Binance: World's largest cryptocurrency exchange launches ...

How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation


In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.



Many of you have limited time to read the full proposal, so here are the highlights:

Offline Multi-Signature

Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.

Regular Transparent Audits

Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.

Insurance Requirements

Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.


Background and Justifications


Cold Storage Custody/Management
After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems:
• Funds stored online or in a smart contract,
• Access controlled by one person or one system,
• 51% attacks (rare),
• Funds sent to the wrong address (also rare), or
• Some combination of the above.
For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program.
The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms.
• 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective.
• The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated.
The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II.

On The Subject of Third Party Custodians
Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems.
However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies.
There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both.

On The Subject Of Insurance
ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC.
However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline[] to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance.
In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework.
A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians.

On The Subject of Fractional Reserve
There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds.
There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past.

Proof of Reserves/Transparency/Accountability
Canadians need to have visibility into the backing on an ongoing basis.
The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users.
Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit.
The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided.
Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense.

Hot Wallet Management
The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets.
However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process.
A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage.
Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.

Current Draft Proposal

(1) Proper multi-signature cold wallet storage.
(a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet.
(b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time).
(c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.
(d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds.
(e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers.
(2) Regular and transparent solvency audits.
(a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row.
(b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored.
(c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process.
(d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify.
(e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible.
(3) Protections for hot wallets and transactions.
(a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets.
(b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy.
(c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage.
(d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange.
(e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

Recap of Binance English Kava AMA (May 2020)

This AMA was conducted within the Binance English Telegram channel prior to Kava's June 10th launch of its DeFi Lending Platform.

Q1:

Can you give us a little history of KAVA?

Q2:

Could you please tell me what KAVA cryptocurrency is? What problem does it solve?

  • Answer - KAVA is the staking, governance, and reserve asset of the Kava DeFi platform. KAVA is required by node operators to secure transactions on the blockchain. Additionally, when lending fees are paid, they are converted to Kava and burned reducing the overall supply of KAVA tokens. As more users use the Kava lending platform, KAVA should become more scarce overtime.

Q3:

What is the advantage of keeping the KAVA token for a long and short term?

  • Answer - In the short term, if you stake KAVA you can earn additional block rewards every day, block by block. This provides a nice steady return on the Kava usually in the range of 3-20% depending on the number of people staking.
  • We will be opening the gates of DeFi to many top tier assets such as BNB, XRP, ATOM, and BTC which have never been able to use lending, stablecoins, or other DeFi Services. If you are a KAVA hodler you can benefit from owning and having a stake in the network as we grow because as the network grows, Kava is burned and it becomes more scarce as a resource.

Q4:

Chainlink is KAVA’s partner, can you explain more about this partnership?

  • Answer - Yes, this is not the usual chainlink partnership where a blockchain consumes data from Chainlink’s oracle solution.
  • No oracle solution adequate for DeFi applications on Cosmos was available. For this reason, Kava has teamed up with Chainlink to bring its data and reliable oracle solution to the Cosmos ecosystem. Chainlink nodes now will be able to securely publish data directly on the Kava blockchain where it can be used or easily transported to other Cosmos-based blockchains and applications. Chainlink oracles on Kava utilize all the industry-leading technologies of Chainlink, while enabling more frequent price updates and improving the reach and distribution of where that data can be used.
  • Since Kava’s blockchain is built using Tendermint, Tendermint-based blockchains within the Cosmos ecosystem (Binance, Terra, OKChain, Cosmos Hub, Agoric, Aragon, and others) will now be able to retrieve market data such as cryptocurrency, FX, and commodity prices. For DEX’s like Binance this will enable them to create futures, options, and other derivative products they were not able to do so before.
  • TLDR: Kava + Chainlink Data creates the ideal hub for all blockchains and applications to get their DeFi services and Data, and as result makes Kava a natural hub for the growing Cosmos ecosystem.

Q5:

What is the KAVA CDP product? Do you have any exciting things down the pipeline that you can share?

  • Answer - First, let me clarify that CDP simply means “collateralized-debt-position” similar to CDOs that exist in the traditional finance world. What it means is a loan using collateral to back the loan.
  • Kava’s lending platform offers collateralized loans to users who have crypto. Getting a loan with Kava’s platform is great if you don’t want to sell your crypto position, but need short term cash for payments or if you want to use the loan to get a levered / margin position without going through KYC.
  • As for news! Kava’s lending platform is scheduled to officially launch on the mainnet June 10th.
  • At this time, DeFi will be made available to BNB for the first time ever. Also at this time, the Kava DeFi platform will be awarding the first users that have BNB extremely high rewards for being early adopters.
  • Each week, 74,000 KAVA will be given out to all the users who have taken out loans on Kava. Yes, you get free KAVA, for taking out a loan using BNB!
  • If you want to participate, you can learn more about how to do it here!
  • Medium

Q6:

Why should BNB users use KAVA’s lending platform and take out USDX? And how to mint USDX with BNB on KAVA CDP?

  • Answer - Free- maybe let's call it rewards for being good users 😉
  • The rewards are platform growth incentives so that we can grow the platform quickly.
  • Well at launch, definitely the KAVA rewards are a huge reason for BNB users to use it.
  • As for the product long-term, the major use case for our lending platform is to get a levered position without needing an exchange or to go through KYC.
  • How it works is that a BNB holder can deposit their BNB and take out USDX loans - this capital they will take and buy more BNB with it. Most people will use the loan this way to get 2-3x the original BNB amount. If the price goes up on BNB, they win 2-3x the gains!
  • Of course if the price goes down and they cannot repay their loan, the BNB collateral might get liquidated, so be careful, it works just like a margin trading account.

Q7:

Brian do you have any more information or links for our community about this?

Q8:

KAVA was initially planned to launch on Ripple network but later switched to Cosmos Tendermint Core. [email protected] is that something you see in Tendermint Core that is not available anywhere?

  • Answer - For clarification, Kava was never planned to be on Ripple. However, Ripple is a Kava investor, shareholder, and partner.
  • We selected the Cosmos-SDK featuring the Tendermint BFT consensus because during our past work with Ripple, MakerDao, ETH, and other layer 2 work we learned the value of “finality” of blockchains. For example, on ETH, the finality of blocks do not happen right away. You need to reach 15+ blocks to be confirmed on Ethereum to really know a transaction has passed. This results in really slow user experiences that aren’t acceptable in finance or any application really.
  • Tendermint solves this because it makes every transaction final and occur in seconds.
  • Additionally, we chose the Cosmos-SDK as the framework to build our stand alone blockchain, Kava because it allowed us to create our own security model and design which enables Kava as a DeFi platform responsible for millions of dollars of collateral to be very secure in a way we could net get if we built it on any other network.

Q9:

KAVA does cross-chain support. Compared to other DeFi platforms, KAVA offer collateralized loans and stable coins to users too. How will volatility be managed there with so many different collateral systems in CDP?

  • Answer - Volatility is an important consideration and accurate and timely price reference data is needed to make sure the system works.
  • All the collateral positions rely on price feeds from oracles to determine if they are safe or need to be liquidated. Kava has created a novel partnership with Chainlink, where Chainlink oracles that normally run on Ethereum, operate nodes directly on Kava where they can post prices. This Kava to avoid network congestion, high gas fees, and other less desirable issues found on Ethereum, while enabling the oracles with Kava’s fast blocktimes and finality so they can actually deliver price updates 10-20x more frequently than is possible elsewhere. This makes Kava’s price feed data very reliable.
  • In times of volatility, if liquidations occur, the Kava platform automatically auctions collateral off for USDX on the market and burns the USDX. This mechanism keeps the system balanced and USDX algorithmically stable and always fully collateralized by real assets.
  • And it does this transparently, unlike the real world CDOs which caused the world issues in 2008 due to the lack of transparency in their assets and risk.

