The Next Generation of Blockchain is Here, and Its Name is Soferox

Soferox is a brand new blockchain concept (Proof of Pact) created by blockchain experts to maximize all the benefits of current blockchain systems, while at the same time minimizing the difficulties.

The company is seeking to launch via ICO, starting with a presale that is occurring right now, and concluding with a public sale starting September 15.

To explore the innovative idea and technology underlining, we must first understand the existing issues and limitation in our blockchains.

Weak Links in the Chain?

Blockchain technology is the up and coming news in the tech sphere. Even recently, blockchain technology was only something for nerds to discuss around lunch. But in recent months, blockchain, the tech that Bitcoin and other cryptocurrencies is based on has taken the tech world by storm.

Blockchain is starting to make inroads into every field.

The news that Bank of America recently has sought new patents for blockchain technology shows the financial impact that the tech already has. The UN is trying to utilize blockchain technology as well, seeking to help with everything from climate control to refugee management. International real estate markets, new decentralized stock markets, and even medical markets like dental care are being ‘blockchained’ as well.

With all this blockchain boom, however, many industry outsiders are stunned to find that beneath the seemingly soft surface of blockchain technology is a chaos of controversy, creating anxiety among consumers.

Blockchain technology is like the new internet. With technology and control that has caused a massive stir among users, there is still much to do in bringing it safely into the mainstream, and the original blockchain methodologies are in great need of change.

Soferox Paradigm is a Game-Changer

The blockchains that created Bitcoin and Ethereum have both been utilized extensively. However, these chains, while providing the first groundwork for the mainstream acceptance of blockchain, have weaknesses. Soferox has created a platform where these systems will be obsolete within a short time.

First is the issue of block creation.

Bitcoin uses a system called Proof of Work (PoW), where miners of blocks are asked to solve a complex equation in order to build the next block on the chain. While functioning properly to date, PoW is not completely popular simply because of its extensive electricity usage. Miners are also sometimes pushed to create blocks that are empty because of block delay in distribution.

Ethereum currently uses the PoW system, but has indicated that it may well shift to what is referred to as a Proof of Stake (PoS) platform in short order. PoS refers to the block maker owning a large volume of Ethereum – in which case it would not seek to cause conflict in the chain. The PoS system has been heavily criticized by blockchain insiders, who have indicated that t may create a monopolized economy where all the blocks are mined by a centralized group of miners, effectively destroying the purpose of the blockchain itself.

Without question though, the biggest debate among blockchain adherents over rigidity, and that blockchain solutions do not provide for necessary scaling. As blockchain technology has grown in popularity, more transactions have entered the chain. The rigid rules built into each chain, however, make it difficult for block size to increase.

Soferox is creating a new twin-chain platform.

Rules for the blockchain and actual transactions are split onto two separate chains. This ingenious model allows for immutable transactions, while at the same time creating a fluid environment where the rules for managing the chain can be changed without forks or new coins.

What’s more, Soferox does not charge transaction fees, by principle, and has developed a new block creation protocol (a functional hybrid of PoW and PoS called Proof of Pact (PoP)) which will be a better system for both consumer and miner as well.

Pioneering with many to follow

Soferox is currently in the midst of a presale ICO and will launch a full ICO in September 15.  The company is creating the SFX token, and investors who join the ICO during earlier phases will receive greater levels of tokens.

Without question, there needs to be a better technology solution in the core of our blockchain protocols. Ideas such as PoP and companies like Soferox is are innovating the future of blockchain.

This concept has certainly created something that answers the underlying issues that face legacy blockchain systems. As blockchain continues to grow, solutions like PoP might lead the way to more scalable, faster and cheaper transactions.

 

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So that is another day of trading complete out of Europe in our bitcoin price efforts and we have had another pretty solid session. In this morning’s analysis, we noted that the price was setting up for a breakout and that if we were able to get on the right side of this breakout it could be a nice opportunity to ride out the markets as they rebalanced post-correction.

