“300 Token” Honors the Spartans with 300 Crypto-tokens

A new cryptocurrency is set to hit the market soon but in a limited number. It is created and named in honor of the three hundred Spartan warriors who were part of the Battle of Thermopylae. Staying true to the name, the supply is limited only to 300 tokens, most of which will soon be offered in an ICO.

Unlike other cryptocurrencies, the 300 Token is unique as it is the first one to be created using the Minereum Token Service. The 300 Token, like many other popular Ethereum based cryptotokens of the time, is ERC20 compatible.

The creators of 300 Token, do not intend to create an entire cryptocurrency ecosystem around it. Instead, they just plan to create enough hype to showcase the cryptocurrency’s and Minereum Token Service’s capabilities.

Out of the 300 tokens, the platform has made 70% of tokens, that’s 210 coins up for sale on the ICO. And the rest 90 tokens will be held on to by the 300 Token team. With the successful ICO, the platform will end up raising 63 ETH, approximately 7.5 BTC. The funds will be utilized to list the token on different cryptocurrency exchange platforms, which could cost up to 4 BTC and the rest to build a website, pay bounties to the community and gain media exposure.

Minereum is the first self-mining contract that enables people to create their own Ethereum based tokens in an easy and cost-efficient way. The cryptocurrency’s BitcoinTalk page states,

“The only reason why we are doing an ICO is to raise funds to list on exchanges, make website, PR, bounties, etc.”

The BitcoinTalk page also includes detailed instructions for participation in the ICO. Those interested in becoming part of the ICO can do so by sending the ether tokens to the smart contract mentioned on the page.

Given the limited number of tokens, and the platform’s already expressed interest to list it on multiple exchanges, the value of 300 Token is expected to grow rapidly.

Ref & Image: Bitcointalk Page

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To ensure maximum safety of TIME token holders we decided to make multiple security audits by the best security researchers in the world.

Nikolai Mushegian is the CEO of DappHub and a well-known security researcher. He saved MakerDAO from the same fate as TheDAO and will be reviewing ChronoBank’s smart contracts code. He will make a security audit of TIME and LH tokens to ensure that smart contracts are safe for public release.

MakerDAO audit

Nikolai Mushegian has gained prominence thanks to his actions in preventing the catastrophic hack of MakerDAO due to the same loophole that led to tens of millions of dollars of Ether being extracted from The DAO last year — leading to a hardfork of the Ethereum blockchain and an ideological split in the community.

‘A few weeks before the infamous hack of The DAO, the DappHub team identified the same recursive withdrawal bug in Maker Market, an experimental decentralized exchange that MakerDAO created to securely sell their token MKR,’ explains Nikolai Mushegian. ‘We quickly moved to exploit the bug ourselves and pull all ETH out of the exchange. It was then returned to its rightful owners and the bug was patched, avoiding certain disaster. We were able to do this because of our clear code and sensible interfaces that limited the attack surface that we had to secure. Since then we have had no issues with any live contracts created for MakerDAO.’

Protecting TIME token holders

DappHub is one of the oldest smart contract development firms in the Ethereum space, first formed to create the MakerDAO stablecoin contract system. As a group with a profound understanding of Ethereum’s smart contracts ecosystem, they were a natural choice when looking for a code audit. ‘Security is our number one concern,’ comments Sergei Sergienko, CEO of ChronoBank. ‘We are committed to getting our software to market and into use as quickly as possible, but we won’t do that at the expense of security. That’s why we’re thrilled to be working with DappHub to make sure there are no unexpected issues.’ The audit is expected to be completed by the end of the crowdfund, which lasts until 23:59 UTC on 14 February.

‘We have led the way in innovation with our open source contributions including dapple, our command line developer multi-tool, and dappsys, our composable smart contract framework,’ continues Milenius. ‘We take pride in our unwavering commitment to security and deep understanding of the Ethereum Virtual Machine. Our core competencies are well aligned with Chronobank’s goal of launching a safe and usable instance of their TIME token, and we look forward to working together towards that end.’

To find our more about ChronoBank or to participate in the crowdfund, visit www.ChronoBank.io.

The Chamber of Digital commerce, a trade association comprised of industry leading companies representing the digital assets and blockchain sector, unveiled a new initiative called Smart Contract Alliance (SCA). 