Q10:

Recently, Binance has released a white paper on BSC, a Binance smart chain. So, what can I get by staking through Binance Coin BNB?

  • Answer - Yay for smart contracts!
  • What can we get by staking bnb?
  • Staking BNB on Kava, or depositing it in a CDP and creating USDX from it earns users KAVA in rewards everyweek. A lot of rewards. In addition, you get USDX to hold which also pays out a savings rate each block that is much better than say what USD in a checking account could do.

Q11:

Various platforms are in Ethereum. So why is Kava not at Ethereum?

  • Answer - I could speak about this for ages, but there is a reason for Ethereum being the home to many hacks and bugs.
  • Kava is not on ethereum because we couldn’t build our system there. The main reasons. as I have mentioned are:
  • (1) Ethereum has congestion, oracle issues, high fees, and slow block times.
  • (2) Ethereum’s open smart contracting system can do anything. This is great for building crypto kitties, but horrible for financial software as it makes all code have infinite attack vectors that hackers can use which are impossible to test for. We built our own chain so we could scope the code and limit what attack vectors are possible.
  • (3) Building in solidity, the language of Ethereum, is horrible. The development environment is bad, testnets don’t work, and many other things are painful. Kava is primarily built in GO which is far superior for financial applications in most respects.
  • (4) The future is Cosmos. Binance, Okchain, terra, Cosmos Hub(ATOM), and Kava all are created using the Cosmos-SDK framework. I believe this is the future and the blockchain developers are moving to this in mass. Over 110 projects now are building with the Cosmos-SDK.

Q12:

What are ways by which Kava project generates profit/revenue to maintain project. What is your revenue model?

  • Answer - Kava is a for-profit financial DAO with over 80 different businesses staking Kava and voting on its evolution. They want to see Kava succeed so they vote to fund operations and developments that drive user growth in Kava. Due to fees paid in Kava and the burning mechanism, as the system grows in users, the Kava supply decreases making those that hold Kava win due to scarcity.

Q13:

Lending/Borrowing has been introduced by Binance. How can this affect the Kava since people can directly borrow BUSD from Binance with BNB used as collateral than going to Kava?

  • Answer - Kava will be featured on Binance as well. The main benefit of Kava is that there is no counterparty. The capital is minted on demand not sourced from somewhere. Binance and other centralized parties on the otherhand need to find capital to provide loans, creating a cost of capital. Kava is much more efficient at providing capital and avoids a lot of regulator issues.
  • I'll add I think BUSD in the future might be usable for collateral to Kava's loans as well. It would be cool 🙂

Q14:

What's your opinions on Future of DeFi & DApps? Do you think that DeFi is the future of current Financial world? Also, How do you see the future of KAVA?

  • Answer - I believe Centralized Finance and the existing infrastructure has a place. It has a lot of issues that cause things like the 2008 crisis and the current insolvency issues that are happening across the world due to trust-based debt with no actual backers other than the people which end up bailing out banks and other financial institutions that have made poor decisions.
  • DeFi's future is bright because it solves this fundamental issue. It removes trust and adds transparency. Kava is right at the foundation for all of DeFi as things grow and mature.

Q15:

Recently, we have seen some big hacks in DeFi platforms. How will KAVA deal with these bad actors of crypto and what security measures have been taken by KAVA for the safety of users' funds?"

  • Answer - Unlike a lot of DeFi startups, we take things seriously. We don't ""move fast and break things"" as Mark Zuckerberg would say.
  • We do a thorough analysis before suggesting to deploy code. Our internal team works very hard to run tests and simulations, once it passes internally, we give it to 3rd party auditors who try and game it and break the code. If it passes there, we give the code to the community to review and vote into the mainnet. In this way, I’d estimate about 100+ people review our code and test it before it goes live and consumers can touch it. I don't know many other project teams that due things with such diligence.

Q16:

Binance for KAVA is a very valuable partner in terms of increasing the number of users, but what is KAVA ready to give equivalent to Binance users? What applications will be integrated into Binance to expand the ecosystem?

  • Answer - Kava gives the BNB users loans. It gives the DEX a stablecoin and the ability to offer margin products. Kava’s connection to binance chain and chainlink data also enables Binance DEX to offer trustless derivatives like options and futures products going forward.

Q17:

Cosmos has limitations on working with PoW coins. How do you technically solve the problem of implementing DeFi products for bitcoin?

  • Answer - Cosmos is great for hard-to-work-with blockchains like BTC. It's flexible in how you can construct bridges. For example, the validator set can have a multisig private key split up into pieces in order to create a trustless escrow and control of assets on other blockchains. In this way, we can create peg zones with Cosmos for the best assets in the world. Once a zone is established, it can be used on Kava and other Cosmos chains.

Q18:

USDX is currently a little-known stable coin. Do you plan to add it to the top exchanges with good liquidity, including Binance?

  • Answer - USDX will be growing quickly. We have a plan to have it listed and get liquidity across several known exchanges shortly after launch.

Q19:

There are several options for using USDX on the KAVA platform, one of which is Margin Trading / Leverage. Is this a selection function or a compulsory function? Wondering since there are some investors who don`t like margin. What is the level of leverage and how does a CDP auction work?

  • Answer - Using Kava for Margin trading is 100% optional. You can choose how you want to use the margin loan. You don’t have to spend the USDX unless you want to. It could be used for everyday payments as well in the case you simply don’t want to sell your underlying collateral. If you don’t want the risk, do small loans with lots of collateral.

Q20:

Will your team have a plan to implement the DAO module on your platform, as it provides autonomy, decentralization and transparency?

  • Answer - DAO - Kava is a for-profit DAO and it’s fully functional already. We have on-chain governance and have underwent several votes and evolutions you can look at. You actually can see some current voting processes taking place here: https://kava.mintscan.io/proposals
  • We recently implemented a cool feature called committees, which enables the DAO to elect a small group of experts to make decisions without needing a vote of the whole user base. This enables the experts to have control over a small portion of the protocol - such as monitoring the debt limit, fees, etc and enables Kava to operate faster and be more adaptable in volatile market conditions.

Q21:

How can we address the possible overloads and security threats caused by increased users in the DeFi scene?

  • Answer - Yes, this is a huge issue for Ethereum, MakerDAO and everyone in the space. I don’t see a bright future for DeFi on Etheruem unfortunately. You can’t have a blockchain do everything well. Tether alone congests most of Ethereum and makes oracle price feeds lag the market. This can cause liquidations that should not happen and real people will lose real funds. It’s a huge issue.
  • The hope is for a dedicated system like Kava to provide a better backbone for DeFi applications going forward.
  • I should point out that Kava is not just a MakerDao for Cosmos or a CDP for Bitcoin. Kava is designed to be a foundational layer for DeFi services that every new blockchain and application will need.
  • Every blockchain will need DeFi services like lending, stablecoins, and data and they need it to be very secure. Kava does all this with its cross-chain lending plarform, USDX stablecoin, and Chainlink data in an incredibly secure, but accessible manner.
  • In this way, Kava aims to connect and serve all the major cryptocurrency communities and build it’s place at the center, where every developer can get what they need to build financial applications of the future."

Q22:

What distinguishes Kava from your existing competitors like Syntetix?

  • Answer - Synthetix isn't really a competitor, but it is an interesting project in terms of mechanism design. We share a lot of common investors and have similar token economic ideas with them. The only blockchain project that could be is MakerDAO, but they can only work with ETH assets due to their design. We are focused on the major cap assets - BTC, BNB, XRP, ATOM and others have a much larger market than ETH to address. BTC is 10x the size alone. Currently no one serves them with DeFi. We’re going after this opportunity and believe it to be a huge one.

Q23:

Why is the KAVA coin not used for Mint, why am I asking that because I see it can also make the value of KAVA coins grow naturally?