To a certain degree, we got exactly what we were looking for. Price did break out early morning and we managed to jump into a long trade on the breakout, as outlined by our predefined entry points published this morning, and we exited when price hit our (also predefined) take profit.

Subsequent to our exit, however, things have settled down a bit and price has actually taken a bit of a hit to where it currently trades. Going forward, we are very much on the lookout for something similar to the action we played this morning.

So, let’s get some levels in place that we can use for tonight’s activity.

As ever, take a quick look at the chart below before we get started so as to get an idea of where things stand and where we are looking to get into the markets on any volatility. It is a one-minute candlestick chart and it has our key range overlaid in red.

As the chart shows, then, the range we are looking at for the session this evening comes in as defined by support to the downside at 4218 and resistance to the upside at 4258. We will look for a close above resistance to validate an upside entry towards 4275. Conversely, if we see price close below support, we will enter short towards a downside target of 4190. Stop losses on both positions will take us out of the trades if things turn around.

Charts courtesy of Trading View

LATokens research team, formed by Deutsche Bank and McKinsey alumni, prepared the first LAT Crypto Research, outlining that total market capitalization of cryptocurrencies can reach $5 trillion by 2025, with asset-backed tokens driving the growth. To read the full report, follow the link, and we’ll share the highlights with you in this post.

Total Market Cap to Reach $5 tn by 2025

Cryptocurrencies market capitalization has surged by 830% from last August, reaching $165 billion. The adoption rate of cryptocurrencies may be as high as that of cell phones and broadband Internet, thanks to advantages of blockchain, such as low transaction costs, security, transparency, ease of cross-border transactions etc.

By that time crypto wallet penetration can exceed 5% of the world’s population, as the adoption rates of new technologies has significantly accelerated at the beginning of the 21st century. To illustrate, the number of crypto wallets has doubled every year since 2013.

The average wallet size today is $9,835. We expect that by 2025 the average wallet size can exceed $12,000, bringing total cryptocurrency capitalization to $5 trillion. Demand for crypto will be driven by the emergence of less volatile asset cryptocurrencies.

Asset Cryptocurrencies Will Drive the Growth

According to LAT Crypto Research, market capitalization of asset cryptocurrencies, also known as asset-backed tokens, can account for at least 80% of the total market by 2025. As their value is linked to asset prices, ranging from equities and commodities to real estate and works of art, they combine the benefits of blockchain with advantages of investing in hard assets, like greater stability.

Today volatility of crypto markets often makes investors reallocate funds from their crypto portfolios back into fiat and hard assets. Asset cryptocurrencies provide them with an attractive alternative of getting the same exposure while saving costs of conversion from crypto to fiat. They may become indispensable for crypto portfolio diversification.

Notable examples are tokens linked to fiat currencies are Tether (linked to USD), Digix (linked to precious metals) and tokenized shares of blue chips, along with oil and gold listed at the LAT Platform. LAToken analytics expect the value of asset cryptocurrencies to exceed $4 trillion by 2025, driving the growth of the crypto markets.

Trading Volume of Asset Cryptocurrencies to Reach $40 tn by 2025

According to LAT Crypto Research, trading volume of asset cryptocurrencies can exceed $40 trillion by 2025, while in a longer perspective it can exceed the capitalization of the traded assets by 10+ times. The current overall value of the major asset classes today is $600 trillion, thus the trading volume potential of asset cryptocurrencies could reach as much as $6 quadrillion.

Meanwhile tokenization of previously illiquid assets increases their market value by 10–40% as illiquidity costs vanish. High illiquidity costs make asset tokenization a very attractive opportunity for asset owners.

LAToken is the first multi-asset tokenization platform.

We already launched trades of Real Estate LAT backed by ETF at the LAT Platform. You can buy it in your Wallet along with the shares of Apple, Tesla, Google and other blue chips, as well as gold and oil, to diversify your crypto portfolio with real assets without converting to fiat.

