coins. Ethereum saw a massive spike last year as it grew over 13,000% in value making it a phenomenal investment option for cryptocurrency enthusiasts.

Ethereum is your very best to purchase, sell and trade in 2018. According to the Coinmarketcap, Ethereum is the most market capped crypto in the market after bitcoin.

Recommended Exchange: Binance

The company is headed by Sunny Liu who has been a C-level executive at several Fortune 500 companies in the past.

As an Upcoming cryptocurrency project, VeChain’s basic aim is to develop supply chain solutions for Chinese corporates which will also help them in preventing counterfeiting.

Why is Ve Chain future-proof Coin?

Recommended Exchange: Binance

Backed by a company with the same name, Ripple has recently been in the news for its widespread adoption by several companies. Even reputed institutions like MIT now accept Ripple as a legitimate form of payment.

Even a startup called Omni recently raised its Series C and D funding of USD 25m completely using Ripple rather than traditional currencies.

Recommended Exchange: Binance

Started in 2011, Litecoin is modeled on the Bitcoin framework and was the idea of a Google employee named Charlie Lee. The USP of Litecoin is that it processes a block every 2.5 minutes thus making it a much faster means of processing transactions.

Between November and December 2017, Litecoin saw a tremendous jump in its value and has made it one of the top cryptocurrencies in the world.

Recommended Exchange: Binance

Also Read: Buy JioCoin, Launch Date, Price, Minning: All you need to know

Dash (which stands for Digital Cash) is an independent Next big Altcoin platform which started in 2015. With a market capitalization of USD 4.8bn, Dash handles close to USD 100m worth of transactions per day thus making it one of the world’s top cryptocurrencies.

Recommended Exchange: Binance

ZCash currently has 21 million coins in circulation and their payments are listed on a public blockchain. Zcash also provided users with the option of complete anonymity by masking details of transactions including the names of the payer as well as those of the recipient. However, unlike many other cryptocurrencies, Zcash allow users to receive a copy of the records of payments made by them.

This is to enable individuals and corporations to comply effectively with money laundering and taxation laws while still being able to transact using a cryptocurrency.

Recommended Exchange: Binance

Founded by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov in 2015, IOTA is going to be among the most-talked-about cryptocurrencies in 2018. Thanks to its unique blockchain architecture, transactions made on IOTA are completely free regardless of the ticket size of the payment.

This is an extremely useful feature especially for a cryptocurrency which aims to become a payment mode that’s adopted by startups and tech corporates alike.

IOTA also operates the IOTA Foundation and has already tied up with companies like Deutsche Telekom, Fujitsu, and Microsoft. Considering all these factors, IOTA is among the cryptocurrencies to watch out for in 2018 as it aims to integrate itself better with mainstream payments. IOTA also aims to get heavily integrated into the Internet-of-Things (IOT) ecosystem so that’s another space worth watching out for.

Recommended Exchange: Binance

Steemit is a blogging and social media platform that has now integrated itself into the world of cryptocurrencies. On the Steemit platform, users get awarded tokens for writing comments, creating blogs, and for generating content which can be used for payments on the internet. This is, therefore, an excellent way of mining cryptocurrency by generating online content.

As of now, Steem dollars and tokens can be used for payments only within the platform. However, as Steemit grows, we can soon expect to see this cryptocurrency gaining wider traction for payments made on the internet using blockchain technology.

Recommended Exchange: Binance

Monero’s USP lies in the fact that it is a completely anonymous and untraceable cryptocurrency. Transactions recorded on the blockchain on this cryptocurrency are untraceable which makes it extremely lucrative for several advocates of citizen privacy. Launched in 2014, Monero is an open-source cryptocurrency platform which uses a combination of stealth addresses and ring signatures to mask details of transactions.

Since its inception, Monero has seen an upward climb of over 1300% in value making an extremely interesting and viable investment option for those looking to enter the Most Promising cryptocurrency space.

Recommended Exchange: Binance

The developments of the past year have led to an increased public interest in cryptocurrencies. With their massive investment potential combined with their impeccable privacy norms, cryptocurrencies are gradually on their way to being heavily adopted by the mainstream.

As said earlier, the price fluctuations in the value of cryptocurrencies are something everyone needs to be aware of and take with a pinch of salt. Currently, there exist no concrete models to predict the price trends of cryptocurrencies so investors should realize that this is an extremely speculative proposition.

That said, the base technology of blockchains that powers these cryptocurrencies will soon see many applications in our day to day lives.

Therefore, you can definitely say that  Upcoming cryptocurrency is a space which will see a ton of excitement and interest in the coming year.

Source: www.reviewsxp.com

Author: By Craig Simmons


Renato Rodriguez - Cryptocurrencies are a Safe Investment Method

Renato Rodriguez – Cryptocurrencies are a Safe Investment Method

According to crypto economy expert Renato Rodríguez, Bitcoin could be a solid solution to face the 2020 crisis.

Bitcoin was created in 2009 as a response to the crisis caused by the U.S. housing bubble burst in 2008. The measures the government took to boost the economy after the crisis were risky and made clear to many that money isn’t under the control of the people. More than ten years later, Bitcoin’s success is an example of how the population wants to regain control over their money.

In 2020, the global economy suffered another blow with millions of unemployed people and the unprecedented closure of countries and businesses worldwide. Despite the fact that many industries were strongly affected by the situation, in late July 2020, Bitcoin reached its highest price in months. A victory that not many can claim this year.