  • Answer - Why is Kava not used as a collateral? Well, it could be I suppose. The community might vote for this in the near future if they want us to be like synthetix. It makes the Kava token more valuable and it will incentivize much more locked-up Kava reducing overall circulating supply which is fairly favorable. The main reason we have not done this yet is that we(Kava and its community) are still weighing the risks of doing this given that Kava also functions as a reserve asset. I think it's likely Kava gets added as collateral at some point, but it will likely have a high debt-collateral ratio to address the issues similar to Synthetix which is 750%.

Q24:

How do you prevent in a manipulated KAVA Mint just to take advantage of a token prize when minting?

  • Answer - Minting rewards and manipulation. We’ve thought of this. Each week, the blockchain counts all the blocks, counts how many people had a loan in that period, then takes the average loan amount over time to calculate the rewards. If you open and close a loan - you will get very little rewards. You only get a large reward if you keep the loan open the full period.

Q25:

Who are your oracle providers? Are you also an oracle provider?

  • Answer - Kava may run 1 oracle in the future, but we will always have many and be the minority. Most chainlink oracle node operators are large players in the space that run staking infrastructure companies like cosmostation, chainlayer, chorus one, figment networks, etc. Binance will also be one of our oracles.

Q26:

If we look at all the different types of DeFi products _(decentralized exchanges, stablecoins, atomic swaps, insurance products, loan platforms, trade financing platforms, custody platforms, and crowdfunding platforms) currently covering important areas of traditional finance...where does Kava fit in?

  • Answer - To make any interesting financial product work you need capital, a stable store of value, and price data. These are really hard to get on current blockchain environments. Kava provides all of these.

Q27:

Many people describe Kava as similar to Maker (MKR). How is Kava different? Why do you think Kava has more potential?

  • Answer - MakerDAO is a smart contract with a singular purpose, to serve ETH. It sadly inherited the problems of ethereum. Kava is designed from the ground up for security and interoperability. We are targeting bigger and better assets and have more capabilities to serve them with what their developers and ecosystem need.

Q28:

What is the uniqueness of KAVA project that cannot be found in other project that´s been released so far ?

  • Answer - Well in June 10th, we will be the first ever blockchain project to bring DeFi to another blockchain in a real way. BNB users will have loans, stablecoins, and much more.

Q29:

The gas fee is an issue for blockchain besides scalability. Does your Kava provide a solution for gas?

  • Answer - gas fees are very low on Kava, only high enough to prevent spam. We dont need high fees for TX because validators are paid in block rewards. Additionally, we dont have competing transactions from crypto-kitties or other non-financial applications. This leaves all of Kava's throughput 100% dedicated to scaling financial transactions.

Q30:

Kava project works on DeFi (Decentralized Finance) But what’s the benefits of Decentralized Financial system? What are the possibilities of DeFi over Centralized Finance system?

  • Answer - Open access, no need for trust, and no censorship by singular governments or parties. Kava is accessible anywhere in the world, by anyone.

Q31:

Data supplied by oracles are false at times, how do you prevent this? How reliable are data received by KAVA?

  • Answer - This is why using premium / credentialed APIs is important for oracles. These data sources tend to be more accurate and better managed. Wrong prices can happen - for liquidation systems like Kava, we factor this into our design by using an average of data overtime form all oracles as part of the calculation.

Q32:

Can anyone become a KAVA validator, or is it just an invitation from the project itself? What are the requirements for becoming a KAVA verifier?

  • Answer - Anyone can become a validator, but you will need to stake or have enough stake delegated to you from others to be in the top 100 validators to earn block rewards.

Q33:

DEFI PULSE said that a total of 902M is currently locked. According to you, how will this number change in the next few years, and how will KAVA position itself as the top player in this market segment?

  • Answer - DeFi will only grow through 2020. And likely grow massively.
  • All projects on DeFi pulse are ""ethereum"" based. Kava is going to shake the blockchain world in the next few weeks by being the first ""multi-chain"" project on DeFi pulse and by my estimations we should quickly surpass a lot of the projects on that list.

Q34:

I am an testnet minter and the process seem Simplified, now I want to know if minting of USDX will continue when you launch Mainnet and do you have plans to build your own KAVA WALLET for easy minting on your mainnet

  • Answer - Simple blockchain experience?! high praise! Yes the process will be the same. Kava will not provide interfaces or wallets. Kava Labs builds software for the blockchain, our community members like Cosmostation, Frontier, Trust Wallet build support for people to interact with it.

Q35:

What business plans does Kava have with Seoul (South Korea) after partnering with Cosmostation? Do you plan to expand your products beyond Asia? Have you thought about harnessing the potential of South America?

  • Answer - South Korea is a perfect market for Kava's DeFi. Regulations prohibit fiat-backed stablecoins and margin trading. Kava's platform uses crypto-backed stabvlecoins and can enable users to get loans to margin trade. I am looking forward to further developing the Korean market for Kava, working with close partners like Cosmostation and showing the world real use cases of DeFi.

Q36:

Thank you for taking the time to conduct this AMA. Do you have any parting words, and where can the people go to keep up with all of the new happenings regarding Kava Labs?

  • Answer - Thanks for all the awesome questions! Amazingly thoughtful!
  • I've been promising the world cross-chain DeFi since June of last year. The IEO and mainnet went live Nov 2019. It's been a year of hard work - but an industry first is coming on June 10th. I'm excited. I hope you guys are.
  • Thanks for having me, I hope you become a USDX minter and get KAVA rewards. And last but not least, I love Binance - it's Kava's first home and I'm really happy to open up DeFi to BNB first.
  • To keep up to date w/ all things Kava: Website - Telegram - Telegram for Kava Trading Chat - Twitter - Medium
submitted by Kava_Mod to KavaUSDX [link] [comments]

Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading

Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading
AX Trading LLC (AX), a technology-enabled registered broker-dealer and Alternative Trading System (ATS) operator, today announced a strategic partnership with Quant Network a pioneering technology company providing financial and regulatory technology as well as interoperability in financial services, payments and capital markets infrastructure. Through this partnership, Quant Network’s technology, Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of interoperable regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets. George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.” It is expected that the first interoperable digital asset offering may commence as soon as January 2020, and that the AX Trading ATS may be ready to enable and list interoperable digital assets and securities in 2020.
Let’s have a closer look at what that means to truly appreciate the significance of the partnership by covering the basics for those not familiar with wall street.
https://preview.redd.it/2z8h6uqos0m31.png?width=1200&format=png&auto=webp&s=a1c02216ce4eda8f3e06abdb6fe519b36efd1be6

What is an Institutional Investor / Trader?

An institutional investor is an organization that invests on behalf of the organization's members. They consist of hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds, or any other type of money management firm.
Institutional investors account for about three-quarters of the volume on the New York Stock Exchange (which alone handles more than $20 Trillion a year in volume). In the US, Institutional investors own about 80 % of the total market value of the equity (stock) market, which globally is worth more than $73 trillion.
Wall Street refers to the institutional investors I mentioned above whereas Main Street refers collectively to members of the general public who are not accredited investors and the overall economy as a whole.
Whilst the Equity Market is huge, Institutional investors also invest in other securities which are prime to be tokenised such as Real Estate Market (Globally worth $217 trillion), the Debt Market (Globally worth $215 trillion) and the Derivatives Market (Low end estimates at $544 trillion and high-end estimates at $1.2 quadrillion). All of which makes the current market cap for cryptocurrencies look like a drop in the ocean.

Who are AX Trading?