 

 

 

Being a hacker means a lot of opportunities for a person —
Access to secured data, respect, money, and reputation. The only thing which is forgotten is the threat of violating the law and regulations, or in simple words, responsibility for committed actions. It could take different forms – fines, restrictions or even imprisonment. Do you still feel like a person who is just suitable for hacking something? What if I tell that there are two types of hackers?

Respecting the Former Idols

The first one refers to the type of which all of us are aware. Probably, most hackers are familiar with the surnames –such as Snowden, McKinnon as well as many others. The second one was the curious child, who was keen on learning computer science. In synopsis, he was so curious that he managed to get into 97 computers of the US Military and NASA in the US.

Snowden was a former employee of CIA, who managed to reveal and leak a broad range of secured information from these sources publicly. It was a great pity to watch some of them get caught by other institutions and moved to a prison for a very long time.

Hacking is a Way to Show Your Protest

And certainly, it is. If someone is about to hack the most secure institution in the USA or any other country, it means at least something. However, it creates the unequal rules of the game. Not everyone protests the same way. There are many who wouldn’t or couldn’t hack into anything and yet want the real democracy to work. And then there are those who choose to voice their displeasure by breaking several laws. Between the two, it is always a better idea to promote the idea of “true” equal democracy by eliminating the threat of one big bad guy, who is going to tell what is good and what is bad by hacking into something, potentially disrupting normal life in the process.

It is a sound idea of putting all the people into the same circumstances, which means the real democracy in the world. All the participants of this process should realize that only the opinion of society matters. That is why the role of hackers is only that of a “bug” in the society on its way to real democracy.

How to Be Not Ashamed of Being a Hacker?

Taking another point of view, the work “hacker” has a bad reputation in the society. However, it is not all that bad as many don’t know that most of these “hackers” operate legally as wardens of security for some companies and even countries.

While the skills used remain the same, those who choose to be white hat hackers are driven by two main motives. The first one is to stay legal and not to end up in a jail somewhere. And the second one is ethics. They would do rather do something that is good for everyone than make a quick buck by exploiting others.

“Hacken is going to launch an ecosystem that would be created entirely for white hat hackers with the purpose of making the information more secure.”

There are lots of opportunities for these types of hackers in the modern day cybersecurity industry. They are the answer to the question posed by any illegal hacker — what if they could manage to earn a concerning amount of money while being legal at the same time?

The answer to that question is a white hat hacker, a person who makes money through his ability to find vulnerabilities while working legally at the same time. Most of them are involved in vulnerability and penetration testing for third party clients, which would grant them the riches with certainty in the next day.

The Market Is Not Ready

Some hackers would say that their service wouldn’t be assessed properly. Even more, they could even go to jail for reporting the vulnerability, which they found. They would be accused of abusing it before reporting it. There are even some cases when people went to jail for reporting issues, even though they never abused the vulnerabilities.

However, there are ways to fix the problem. For example, a young community driven business called Hacken is going to launch an ecosystem that would be created entirely for white hat hackers with the purpose of making the IT infrastructure and data more secure. In turn, the cooperation with Hacken would grant a person with an ability to get rewards for their achievements in a convenient manner. Even more, Hacken is creating a bug bounty platform where each member would get rewards for his accomplishments. But, what is even more important, all the members of Hacken community would remain anonymous, which would help to avoid cases of cheating and persecution.

In order to turn it into a reality, the Hacken team has even created a dedicated, tailor-made cryptocurrency by the same name that would ensure the members’ anonymity while supporting the ecosystem. Through Hacken, white hat hacker communities from across the world can prosper and make the virtual world a much safer place.