The project aims to promote real world applications of this new “vital technology”, as the press release says:

Smart contracts have the potential to deliver greater efficiency, transparency and automation across industries. The SCA’s mandate is to educate and enhance the understanding and adoption of smart contracts, provide a forum to develop industry standards and help shape a pro-growth policy framework.

Another objective of this new Smart Contract Alliance is to promote the education and to improve the current understanding of smart contract technology; thus accelerating its adoption in the real world.

The Smart Contract Alliance Will Have A Technology and Legal Chair

The press release indicates that  Mark Smith, CEO of Symbiont will lead the technology working group dedicated to exploring and promote Smart Contract applications. Mark Smith stated:

“As a pioneer of smart contract technology, Symbiont’s end goal has always been realworld implementation. This initiative will be key in bridging the gap between concept and reality, and making smart contracts accessible across the board.

Sean Murphy, a partner at Norton Rose Fullbright, will lead the legal department. About this new initiative, Murphy said:

With real-world applications of any major advance in technology like smart contracts, regulation and policy play a pivotal role.

Smart Contract Alliance Members
The Smart Contract Alliance is sponsored by major players in the industry.

 The Smart Contract Alliance will seek to educate companies and politicians alike about the benefits of this technology.

The SCA will be formed by a wide variety of companies, including: Symbiont, Norton Rose Fulbright, Bitfinex, Blake, Cassles & Graydon, Bloq, Cognizant, ConsenSys, Deloitte, The Depository Trust & Clearing Corporation, Eris Industries, Georgetown University’s Center for Financial Markets and Policy, Gem, IBM, Microsoft, Perkins Coie, Ley Pillsbury, String Labs, Tether, t0.com y Wipfli.

Source: Digital Chamber of Commerce.
Image via Pexels.

The Ethereum hard fork continues to be a significant topic of debate among cryptocurrency enthusiasts. Many people have voted for this decision, to bail out The DAO and its developers. But some voices raise the concern of how Ethereum developers are forcing the community to make this decision. An exciting time dawns for Ethereum, and this debate seems to be far from over.

Relying on a hard fork of source code to solve a significant problem is a double-edged sword. On the one hand, it would resolve the issue related to The DAO, and allow for the funds to be recovered. However, it also sets a precedent as to how anything that negatively affects the Ethereum “wealthy elite’ will lead to turning back on the original code at some point in the future.

Hard Fork Leaves Communities Divided

In the world of cryptocurrency, decentralization should be the top priority at all times. Some people are voicing concerns over how this hard fork is a centralization effort to protect one project running on top of the Ethereum blockchain. From day one, the decision has struck experts as strange, since The DAO’s issue does not reflect on Ethereum itself. Then again, it was a bug in the smart contract code that allowed for US$30m worth of ETH to be sluiced to a child DAO.

It is commendable to see the decision-making process being opened to the Ethereum community. At the same time, there is a concern as to how this voting took place, and whether or not the process was influenced at some point. In the end, the hard fork will go into effect in a few days from now, and it is doubtful anything will be done to prevent it.

Decisions like these are a pivotal moment in the history of cryptocurrency. Once the hard fork goes into effect, the markets will respond to whatever comes next. Deposits and withdrawals will be halted across all exchanges one hour before and after the hard fork switch occurs. Doing so should prevent the Ethereum and DAO prices from collapsing all of a sudden.

While there may remain a lot of disagreement between cryptocurrency communities as to whether or not this is a good idea, the dice have been cast. It is up to individual mining pools to support the hard fork, but the majority of them will do so by the look of things. The next few weeks will be critical for Ethereum; that much is certain.

Source: Twitter

Header image courtesy of Shutterstock

The recent debacle surrounding The DAO has shed an interesting spotlight on smart contract technology. Since individual developers wrote the entire concept of this project, it looks like smart contracts are not completely trustless. There is still a lot of work to be done before this technology is ready for mainstream adoption.

Not everyone is capable of – or interested in – writing smart contracts. A steep learning curve is associated with this concept, even though it is accessible to everyone who wants to take the plunge. A smart contract can be a powerful tool, but as The DAO has shown, it can cause a lot of harm as well

Premature Smart Contract Deployment?