AX Trading is a SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA (Financial Industry Regulatory Authority)and SIPC ( Securities Investor Protection Corporation) regulated authorities. The SEC has some of the most stringent regulations in the world for listing securities and there are fewer than 50 SEC-registered Alternative Trading System Operators in the United States, of which only a handful are currently implementing Digital Assets. Others are awaiting regulatory approval with Coinbase, Circle etc are all looking at getting into this huge market.
https://www.coindesk.com/stonewalled-by-finra-up-to-40-crypto-securities-wait-in-limbo-for-launch
AX Trading have investors and sponsored brokers including the likes of Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion). AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc).
AX Trading have also partnered with Euronext, the largest Stock Exchange in Europe with a market cap of $4.65 trillion as of 2018, in the creation of Euronext Block which utilises AX Trading.

What is an Alternative Trading System?

An Alternative Trading System (ATS) is an SEC-regulated trading venue which serves as an alternative to trading at a public exchange. ATS account for much of the liquidity found in publicly traded issues worldwide. They are known as multilateral trading facilities in Europe, electronic communication networks (ECNs), cross networks, and call networks
AX is the world’s first “Electronic Trading Network” (ETN) where institutional traders can proactively connect and trade with other counterparties in a secure environment. Unlike traditional stock exchanges/ECNs that show orders to everyone and traditional dark pools/crossing systems that show orders — presumably — to no one, AX allows institutional traders to pick and choose WHOM they want to notify and also WHAT information they want to share with them.
Institutional investors may use an ATS to find counterparties for transactions instead of trading large blocks of shares on national stock exchanges. These actions may be designed to conceal trading from public view since ATS transactions do not appear on national exchange order books. The benefit of using an ATS to execute such orders is that it reduces the domino effect that large trades might have on the price of an equity.

How does AX Trading Work?

The AX Trading process begins when one trader sends an “initiated” order to AX. The order can be routed to the AX ATS via one of our broker sponsors such as Credit Suisse. The initiated order triggers a “Call Auction” on AX, a period of time when the order will rest in AX to be matched against other orders from auction responders.
The Initiator of an AX auction decides who they want to invite to participate in the auction, whether they be all 800+ institutional members or targeted to specific ones, as well as how much info they want to disclose about the order. Based on these instructions, the AX ATS then notifies the members inviting them to participate in the trade.
The invited members can then participate in the trade by either placing buy orders of their own or placing sell orders. At the end of the AX auction period, all orders are brought together, and a match is performed.
In the traditional, continuous market with displayed bids and offers, traders are often chasing liquidity. In other words, the price may move away from them the more they buy or sell to what is commonly called “market impact.” On AX, the advantage of their call auction model is it brings liquidity — in the form of participant orders to the buyer rather than them chasing liquidity.

What is a Security Token?

Security Tokens are different than Utility Tokens or Cryptocurrencies. A security token is a digital representation of a traditional security. It may represent shares in a company, interest in a fund, real estate, art collectables, or essentially any asset a party can own. Anthony Pompliano wrote an article explaining tokenised securities in more detail which you can see here
Security Tokens are digital assets subject to federal security regulations. In layman terms, they are the intersection of digital assets (tokens) with traditional financial products — a new technology improving old things. If cryptocurrencies like Bitcoin are considered “programmable money” then you can consider Security Tokens a version of “programmable ownership.” This means that any asset with ownership can and will be tokenized (public & private equities, debt, real estate, etc).
https://preview.redd.it/21cz6zvus0m31.png?width=569&format=png&auto=webp&s=883eb844e1061cddd585903549dde829098765c2
Quant Network community member David W also wrote an excellent piece on the benefits of tokenisation of assets in a lot more detail than what I will briefly cover here and strongly recommend you check it out.
The Tokenisation of assets is therefore inevitable, because it is a better way to record, exchange and monitor asset ownership for all parties involved. The amounts at stake represent many hundreds of trillions of US dollars

What are the benefits of a security token?

  • Lower Fees — having Smart Contracts and compliance programmed into the token itself removes the need for middlemen, reducing costs. Post Trade businesses such as clearing houses would also no longer be required further reducing costs.
  • 24/7 markets — Currently the major US stock markets trade between 9:30am and 3pm during weekdays only. Trading can be done 24/7 and globally whilst remaining compliant.
  • Fractional Ownership — This greatly increases liquidity for previously illiquid assets. Real estate, Artwork, even assets such as Oil Refineries are already in talks about being tokenised through Overledger. If you have an asset such as an oil refinery worth billions of dollars, then naturally this limits the market should you ever want to sell it. However with fractional ownership you could own a tiny percentage of it and receive profits from the oil refinery based upon the percentage you own, which exponentially increases the number ofpotential buyers, increasing liquidity.
  • Rapid Settlement — Currently it takes 3 working days to settle a securities trade, this can be reduced to minutes by having the asset and fiat represented on a blockchain and handled through smart contracts.
  • Automated compliance — Security tokens are programmable, and rules and regulations are hard-coded into the architecture of the token to ensure they always remain compliant. This means that they can be traded globally and still ensure they respect the relevant countries regulations that the participants are located in.
  • The benefits that a blockchain provide such as transparency, security, immutability, high availability. Regulators can also run a node and verify compliance in real time.

Security Token Issuance Platforms

Security token issuance platforms allow issuers to issue Security tokens that represent the security such as Shares in their company etc in return for capital. This is known as a Primary Market. Importantly it’s not just the issuance that they look after, it’s the whole life cycle of a digital security to ensure they remain continuously in compliance as they are traded etc. They also provide reporting to the issuer so they can see who owns the tokens and what dividends to pay out.
Securitize are one of the leading security tokens issuing platforms. They have created the DS Protocol, a blockchain agnostic protocol for security tokens which manages the whole lifecycle of a digital security, ensuring it remains continuously in compliance. They have issued a number of security tokens on the Ethereum network as well as recently working with IBM to tokenise the Corporate Debt Market (worth $82 Trillion). On the back of this they joined Hyperledger, an open source project which includes Enterprise blockchains such as Hyperledger Fabric which IBM is heavily involved with.
https://tokenpost.com/Quant-Network-Securitize-and-others-join-Hyperledger-blockchain-project-1544
They recently also became the first SEC-registered transfer agent, which means Securitize can now act as the official keeper of records about changes of ownership in securities.
There are many companies in this sector which are utilising various blockchains, Other examples include:
  • Harber — R Token protocol for Ethereum
  • Polymath — ST20 protocol for Ethereum
  • Blockstate — a security token issuance platform recently announced plans to migrate a number of ERC-20 tokens from the public Ethereum blockchain to the permissioned blockchain R3 Corda
  • Dusk — Uses the Dusk blockchain
  • Own — Uses the Own blockchain
And many more such as Nefund, Bankex, Capexmove, Swarm, Symbiont, Tokeny etc

https://preview.redd.it/vr6c7jdzs0m31.png?width=520&format=png&auto=webp&s=88431b27906099bb09f31ef1fdee0222dd96674f

Trading Venues

Whilst the issuance platforms above generally also include their own exchange where the token can be traded on, secondary markets such as those offered through traditional stock exchanges and Alternative Trading Systems provide significantly more liquidity.
Traditional Stock Exchanges have been very active in blockchain with some going through proof of concepts, to those like SIX SDX Digital Exchange which is due to launch later this year. They are using various blockchains and cover the full process from Issuance, Trading and Post Trade / Settlement services. I have briefly outlined which blockchain they are using / testing with along with source to read more about it below:
  • Switzerland’s Stock Exchange — SIX Digital Exchange issue, trading, settlement, custody — Corda — Source
  • Largest Stock Exchange in Germany — Deutsche Borse Franfurt Stock Exchange — Corda — Source and Source
  • South Korea’s Stock Exchange — Korea Exchange — Hyperledger Fabric — Source and Source
  • Japan’s Stock Exchange — Tokyo Stock Exchange — Hyperledger Fabric — Source which the consortium has now grown to 44 companies. Tokyo Stock Exchange are also testing JP Morgan’s Quorum for voting on the blockchain — Source
  • London Stock Exchange Group — Hyperledger Fabric — Source . They are also invested in Nivaura which utilises Ethereum — Source
  • Largest Stock Exchange in Europe — Euronext — Permissioned Ethereum via Liquidshare — Source as well as recently investing in Tokeny a blockchain based project based on public version of Ethereum — Source
  • Singapore Stock Exchange — Ethereum — Source