Hacken WhitePaper: https://hacken.io/common/files/HackenWP.pdf
Facebook: https://www.facebook.com/hacken.io/
Telegram: https://t.me/hackenio
Bitcointalk: https://bitcointalk.org/index.php?topic=2135278
Join Chat with Hacken: https://t.me/joinchat/B48AhUL2iPblaEcQ-qRqYQ

For the past several months, “ICO fever” has taken over the tech world. Just recently, the record for largest ICO (initial coin offering) was broken by Filecoin, a decentralized cloud storage service, with an astonishing $252 million raised over the course of a month. The ICO has quickly challenged the role of venture capital and traditional angel investing by allowing entrepreneurs to leverage blockchain technology’s global reach. However, another three letter acronym has given many ICO founders a moment of pause: SEC. The SEC has explicitly stated that ICOs can be considered as a security, should they not have a utility beyond equity. The SEC’s stance may scare many new ICO’s away, however, those who’s tokens have a distinct utility now can take comfort that their products won’t get shut down. One of the more interesting utility tokens is Flipcoin, which aims to unite cryptocurrency ATM’s around the country to make bitcoin and other digital currencies more accessible to the masses.

            Flipcoin is the product of Coinflip, an Illinois based bitcoin ATM operator, who has established themselves as one of the big players in the mid-west cryptocurrency scene. When ERC20 tokens using the ethereum protocol as a payment rail started to gain popularity, CEO Daniel Polotsky saw an opportunity to expand and connect with a greater audience without the need to necessarily buy more hardware. Along with 5 other ATM operators around North America (California, Illinois, North Carolina, Ontario, and Michigan), Flicpoin is striving to ease the barrier of entry for those who want to get involved in cryptocurrency by creating a very intuitive user experience and the best prices. Due to the large network of operators, Flipcoin users will never have to worry about liquidity issues that effect pricing that many others who use cryptocurrency ATM’s experience. 

            Tokens like Flipcoin can help with “bridging the gap” between the need for access to fiat for daily expenses and the goal for many to keep their money in cryptocurrency. With typical exchanges like Coinbase or Kraken, customers have to go through rigorous and time consuming onboarding processes and transfers to bank accounts can take up to a week. Although these services are great, the reality remains that without an ability to quickly liquidate cryptocurrency for cash, cryptocurrency cannot truly enter daily life at this point in time. While Flipcoin respects the big online exchanges, they feel that bringing cryptocurrency to the brick and mortar level of daily life is a key for widespread adoption. “We want Flipcoin to help make cryptocurrency a better fit for everyday life for the masses. Our goal is to give our customers the ability to invest as much as they feel comfortable in cryptocurrency, yet always have access to cash for life’s needs”, explained Polotsky. 

            With the glut of recent ICOs with questionable levels of viability, the rise of true utility tokens shows the true potential of the recent ICO wave. Companies like Filecoin, Flipcoin, Storj, and many others using their tokens to disrupt their respective industries are the ICO type that regulatory bodies are hoping to encourage through their advisory opinions. For now at least, it looks like the utility token is here to stay.

China’s crackdown on cryptocurrency ICOs has baffled the cryptocurrency sector. Although not entirely surprising, the consequences of this decision remain somewhat vague. One PBoC official claims this decision will not affect blockchain research in the country. Additionally, he further confirms this “ban” is only a temporary measure for the time being. It is evident the blockchain will remain of keen interest to the Chinese government for some time to come.

In a way, the cryptocurrency ICO ban is a positive sign. More specifically, it shows companies should flock to the ICO business model to raise capital without repercussions. After all, this unregulated area enforces no penalties on companies or projects failing to deliver on their promises. Moreover, it allows anyone to create value out of thin air. The privilege should only fall upon central banks. It will eventually be the downfall of the financial sector as we know it, after all.

PBoC Wants to Foster Blockchain Innovation

That said, the ICO ban will still have consequences in China. For now, no one knows exactly what the plan is, other than to regulate coin offerings. One PBoC official explains how there is no desire to stifle blockchain innovation. China has been working on blockchain-related technology for some time now. PBoC director general Sun Guofeng confirms the research into blockchain technology “should not be prevented”.

It is certainly true initial coin offerings are organized through blockchain technology. However, it is not the only use case for this innovative technology whatsoever. There is no limit as to what DLT can achieve in the coming decades. Some key areas include consumer privacy, immutable data records, and so on. All of those industries are still of great value to the PBoC right now. One can’t deny financial technology brings a whole new set of risks with it. The local government addresses those risks one by one.