This is one of the drawbacks blockchain-based solutions have at this time: hardly anyone fully understands the technology. While there is nothing wrong with getting excited about innovative concepts, not realizing the consequences of implementing technology is dangerous. There is a valuable lesson to be learned from what happened to The DAO but is could be a costly one.

When it comes to writing secure smart contracts, there is still a lot to be done. Cobbling together a smart contract, so that it works is not the same as creating a trustless implementation of technology.  In most cases, these innovations sound exciting on paper, but it is only a matter of time until the reality takes effect.

Cornell Professor Emin Gun Sirer stated on Twitter:

Ethereum enthusiasts may disagree with that statement, albeit there is some truth in it. Solidity and EVM make smart contracts available to every developer out there, regardless of experience. This is a good way to boost innovation in the smart contract space, but may not yield the best results in the initial stages. 

Looking Towards The Future

The DAO debacle puts an interesting spotlight on this technology overall. Many people pointed out the project’s concept was not properly tested and rushed. Unfortunately, it appeared the critics were right. But that does not mean smart contracts have no place in the future of our society either. Enthusiasts and developers need to take the time to review what happened, and learn from the mistakes that were made.

Source: Twitter

Header image courtesy of Shutterstock

There has been a lot of talk of bringing Ethereum smart contracts to the Counterparty mainnet in recent months. Not too long ago, it seemed like this project was set in stone, but some last-minute adjustments had to be made. Now that the latest EVM has been ported to the Counterparty, exciting things are on the horizon.

Ethereum Smart Contracts On Counterparty Mainnet?

That is the question everybody would like an answer to, and it appears as if the Counterparty team is working on some final additional features. They have been able to overcome the biggest hurdle already, though as Counterparty developer Ruben De Vries successfully ported the latest Ethereum Virtual Machine release to Counterparty, and it has passed the Python EVM test suite successfully.

It is well worth noting this ported EVM will support exactly the same functionality found in Ethereum itself, but the integration goes one step further. Smart contracts on the Ethereum blockchain can work with any of the available – and future – Counterparty assets. However, the balances of arbitrary addresses cannot be manipulated by these contracts.

Additionally, the Counterparty team wants to implement an EVM safeguard, which gives the developers an option to shut down the EVM if a bug or exploit has been identified. Establishing such a feature would require counterparty-lib to be enhanced so it can recognize special broadcast transactions generated by a particular 2-of-3 multisignature address.

Shutting down the EVM would only require a command embedded in the broadcast text field – DisableEVM or EnableEVM – which would be recognized as a regular Counterparty transaction. Moreover, the community would be notified in real-time about the intent of shutting down or relaunching the EVM on the network.

This feature would only be a safeguard, and may not remain in place for an extended period. The Counterparty team wants to err on the side of caution when bringing the Ethereum smart contracts to the mainnet. By the look of things, this feature to enable and disable the EVM will be removed roughly six months after the Ethereum Metropolis release, as the EVM should be in a stable condition by then.

Comments and opinions from the Counterparty community are more than welcome, as the team has initiated a one-month discussion period. Additionally, there will be a one-week voting period afterwards. Some issues, as outlined in the blog post, will need to be addressed, and the team will only go forward with the introduction of Ethereum smart contracts if there is a two-thirds majority of votes is cast by community members, board members, and industry representatives.

Source: Counterparty

Header image courtesy of NewsBTC

The competition between Bitcoin and Ethereum is real, but it is not taking place in the same niche market. Unlike what most people think, Ethereum and Bitcoin are not achieving the same goal per se, as the former is focusing on making the blockchain more appealing to everyday users, whereas Bitcoin is all about changing the financial sector. Both are leaders in their niche, but they are not direct competitors either.

Also read: Andreas Antonopoulos on Ethereum and Bitcoin at Blockchain Meetup Berlin

Bitcoin And Ethereum Are Apex Predators

There is no denying both Bitcoin and Ethereum are leading the charge in the world of digital currency and blockchain technology. Both projects have seen tremendous success and interest from investors over the past few years, which will be beneficial to further develop their respective ecosystems.

But at the same time, a lot of people tend to ignore the fact that Bitcoin is not Ethereum and vice versa. Nor should they be, to be frank, as we have seen enough clones of Bitcoin over the past seven years. Ethereum is doing something entirely different, which is a welcome change in the overflowing oceans of useless altcoins.