Post Trade — Central Security Depositories

Situated at the end of the post-trading process, CSDs are systemically important intermediaries. They thereby form a critical part of the securities market’s post-trade infrastructure, as they are where changes of securities ownership are ultimately registered.
CSDs play a special role both as a depository, involving the legal safekeeping and maintenance of securities in a ‘central depository’ on behalf of custodians (both in materialised or dematerialised form); as well as for the issuer, involving the issuance of further securities by issuers, and their onboarding onto CSDs’ platforms.
CSDs are also keeping a number of other important functions, including: dividend, interest, and principal processing; corporate actions including proxy voting; payment to transfer agents, and issuers involved in these processes; securities lending and borrowing; and, provide pledging of share and securities.
Blockchain technology will enable real-time settlement finality in the securities world. This could mean the end of a number of players in the post-trade area, such as central counterparty clearing houses (CCPs), custodians and others. Central Security Despositories (CSD) will still play an important role according to reports:
“CSDs could have an important role to play in a blockchain-based settlement system. As ‘custodians of the code, CSDs could exercise oversight of, and take responsibility for, the operation of the relevant blockchain protocol and any associated smart contracts.” Euroclear Report
Another group of 30 central securities depositories (CSDs) in Europe and Asia are researching possible ways to “join hands” in developing a new infrastructure to custody digital assets. The CSDs will attempt to figure out how to apply their experience in guarding stock certificates to security solutions for crypto assets.
“A new world of tokenized assets and blockchain is coming. It will probably disrupt our role as CSDs. The whole group decided we will be focusing on tokenized assets, not just blockchain but on real digital assets.”
You can read more about how blockchain will affect CSD’s here
Examples of CSD’s in blockchain
  • SIX Digital Exchange and Deutsche Borse are utilising Corda as explained in the trading venues section
  • DTCC the largest in the US process 1.7 Quadrillion US Dollars of securities every year and are planning on moving their Trade Information Warehouse to Axoni’s AXCore Blockchain (Based on permissioned version of Ethereum) later this year — Source
  • Canada CDS are using the Quartz blockchain from Indian IT Services Company Tata Consultancy Services — Source
  • Euroclear in collaboration with the European Investment Bank (EIB), Banco Santander, and EY are developing a blockchain solution — Source
  • French CSD’s too soon go live on Setl Blockchain — Source and Source
  • Russia’s National Settlement Depository is launching a blockchain project using D3ledger (based off Hyperledger) — Source

The Importance Of Interoperability

The evolution of DLT and the wide adoption across industries and across different market segments is resulting in many different ledgers networks, but the ultimate promise of DLT can only be realized when all ledger networks can seamlessly interoperate. — from the recent DTCC whitepaper with Accenture
Some challenges and constraints related to the market infrastructure ecosystem remain open and will need to be addressed in the future to sustain the development of DLT platforms for trading and the post-trade process. At this stage, the questions of interoperability and standardization across these DLT (probably permissioned) platforms remain open and we may see a list of platforms offering no scope for interconnection. This will prevent them from fulfilling the key “distribution” criterion of DLT. Another related challenge that may determine whether or not the technology is adopted is the ability to provide Delivery versus Payment (DvP) settlement, in particular in central bank money. Nevertheless, it is worth mentioning that settlement can also be facilitated in commercial bank money. — https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/technology/lu-token-assets-securities-tomorrow.pdf
It’s clear from the above that interoperability will be crucial in order to unlock the true potential of Distributed Ledger Technology. Issuance platforms will seek to interoperate with as many secondary exchanges as possible to provide maximum liquidity for issuers. Issuance platforms and secondary exchanges are each using a wide range of different blockchains that all need to interoperate as part of the trade process. CSD’s will also need to have interoperability between other CSD’s as well as to the secondary exchanges (again each using different blockchains).

Enter Quant Network’s Overledger

Quant Network’s blockchain operating system, Overledger, provides interoperability between any current and future distributed ledger technology as well as easily connecting Off Chain / Legacy networks as well as plans to connect directly to the Internet. Within 10 months it has proven it can provide interoperability with the full range of DLT technologies from all the leading Enterprise Permissioned blockchains such as Hyperledger, R3’s Corda, JP Morgan’s Quorum, permissioned variants of Ethereum and Ripple (XRPL) as well as the leading Public Permissionless blockchains / DAGs such as Bitcoin, Stellar, Ethereum, IOTA and EOS as well as the most recent blockchain to get added Binance Chain. All without imposing restrictions on connected chains, being Internet scalable and able to easily integrate into existing networks / infrastructure.
https://preview.redd.it/8p6hi942t0m31.png?width=1920&format=png&auto=webp&s=b0536ea9981306feb8bd95788c66e9a5727a4d58
Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets
https://www.quant.network/blog/redefining-wall-st-with-decentralised-capital-market-infrastructure-the-possibilities-of-quant-networks-overledger-technology-in-regulated-capital-markets
Overledger enables Universal Interoperability where digital assets can move across blockchains so that they can interact with smart contracts on different blockchains. It does this by locking the asset on one blockchain and then representing it on another blockchain either by creating a representing token or representing it via metadata. This will enable all of these different parties such as Issuance platforms, Exchanges, CSD’s, traders etc to move the digital asset from their respective blockchain onto AX Trading’s platform for secure, immediate and immutable trading to take place. Potentially it would even allow Digital Assets / Securities to settled on a public permissionless blockchain such as the recently connected Binance Chain in a completely safe, secure and compliant way.
https://preview.redd.it/a3o9qxq5t0m31.png?width=443&format=png&auto=webp&s=78d7a7e7d47213bbb354336ba9d5ad92c1c2254a
Regulators would be able to run a node and view transactions in real time ensuring that compliance is being kept. Potentially they could also benefit from using Quant Networks Multichain Search capability http://search.quant.network/ to be able to fully track assets as they move across blockchains.
George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”

Securrency

AX Trading have also partnered with Securrency (who have previously tokenised over $260 million in real estate assets). Securrency provide a protocol that enables security tokens to remain in compliance regardless of what blockchain the token is on. Due to the layered approach that Overledger has adopted from the learnings of TCP/IP, this protocol can be easily integrated on top of Overledger to enable security tokens to move across blockchains as well as ensuring they remain in compliance with regulations programmed into the token.
https://youtu.be/vSQ2fu9iZGs

Delivery vs Payment (DvP)

A DvP transaction involves the settlement of two linked obligations, namely the delivery of securities and the payment of cash. DvP avoids counterparties being exposed to principal risk, i.e. the risk that the seller of securities could deliver but would not receive payment or that the buyer of securities could make payment but would not receive delivery. Following this requirement, a DvP securities settlement mechanism has to ensure that the delivery of securities and the payment of cash are linked in a way where one leg (obligation) of the securities trade is conditioned to the final settlement of the other leg (obligation) of the trade. Thereby final settlement is defined as “the irrevocable and unconditional transfer of an asset or financial instrument, or the discharge of an obligation by the FMI or its participants in accordance with the terms of the underlying contract”. — STELLA — a joint research project of the European Central Bank and the Bank of Japan
We have seen how Overledger can provide interoperability for the securities to move across Issuers platforms, integrate with Stock exchanges, Central Security Depositories and AX Trading. Now we need to be able to ensure that payment is guaranteed and in a way that offers immediate settlement which is irrevocable. To do this we need to represent FIAT on the blockchain so that it can interact with smart contracts and settle transactions on the blockchain.