In Latin America, cryptocurrencies and Bitcoin have slowly and surely gained popularity. An important promoter in the Spanish-speaking territory on this subject is Renato Rodríguez. He has worked for years driving the adoption of digital assets. Today, when many suffer from the recession and crisis, Rodríguez encourages people to prepare for the future through cryptocurrencies.

The expert commented, “Cryptocurrencies are the least fragile financial asset that exists today.” Seeing the behavior of the most important cryptocurrency (Bitcoin) during this year full of uncertainty, it’s easy to conclude that cryptocurrencies are a reliable option for the future.

Even though the promise of Bitcoin seems solid, Rodríguez advises people not to invest more than they are willing to lose, and to know that “cryptocurrencies aren’t a method to get rich quickly. They are method to get free quickly.”

Renato Rodriguez

Saurabh Singla

Saurabh Singla, Founder of CaphIQ, is an Indian Entrepreneur, Active Author, Marketing, and Fundraising Consultant. His breakthrough is primarily from generating millions of digital impressions for Entertainment, Blockchain Industry, and various Startups.

Source: www.vernamagazine.com

Author: by Saurabh Singla


The 5 Most Expensive Cryptocurrencies in the Top 100

The 5 Most Expensive Cryptocurrencies in the Top 100

Coingecko ranks cryptocurrencies according to their market cap. The market cap is calculated by multiplying the price of one coin, by the total amount of circulating coins. Today we will look at the top 5 most expensive coins among the top 100 coins by market cap.

Bitcoin Cash is the first and most successful hard fork of Bitcoin. The fork happened in mid-2017. The original protocol kept the BTC ticker, while the new one known as Bitcoin Cash, uses the ticker BCH. At block number 478,599, everyone with a certain BTC balance obtained the same equivalent balance of BCH. The two cryptocurrencies share the same history up until this block, after which they went separate ways.

The reason behind the fork was the longstanding disagreement within the community over how to scale the chain. For the BTC community, Lightning-Network was the solution. BCH however, sees the solution in allowing for bigger block sizes.

As far as value goes, BCH has been losing value against BTC for most of its existence. BCH was additionally forked later, this time giving birth to BSV (Bitcoin Satoshi Vision). This fork further cost BCH value. Time will show which community will be the most successful at scaling.

Ethereum ist the first blockchain allowing smart contracts. Users can implement code on the Ethereum blockchain, which can be accessed to execute transactions. The Ethereum language is Turing complete, meaning it can be used to solve any reasonable computational problem one can imagine.

Ethereum garnered a lot of attention right upon its mainnet launch. The price saw a fast rise until it reached the second spot behind Bitcoin in total market capitalization. Ethereum also went through a fork. In 2016, a hacker was able to steal millions of US$ worth of ETH, by exploiting a mistake in a smart contract. The community largely agreed on canceling the incident by turning the blockchain back to right before the hack happened. Some people disagreed, and the Ethereum Classic fork was created.

Ethereum is until this day the number 1 platform for smart contracts. Profiting from the network effect, it has given a hard time for competitors to catch up. Ethereum’s main challenge at the moment is with scaling. The solution to this, Ethereum 2.0, has seen its launching date postponed several times already. Ethereum 2.0 is now in its final testnet phase. The price of ETH is currently booming, in part fueled by the rise of DeFi.

MakerDAO is one of the earliest projects on Ethereum. It allows the issuance of a decentralized stablecoin pegged to the US-Dollar. To do this, ETH or ERC-20 tokens are deposited, backing the price of the stablecoin. The concept was first developed by Bitshares, and later perfected by Maker.

The Dollar-pegged stablecoin is the DAI and is used by many other projects. MakerDAO experienced a lot of pressure during the crypto-crash in March 2020. The crash caused the crypto backed stablecoin to fail, resulting in about $5 Million of damages. However, this hasn’t caused the project to give up yet, as it remains one of the leading DeFi applications. The project currently leads the DeFi scene, with approximately $1.5 Billion in total value locked (TVL).

yearn.finance is the youngest project on our list. the project specializes on “yield farming”. Through a smart contract, it chooses the most lucrative Ethereum DeFi protocols at a given moment. yearn.finance then lends out the staked assets of its users in a way to maximize their interest rates.

In the last few weeks, yearn.finance’s token YFI has seen an incredible increase in valuation. The project is developed by South Africa native Andre Cronje, who recently complained about the toxicity in the DeFi scene. YFI was listed on Binance yesterday. One of the reasons behind its high price is also its low supply: 30.000 YFI in total. Not bad for a “completely valueless” governance token.

Bitcoin, the mother of all cryptocurrencies, not only has the highest market cap, but also the highest coin prices of all the Top 100 coins. The currency was created in 2009 and has since been the uncontested market cap leader. The technical fundamentals in Satoshi Nakamoto’s whitepaper were behind the creation of the entire crypto-ecosytem with all of its facets.

Bitcoin still counts as the most secure of all blockchains, seeing as it is backed by the highest computing power. Time will tell whether or not Bitcoin will remain on top of market. What started as “Peer-to-Peer Electronic Cash System” has slowly morphed into the new “digital gold”.

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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

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Russia Developing AI System to Monitor Cryptocurrency Transactions — Prototype Already in Use


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