With an adamant focus on blockchain technology, Ethereum holds its own when it comes to making this concept more appealing to enterprises and consumers alike. The addition of smart contracts – although also available in Bitcoin – and an opportunity to create DAOs are just two examples of what makes Ethereum so worthwhile.

Bitcoin, on the other hand, is trying to disrupt the financial ecosystem, unlike anything that has come before it. The world’s leading digital currency provides anyone in the world with access to financial services on a global scale, and the end user is always in full control of their finances regardless of which device they are using.

In the end, it all comes down to drawing the line between these two respectable digital currencies. Bitcoin and Ethereum can peacefully coexist, and they are competing against something. Yet that something is not each other, as they are not trying to achieve the same goal in their current form. For the digital currency enthusiast, which we all are in our hearts, this is a good thing.

Source: Twitter

Header image courtesy of Shutterstock

Ethereum keeps capturing the imagination of both developers and digital currency enthusiasts all over the world. As new platforms are being announced around the clock, the ecosystem is growing into something very powerful. One of the latest announcements comes in the form of Etheropt, a platform that is live on the Ethereum mainnet which offers decentralized options exchange opportunities.

Also read: Bitcoin Price Watch; A Shifted Range in Focus

The Etheropt Decentralized Options Exchange

Similar to Bitcoin, the Ethereum blockchain is all about decentralizing as many platforms as humanly possible. Although Bitcoin offers a variety of trading and exchange platforms, very few of them are decentralized at their core. Things could play out differently when Ethereum is involved, as impressive new platforms are coming to fruition.

Etheropt is one of those platforms, which is entirely decentralized. Moreover, this is not your everyday digital currency trading service either, as the main purpose is to exchange a variety of options. What is even more interesting is how all of the options are call and put options related to the Ethereum price, denominated in US Dollar.

The price per Ether will be taken from multiple sources, including Poloniex – the main exchange for ETH trading – and will be verified by Reality Keys. Since no owner is running this platform, all of the trades, deposits, and withdrawals are executed automatically through an Ethereum smart contract. Decentralized autonomous trading is what digital currency was designed to do, and it is good to see new platforms pop up embracing this principle.

What is even more appealing to potential traders is how Etheropt does not charge any fees. Unlike traditional exchange platforms, where a small portion of every trade is taken as a fee, no one will be making money from this concept other than the people successfully placing their options. Moreover, deposits and withdrawals are not subject to any fees either.

Etheropt users can ether deposit funds directly in Ether, or use Shapeshift.io to convert any of the supported digital currencies into ETH. It is positive to see the Etheropt developer looking at various ways to make this platform more accessible to all kinds of digital currency enthusiasts.

Source: Reddit

The blockchain is being looked at as a great way to transform finance as we know it to this very day. Although there is a genuine use case for distributed ledger technology in the monetary system, its use cases transcend the borders of payments and settlement. The Ethereum developers are very excited about their solution to build a democracy on the blockchain, thanks to the Decentralized Autonomous Organization concept.

Also read: JM Bullion Announces Discounted Precious Metals for Bitcoin Users

The Decentralized Autonomous Organization – or DAO

Most people have taken a keen interest in Ethereum thanks to the option of using automated smart contracts. A smart contract acts as an agreement between two or more parties, which will verify all of the provided data and rule on whether or not contract conditions are met. Unlike most other types of agreements, a smart contract does not require human input once it has been set up.

But there is a problem with most of these smart contracts, as they are still created and owned by humans. As a result, these contracts are not completely autonomous, but only up to a certain extent. The Ethereum ecosystem is unbiased regarding biotics, robots, or any other type of species using smart contracts, and it is only normal to try and take things one step further.

One way to tackle this problem is by introducing a new breed of organization that is both decentralized and democratic, yet only “exists” on the blockchain. However, that does not mean this organization is incapable of doing anything, as it would grant access to the same toolset regular accounts offer.

Imagining such an organizational form without a central manager would be all but impossible, but the Ethereum developers have come up with a way to change this concept as well. After all, there is no point in a decentralized organization if there is centralized leadership in the form of one person making all of the important decisions.