J.P.Morgan’s Coin

J.P.Morgan is the largest bank in the United States and ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.535 trillion.
J.P. Morgan was the first U.S. bank to create and successfully test a digital coin representing a fiat currency. The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional clients.
With J.P.Morgan’s $2.6 trillion balance sheet, expertise in blockchain and global payments network, J.P. Morgan can seamlessly and securely transfer and settle money for clients around the world. J.P. Morgan are supervised by banking regulators in the United States and in the international jurisdictions in which it operates.

How does JPM Coin work?

A Buyer purchases JPM coins in advance which get represented on the Permissioned Quorum blockchain ($1 =1 JPM Coin). Quant Network’s Overledger could then provide interoperability to lock those tokens on Quorum and represent those onto another blockchain / AX Trading’s Network. By being able to represent securities and FIAT on the same blockchain (even though the underlying assets are on different blockchains) this provides instant finality / settlements to occur.
Once the seller receives the JPM coin in exchange for the securities they have sold they will be able to redeem them for USD. It also doesn’t necessarily mean that they have to have a JP Morgan account to redeem them, you could imagine in the future that the Bank instead redeems the JPM Coin and credits the users account. Similarly the buyer of the security token redeems the represented token and unlocks the security token on the original blockchain.
You can read more about JP Morgan’s Coin here as well as its use cases
J.P Morgan is betting that its first-mover status and large market share in corporate payments — it banks 80 percent of the companies in the Fortune 500 — will give its technology a good chance of getting adopted, even if other banks create their own coins. “Pretty much every big corporation is our client, and most of the major banks in the world are, too,” Farooq said. “Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”
Overledger enables different securities tokens / digital coins representing FIAT currencies to be brought together from the various permissioned / permissionless blockchains onto one platform where trading / settlement can take place. Overledger is the only technology that can do this today across the leading permissioned and permissionless blockchains as well as existing networks, all in a secure, scalable and easy to integrate way.
https://preview.redd.it/ngt7q7hdt0m31.png?width=738&format=png&auto=webp&s=60166bdc0fcdf72a502e3472a09de5ddb5e1eb69
Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.
https://preview.redd.it/ibecorcft0m31.png?width=1286&format=png&auto=webp&s=94540cf49654e36a8155f424c2a4bdb5fd549558
This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months, examples include the NYSE Bakkt launching Bitcoin futures later this month, Swiss Stock Exchange ($1.6 Trillion market Cap) is due to launch their digital exchange running on Corda (SDX) by the end of the year. The DTCC are due to launch their Trade Information Warehouse which processes $10 Trillion of cleared and bilateral derivatives by the end of the year. JP Morgan who transfer $6 Trillion every day are due to launch their JPM coin at the end of year and AX Trading is due to offer their first digital asset by January 2020.
Quant Network’ Overledger enables the bridging of traditional finance infrastructure with the new decentralised finance infrastructure DeFi of the future, helping to redefine Wall Street and Capital Markets.
https://medium.com/@CryptoSeq/wall-street-2-0-17252ffd8919
submitted by xSeq22x to QuantNetwork [link] [comments]

BitMax.io & Lambda Joint AMA

BitMax.io & Lambda Joint AMA
George Cao :Let’s welcome lambda team . Xiaoyang and Lucy
Lambda: Hello friends from BitMax ~~ I am Lucy Wang, Co-founder and CMO of Lambda. I am very happy to e-meet with you here and thx for George's invitation. I on behalf of Lambda wish all of you a merry Christmas and prosperous new year in 2019
George Cao: Great. I am a bit surprised to see a big volume day yesterday Christmas. Seems our users didn’t take a break even on holidays :)
Lambda: I'd like to take this opportunity to introduce myself first, I have over 14 years of progressive career development with global leading enterprise software / service organizations as well as VC-backed start-up ventures, including HP, Oracle, and SAP. Before Lambda I was CMO/GM at two enterprise SaaS start ups in China backed by top VCs.
And my partner Mr. He Xiaoyang, who is the founder of Lambda, he is a well-known expert in infrastructure and open source software in China. Prior to Lambda, he was the co-founder of OneAPM, a fast-growing infrastructure software focusing on ITOM (IT operation management) in China. OneAPM is known as the “New Relic or AppDynamics of China” and the company has received strong VC backing from Matrix Partners, Chengwei Capital, and Qiming Venture. Prior to his entrepreneur experiences, Mr. HE worked at BEA as a R&D software engineer. In addition, Mr. HE is also a blogger with strong following in China and some of his articles have been published by major media such as Forbes China, 36Kr, Sina, etc.
Lambda idea was born at the end of year 2017 and the product development started from the beginning of 2018. Now let me talk about Lambda idea and what we do
Lambda, is the leading decentralized infrastructure project providing secure, reliable, and infinitely scalable decentralized storage network that enables data storage, data integrity check, security verification, and marketplace for storage-related services on the Lambda Chain Consensus Network.
In recent years, there have been frequent data leakage problems in major Internet platforms at home and abroad, and even business giants such as Facebook and Marriott have not been spared. Returning the value of data to data owners is an inevitable trend in line with human pursuit of freedom. The block-chain technology with P2P features provides an opportunity for this, and this area will be highly valued by the industry in the next few years. Lambda is the only provider of block-chain storage infrastructure projects in China. It is sometimes referred as “File-coin of China”or “File-coin 2.0”.our vision is to return the value of data to the data owner, with this vision in mind, our mission is to promote the decentralization of the Internet, with the goal of creating a storage infrastructure for the next generation of block-chain.
After the Lambda project launch in early 2018, it has received strong support by well-known strategic and financial investors including Bitmain, Viking Capital, FBG Capital, Bluehills, Zhen Fund, FunCity Capital, Ceyuan Digital Fund, BlockVC, INBlockChain, DATA Foundation, Bitcoin World, Reflextion Capital, etc. To date, Lambda has received investment funding in excess of $10M.

https://preview.redd.it/ynaos7rps2721.png?width=1267&format=png&auto=webp&s=77360b7cdf06c288e8c25675f94f5fb9d3d02137
n all the existing decentralized storage projects that are aiming to give a solution to this problem worldwide, Lambda is the first ever to announce its LPDP ( Lambda Provable Data Possession )
George Cao: I see we share several investors in common, So 2019 q1-q2 will be a big milestone for lambda
Lambda: Provable Data Possession (PDP) and Proofs of Retrievability (POR) are critical to efficient decentralized data storage and its implementation, which is the essential difference between centralized network projects and real decentralized storage. Prior to Inter-planetary
File System (IPFS), Lambda launched its minimum viable product (MVP) of core functions in the third quarter of 2018, and has been continuously upgrading and optimizing this in block-chains in a multi-role environment.
File-coin is our main competitor, here is a chart shows the progress comparison FYI