What is rather intriguing is how Guofeng made no mention of banning cryptocurrency exchange activity. This sliver of news still remains an unconfirmed rumor at this point in time. It is highly doubtful the PBoC can’t gain anything by preventing cryptocurrency trading whatsoever. If they shut down exchanges, people will resort to less legal methods to do so regardless. No one can stop the era of cryptocurrency, that much is rather evident. Nor should this unconfirmed news impact the price in any way. The demand for Bitcoin and altcoins is still there, regardless of how the trading occurs exactly.

It has taken a couple of weeks but things are finally getting back on track from a bitcoin price perspective. We had been looking to get the recent correction out-of-the-way and for price to give us the breakout required to underpin a degree of recovery. It now looks as though the recovery is here and the space is breathing something of a sigh of relief as we are seeing key resistance levels broken one after another – a surefire sign that the bulls are taking control of the market.

How long things will remain like this is tough to say, of course, but it looks as though we have weathered the storm, so long as we don’t get another fundamental shock, there needn’t be any immediate cause for concern.

So, let’s get some levels outlined and see if we can put together a strategy to carry forward as and when the markets move. As ever, take a quick look at the chart below before we get started so as to get an idea of where things stand. It is a one-minute candlestick chart that has our range overlaid in red.

As the chart shows, the range we are looking for the session this evening comes in defined by support to the downside at 4279 and resistance to the upside at 4331. Standard breakout rules apply for the session, so we will look to enter long on a close above resistance towards an immediate upside target of 4400. A stop loss on this one at 4320 defines risk nicely. Looking the other way, if we see a close below support, we will enter a short trade towards a downside target of 4230. Again we need a stop loss and somewhere in the region of 4290 looks like it should do the job.

Charts courtesy of Trading View

Cryptocurrency mining has become a lot more popular in recent months. While some people still try to mine Bitcoin, a lot of consumers flock to alternative currencies. All it takes is a few graphics cards to start mining profitable currencies these days. It appears Vietnam is a hotbed for cryptocurrency mining right now. Without proper regulation in the country, there is no legal opposition to this concept.

That doesn’t mean the local government approves this activity, mind you. According to local sources, the General Department of Customers is still debating customs clearance for cryptocurrency mining hardware. It does not appear any equipment has been withheld so far, but the situation can change at any given moment. Additionally, the State bank of Vietnam warns the public on cryptocurrencies once again. As we all know, this is a common tactic among banks which eventually leads to nothing.

Vietnam Sees a lot of Altcoin Mining Action

With more and more people in Vietnam mining cryptocurrency, an interesting situation is created. Currencies people are interested in include Bitcoin, Litecoin, and Ethereum. Given the virtual currency-related legislative effort in the country, that is not entirely surprising. The local ministries are working on such a legal framework as we speak. It remains unclear what this means for the future of cryptocurrencies in Vietnam, though. Legal recognition seems impossible to achieve in the near future.

It also appears mining equipment is actively traded and sold across online marketplaces in the country. Prices range anywhere from 30 to 60 VND, depending on what type of equipment one is buying. All of these mining rigs consist of GPUs, which indicates more people mine altcoins compared to Bitcoin. This has also caused some supply shortages in the region over the past few weeks. Two months ago, high-end GPUs and other computer components were virtually sold out nationwide.

This sudden cryptocurrency mining craze is good news for local hardware vendors. One store owner in Hanoi saw his daily transaction amount increase by several factors. Despite these efforts, it appears Vietnamese miners only control marginal amounts of cryptocurrency right now. The country is a bit late to the party in this regard. With the cryptocurrency prices rising and falling, it remains to be seen how profitable this endeavor can be in Vietnam. Electricity isn’t exactly cheap in Vietnam, which make sit more difficult to run a profitable mining operation.

Kyle Bass, the prominent US-based hedge fund manager and the founder and principal of Dallas-based hedge fund Hayman Capital Management, believes bitcoin as a digital asset and currency is here to stay.