A decentralized autonomous organization on the Ethereum blockchain has an owner – albeit not in the traditional sense – who can decide upon voting members to the organization. Every eligible member has the right to make proposals, by using an Ethereum transaction to execute a contract or send Ether. Other members can then side with the proposal, or reject it. After a certain amount of votes have been registered, the proposal can be executed.

As mentioned earlier, there is a way to still have an owner in the decentralized autonomous organization, but there is a twist. For example, the owner can change ownership to no one, or to a smart contract. These DAO’s can be as simple or complicated as the users want to make it. Contracts can even be the owner of different contracts, who own other contracts, et cetera.

Build Anything You Want On The Ethereum Blockchain

The interesting bit about Ethereum and its blockchain is how the software solutions can translate into real life use cases. Anyone who has ever dreamed of creating their company or organization can now do so with the Ethereum blockchain. Getting involved in establishing DAOs is an excellent way to revolutionize the world as we know it, even outside of the financial world.

On the DAO portion of the Ethereum website are several contract examples of how a decentralized autonomous organization would look like. Whether one wants to have a house of representatives, liquid democracy, stakeholders, or simply deploy a  very sophisticated and versatile contract, everything you need to know to get started can be found there.

Source: Ethereum

Apart from apprehension and anxiety, the cryptocurrency technology has offered a lot more to the traditional banking and financial sectors. Bitcoin is increasingly being perceived as a threat to banking and financial industries. In order to counter the threat, the industry is focusing on the very underlying that powers bitcoin. Also, the introduction of Bitcoin, an open source distributed digital currency led to the creation of various crypto-token that either adopt the same technology as bitcoin or draw inspiration from it.

The underlying bitcoin technology is known as blockchain. Blockchain is a distributed ledger that records all transactions happening over the cryptocurrency network. It acts as a permanent record keeping repository. the use of blockchain is not confined to digital currency transactions and it can be programmed to do much more than that. The same concept is used by Ethereum, another crypto-token to create smart contract based applications among others.

Ethereum is the next best crypto-platform after Bitcoin. Ethereum network is also built on the blockchain similar to that of bitcoin in many ways. The crypto-token on Ethereum is called ether, which unlike bitcoin is used to pay for running and accessing computational services on the Ethereum platform. Ether can be bought, sold or traded on many cryptocurrency trading platforms and exchanges. But it can’t be used as a replacement for fiat currency like bitcoin.

Smart Contracts Powered by Ethereum for Banking and Finance

The Smart Contracts capability of Ethereum is sought after by the banking and financial institutions as part of their attempts to improve their operations and services to counter the threat posed by Bitcoin and bitcoin-based financial services. By using smart contracts, financial institutions can automate their back office processes to a huge extent. These smart contracts on the Ethereum blockchain will be self-executing in nature, triggered by certain conditions.

For example, thousands of people trade on stock exchanges. Whenever somebody invests in stocks or sells them on a regulated platform, the transaction is accompanied by paperwork proving or transferring the ownership of traded assets between parties. All these are currently managed manually, making it a time and cost intensive process. With Smart Contracts based automatic clearing system, all trader, customer and stock data can be stored or connected to a blockchain based application with predefined conditions and Smart Contracts already programmed into it. Any transactions that happen on the trading floor will be done over the platform/blockchain. Each transaction satisfies a condition(s), initiating the execution of corresponding Smart Contract. The Smart Contract automatically settles the trade, satisfies all regulatory requirements and closes it by communicating relevant information with parties involved in the transaction. It all happens in a matter of minutes, to hours without human intervention!


The huge potential of such a system when it comes to increasing efficiency while reducing costs makes Ethereum and blockchain technology a potential gold mine for Wall Street-based financial institutions. Some of the well-known Wall Street powerhouses that are working closely with Ethereum includes Goldman Sachs and JP Morgan. The international payments giant Visa is also looking forward to working with Ethereum to create blockchain projects. Even the banking consortium with over 40 leading international banks working together with R3CEV to develop blockchain technology for the banking sector is also included in the list.

Ethereum is a promising platform that can truly deliver the sought after blockchain solutions that can contribute to the advancement of the whole sector.

Ref: Business InsiderVisa Planning to Develop 'Secure and Scalable' Blockchain Project