https://preview.redd.it/ewmyh9tqs2721.png?width=1267&format=png&auto=webp&s=cddc52a6d613196f6c0cbf870da42a5b82a8aaa6
For those who have interest to know more about Lambda's technical innovations, they can be find in our keep updating FAQ document posted on Medium, and I copied her FYI
1.Innovatively designed the Validator role which provides verification service for storage proof and the Validator replaces storage miner as the full-time storage proof result verifier, this greatly improves the performance of the storage and retrieval system.
2.In response to the limitations of the PDP algorithm, Lambda innovatively created a consensus network on the block-chain and used the validators role to replace the "TPA" in the PDP algorithm.
3.Innovatively modified the PDP algorithm from synchronous to asynchronous communication, which greatly reduces the communication traffic for Challenge in the system. Use of chain data as a random seed for storage miners to issue Challenge themselves addresses the randomness of TPA challenges.
4.Innovatively upgraded the PDP algorithm from periodic verification to a verification set generated by the miners to submit the verification result at one time, and fully realize the Proof-Of-Space-Time verification.
on top of all the technical, Lambda creates a consensus network where data can be stored, storage space can be rented on the basis of a marketplace built on block-chain.
In the Marketplace, the transaction process is: storage miners pledge hard disk sectors to the consensus network, and place orders and sell their own storage space in the Marketplace; storage users initiate purchase requests, complete the matching of storage requests through the Marketplace, and store data in the space of the storage miners.
Different from other block-chain applications, Lambda is a storage mining project, we have miners mine on Lambda network. Earn LAMB tokens by contributing on the network, and users who have data storing requirements pay Lamb tokens to purchase services accordingly.
The price of Lamb token not only rely on the exchanges but also supported by our miners who are doing works on the network.
There are four roles in the Lambda mining network: storage miners (providers of storage space), verification miners (ensuring the integrity and security of data and packaging transactions), retrieval miners (providing download bandwidth), and users (storage buyers). 1024 verification miners promoted from storage miners constitute the Lambda-chain consensus network. So you will see three types of miners serve our users from all over the world.
The key milestones we are looking at is the launch of test-net, where miners can start mining and earn testing Lamb tokens, the date will be around end of Jan. 2019 and main network will go live in Q2, 2019, most likely in Apr.
Regarding our partnership, In the academic field, we have established a strategic partnership with Beijing Institute of Technology (BIT), which is well known in China for its engineering and computer science research programs, to conduct research into centralized storage.
In the commercial field, Lambda has established a strategic collaboration with IOST, a well-known public blockchain project, and Perlin, a super computing platform, and started to conduct pilot projects for decentralized application (DAPP) companies such as DATA and BCV. Lambda also has close ties to many leading Internet data centers (IDCs) in China. They join the Lambda network as miners and take advantage of their surplus server capacity to engage in the Lambda network ecology.
Q: Will the rest of the code be open sourced? If so when ?
Lambda: we have released the codes of core function module, the test net codes will be released gradually in Jan. pls stay tuned with our official github
Q: What can Lamb tokens be used for?
Lambda: Lambs are tokens in the Lambda ecosystem, which are mainly used in the following scenarios:
A. Users of services in the Lambda ecosystem have to pay with Lambda tokens.
B. Providers of storage services in the system have to pledge a certain number of tokens.
C. Verification nodes in the system have to pledge a certain number of tokens.
D. Verification nodes can obtain a certain number of tokens as accounting rewards.
E. Storage nodes get a certain number of tokens based on their storage capacity and their service level agreements (SLAs).
F. Other roles in the Lambda ecosystem can also obtain a certain number of tokens based on their contributions.
Q: What more incentives does miner gets to mine or rent storage on Lambda?
Lambda: every miner stars from storage miner on Lambda network, they get paid by providing storage space, when their business getting bigger, system will select the top 1024 storage miners and promote them to validator, who will get block generation rewards from system.
Q: how are the 1024 miners selected? Doesn't this become more centralised?
Lambda: we did a survey to the Chinese miners, they mainly fall into two groups, either are waiting FileCoin to go live with purchased mining machine idle at home or they are doing hard drive or graphic cards mining, which has a high requirement to the hardware standard. To mine on Lambda, you need a mining machine ( computer ) that has big storage space ( because the bigger the higher probability you'll be promoted to be a validator ) and the connection to the internet
Q: How much is initial supply?
Lambda: Lambda did two rounds of fund raising, private investors have a lock up terms of 2+4+4 meaning the first 20% of tokens will only be released 2 months listing on exchange. so on the day one listing till 2 months there will be only around 0.5% initial circulation, and after 2 months, 5% in total. in addition to that, as we are recruiting miners to join our network, actually ppl have been in a situation where they can't wait to mine on our testnet. with the mining mechanism we have, miners need to buy Lamb token to get their mining work started, because a certain amount of pledge need to be made
Q: What partnership will lambda and bitmax have in the future?
Lambda: We value the way BitMax doing things and care about projects, we feel like we found the right exchange to be listed, in particular an initial listing. we will work with BitMax and do some joint campaigns to boost the community
George: We have great chemistry with lambda team.
Q: And are you still primary list in there, I heard the list was delay? Is it related to Huobi?
Lambda: you are right, it is related to Huobi, but one thing you can be assured of is that our initial listing on BitMax wont change, but most likely a joint listing with Huobi.
Q: what about the time of primary list?
Lambda: we will primarily list very soon, we are targeting end of this week, now we are in the middle of some technical integration with Huobi
George: We can assure everyone that our team will do our best to protect our investors and serve our listing projects. The promise does not change whether or not if we co-list with huobi.
Q: We get reward to mine ? Any incentive? For testnet
Lambda: Yes, you have two ways obtain Lamb tokens, buy from exchange and earn more from mining, but firstly you have to buy Lamb on BitMax haha. Are you asking the reward from testnet by mining on it? yes, you will get test Lamb token, and they can be redeemed to Lamb token with a ratio that will be specified shortly. on Lambda official website www.lambda.im, we have whitepaper, besides that we also have economic whitepaper to explain how the lambda economic system runs, on Dec. 28 we will launch our yellow paper where we will demonstrate the detailed technical realization and all the parameter setting for mining on Lambda
Q: What are the implications if a miners rig goes offline or they decide to stop?
Lambda: If miners rig goes off, they will not get the reward from the corresponding generated block, if they do cheating there will be punishment from the system, and if they decide to quit, the pledge will be returned
Q: Lambda planning to have own FS?
Lambda: Yes, FS and consensus network is separate. validators and marketplace are on the consensus network, while Files are in the File System.
Q: Is Lambda GDPR friendly?
Lambda: yes, we are
Q: Hi can u explain what’s the requirements of decentralized data . Do You think big companies will like to use lambda services .... or it’s for medium level enterprises as big companies will go for their in house system with their reliable nodes ...
Lambda: this is a good question, from I seeing it, ppl call out the protection of privacy, it is a trend and it takes steps. Lambda has two big groups of prospects users, one is DAPPs, another is the general industries such as big data, AI, IoT, Games, Financial, etc, as long as they need massive data storage demand, Lambda has the opportunity, data storage is expensive, especially when we are talking about big data, a lot of companies will value the cost in this area very much. currently we have lighthouse customer like DATA, BCV, VVshare, in the very near future, a game that is developed by Lambda team will also go live on Lambda network. from the BD perspective, Lambda will create a satellite network ( you can take it as channel network ) to bring us customers, we have a few reaching out to us already
Q: Why suddenly launched on Huobi
George Cao: I believe lambda team has its own consideration. Projects esp in bear market are facing pressures from different parties. Investors users exchanges. Not everything is under projects control. What we can do as an exchange is to stand by our partners and fully support them down the road
Lambda: thx for the answer
Q: I think you have made a great choice working with bitmax. Bitmax have really helped push new
coins and their site in general with good PR, marketing and reward/airdrop promotions
Lambda: strongly agree with you
Q: GDPR has taken over the EU and the UK so that is very important
Lambda: you are right, so we see to be GDPR friendly, which is one of our differentiator from FileCoin