During the Real Vision podcast with widely recognized author Grant Williams which focuses on the finance sector and discussions around smart investments, Bass explained:

“My conclusion now is that bitcoin is a digital asset and I think it is here to stay. There is a digital gold rush going on, mostly speculators who are speculating with personal capital because there is no institutional custodial framework (yet) for digital assets and no insurable custodial relationship that satisfies securities rules for pension funds, endowments and hedge funds.”

Many years ago, like many high profile investors, Bass remained skeptical towards bitcoin and its price trend over the long run. Bass admitted that he was personally dismissive of bitcoin due to the lack of economy and intrinsic value that underpin bitcoin. However, after three years of research, Bass came to a realization that bitcoin has become its own economy and formed a widely adopted, efficiently regulated and well-structured market, justifying its value and market cap.

“First, I admit I made a big mistake–early on, I was dismissive of digital assets and specifically bitcoin in its infancy. Other investors were on top of this 3 to 4 years ago and my naive view at the time, after spending only a few hours, was that there was nothing underpinning the value of bitcoin, no military and no economy. This turned out to be a big mistake and I wish I had spent more time on it then,” Bass added.

For conventional economists and investors, it can be difficult to grasp the fundamental concepts of bitcoin and the origin of its value. Bitcoin’s value stems from the lack of centralized entities manipulating its value and its transparent nature. It has created its own, separate, and independent economy through decentralization, which cannot be manipulated by banks, governments and regulators. Bitcoin as a financial network offers an alternative system to that of the global banking ecosystem and government-backed fiat currencies, which the vast majority of the world have relied on for centuries.

More importantly, assets like gold and fiat currencies also do not have “intrinsic value.” The value of fiat currencies is manipulated and altered by governments and their central banks, while the value of gold wholly depends on its market.

Bitcoin’s value is rising at a rapid rate and its fast moving price trend is easily justifiable. It has been fairly evident that bitcoin itself is not a bubble, because of its massive global trading ecosystem and liquidity. Over $2 billion worth of bitcoin is being traded on a daily basis and investors, traders and buyers are addressing the increase in bitcoin price without a massive sell-off. Bitcoin has had minor bubbles but it is highly incorrect to describe bitcoin itself as a bubble, because it has evolved into its own market and an entirely new asset class.

As Bass and many prominent finance experts, investors and strategists including Wall Street’s Tom Lee stated, bitcoin price in the long run will surge to astronomical numbers, if the exponential growth of bitcoin that has been demonstrated for the past 8 years can continue in the upcoming years.


Image License: Pixabay

Key Highlights

  • ETH price is slowly moving higher and currently trading near $301 against the US Dollar.
  • There are two bearish trend lines with resistance near $303 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • A break and close above $303 could take the price towards the next resistance near $318.50.

Ethereum price is testing a major hurdle against the US Dollar and Bitcoin. Let’s see if ETH/USD can break $303 for further upsides in the near term.

Ethereum Price Upside Hurdle

There was a bearish wave in ETH price towards the $288 level recently against the US Dollar. However, the price was able to recover from $288. There was a decent base formed near $288 and the price was able to move above $290. It is now above the 50% Fib retracement level of the last drop from the $306.69 high to $287.13 low. It is a positive sign and the current structure looks bullish above the $280 level.

At the moment, the price is trading near a major resistance zone at $301-303. The $302 level is near the 76.4% Fib retracement level of the last drop from the $306.69 high to $287.13 low. The 100 hourly simple moving average is positioned near $302 to act as an important resistance. Moreover, there are two bearish trend lines with resistance near $303 forming on the hourly chart of ETH/USD. If there is a break and close above $303, the pair could trade towards the next resistance near $318.50.

Ethereum Price Technical Analysis ETH USD

There is another bearish trend line sitting near $318.50. On the flip side, there is a bullish trend line in place at $294.50. The pair might soon break either $303 or $294 for the next move.

Hourly MACD – The MACD is currently flat in the bullish zone.

Hourly RSI – The RSI is heading higher towards the 60 level.

Major Support Level – $294

Major Resistance Level – $303

 

Charts courtesy – SimpleFX