Q: Being GDPR friendly , European market is a go for lambda
Lambda: I have this plan to develop European market by having a Raspberry program, it is still in planning.
George Cao: Let’s take a last question and move to lambda community:) And as usual we will pick 3 best questions. We will send out 1000 800 and 500 btmx. @lambda do you want to pick 3 questions ?
Q: Recent partnerships are interesting , can you tell us about coming q1 2019 both in terms of technical and marketing developments ?
Lambda: from Marketing side, we are focusing on Chinese miners community and potential European market ( like I said still in construction ) Korean market is another, and US market to go along our compliance path, Lambda has been strictly abide by the regulations. from technical side, the most important task we are targeting is the main network launch as planned
George Cao: Thanks everyone for your time. It’s a great ama as usual. We do have the best community. We will pick 3 winners and we will announce here after we finish ama in lambda community
Lambda: thank you all for your time to participate the AMA, I had a great time with you, see you friends and have a nice day.
George Cao: Hello everyone, Merry Christmas:)
Lambda: Hello Lambdos. Today we have George, the founder of BitMax to join us for the AMA. Let's give him a warm welcome to do a introduction of BitMax
George Cao: I am George Cao, founder of bitmax. I am happy to take the opportunity to talk to everyone here. Thanks to the lambda team. Let me start with a brief introduction about us.
Bitmax.io (btmx.io) is an exchange founded by a group of Wall Street veterans. Unlike most projects, we are kinda of old :) core team are in their 30ish - 50ish. The 10 founding member have combined of 150 years of Wall st experience. I have 10+ yrs of high frequency trading experience therefore I know the trading system well. That’s why our match engine can handle 400k tps per second vs huobi 1000 tps. We want to build an exchange that is transparent, robust, and efficient. While our system is the best in class, we offer the lowest trading fees. We believe the current high commission will not sustain and we will see consolidating of the exchanges with better depth and liquidity and lower commission. We are happy to partner with lambda, one of the best projects in 2018. We are committed to serve the project and the community. Alright, I am ready to take questions. Anything you can ask, as tough as you want :)
Q: Haha nice platform.
George Cao: Thanks. We are young as a platform but we are working to deliver the best
Q: I see reverse mining is new , I used many other mining exchange but all have normal mining . How does reverse mining works?
George Cao: Reverse mining is an innovative approach that helps the exchange and the project in several ways. 1) the concept of reverse mining is by providing liquidity to the exchange, you get a rebate and deduct out tokens from your account of the same valued. You can think of a otc sell our. 2) the benefit is it removes lots of sell pressure from the secondary market. And provides a strong support for the token price. 3) it introduces lots of liquidity to the exchange and benefits all traders
Q: The BTMX used in reverse mining are locked forever?
George Cao: Yes so the total number of tokens are always reducing your
Q: I've really been enjoying using the bitmax exchange so far especially with the low fees and data usage rewards. Does the exchange plan to bring in a shorting function in the near future?
George Cao: Yes we will have margin and futures trading
Q: It was supposed to December right ?
George Cao: We postponed our margin to Jan. The reason is we want to be more careful on protecting margin call protections.
Q: Margin trading and futures is important for BTMX price to drive up
George Cao: Totally agree
Q: Does BitMax have any activities on New Year's Day?
George: We do have multiple promotional events. Including but not limited to airdrops. Please visit our website and stay tuned
Q: I saw the whitepaper of bitmax, can you talk more about your dividends the formula is really hard for me ?
George Cao: Sure 80% of our commission goes to our fee pool. 1/180 of the total pool will be distributed daily. As long as you are a token holder, the current rate we pay is over 100% annually
Q: Oh I see, so the dividends will be smooth, great idea.
George Cao: Yes unlike other mining exchanges have huge volatility on div we smooth our curve
Q: I've also heard there is a mobile app in the works, is this likely to be released in the near future?
George Cao: Almost done. Beta version is in testing
Q: What about the north American, will it be available in the future?
George Cao: We more cleared our legal path for fiat trading in us. Q1 2019 we will launch in the us
Q: Great news I think this will bring a big volume.
George Cao: Yes agree. Our team is excited as well
Q: With promotional Airdrops that require a certain amount of the BTMX token to be held such as The lamb one that has taken place on the exchange this week. Are tokens that are locked for data usage or in cards taken into account when balance screenshots are taken?
George Cao: Yes we will take that into account
Q: When will be the private sale tokens be released ?
George Cao: As soon as we mined 90m we will start to release
Q: So let me get this right .. you give us FREE BTC and ltc and even Lambda EVERYDAY if we hold BTMX and agree to share our data
George Cao: Free usdt btc eth
Q: Wow. In a bear market, Free btc is the best thing ever
George Cao: We share revenue with our users, 90% is usdt. Not sure if you like it:)
Q: also consider adding coins like ADA and few from top 30. People need more coins
George Cao: We are adding stellar and zcash soon
Q: I heard they are insured Unless we give password to someone hehe
George Cao: Yes we are using custodian service
Q: George are our funds SAFU with you? Exchange insurance? I would say it is With the industry giants backing this exchange
George Cao: Sequoia matrix bitmain fbg dhvc are our equity investors
Q: What’s to stop People dumping BTMX token after free btc Or stop capital investor dumping on retailer
George Cao: They get it every day. Why would they dump? All equity investors can not sell on secondary market. They can only to reverse mining
Q: Will margin allow reverse mining instead of normal mining?
George Cao: Not initially
Q: People do irrational things when btc moves Or whales dumping, I heard there was a lock up token or something. To stop this
George Cao: We required lock our tokens to get rewards. You can request to unlock at anytime but it takes 24 hours to process
Q: Binance is developing DEX any plans for BitMax ?
George Cao: Not anytime soon we have a looong to do:)
Q: It's good you have dex in mind , with improved scalability in future maybe bitmax can build good dex
George Cao: Agree
Q: Retail investors are important , George knows it haha
George Cao: We care most of retails
Q: It would help if they also burned or locked tokens up
George Cao: Yes we permanently locked
Q: Seems you have everything thought of.. but how about moving to Malta?
George Cao: We priority US. Once us is clear pretty much everywhere is clear
Q: Doesn’t any exchange cover US right now?
George Cao: Coinbase but they have 0 international coverage and 0 client service
Q: What sort of systems are in place for abnormal/suspicious activity on the exchange?
George Cao: We prohibit self trading. For unusual trading behavior we ban the account and as for explain in the first violation. For continued violations we permanently ban the account
Q: can we get a glimpse of mobile application ?
George Cao: There is a beta version you can use but we are keep improving
Q: What are the precautions taken to prevent wash trading ?
George Cao: We have pre trade and post trade checksums. E.g we don’t just scan one account. We check or related account
Q: Will market orders and stop-loss orders be available in the future?
George Cao: Yes we are working on it
Q: what do you think of lambda project and community
George Cao: Lambda is definitely one of the best projects this year. We have been working with lambda for months and have lots of respect ion for the team. Community is also great very well organized. I didn’t talk much but I joined lambda tele group for a while. Great interaction
Q: So the trading starts at 8 pm ETC?
George Cao: It’s postponed. Please stay tuned for announcements
Lambda: We will make announcement giving out time and new date.
Q: when please? It's also more professional to be able to give dates and respect them
Lambda Cao: we are working hard and aiming the date of Dec. 29, pls stay tuned, thank you
George: Unfortunately bitmax and lambda don’t have 100% control of the date and time. Huobi is holding the ball
Lambda: The listing dates have been postponed and we don't want to give out a random date. I request you to have patience and wait for official announcement
Lambda: we will try everything to protect retails interest
Q: Can’t let houbi just arrive late to the party?
Lambda: in the long run we may need Huobi to help us better protect us all
George Cao: We trust lambda team can make the best decision for all investors
Q: Have you been busy with listing recently? Anything else?
George Cao: We have been working 24 hours a day including Chris eve :) Listing and app and margin and lots of new improvements
Q: Why would we need huobi with bitmax on our side.
George Cao: Trust me we are as upset. However as an exchange our mission is to serve projects and investors. Please join us in fully supporting any decision lambda team made. We have 100% confidence in lambda
Q: Are you familiar with the REKTbot and SYSTEM OVERLOAD problems at bitmex
George Cao: Yes but still bitmex is the best place to trade future compare with okex
Q: Slap that Hayes fool when bitmax start margin and futures..
George Cao: Haha i don’t want to declare war with them. Let’s be a bit patient :)
Q: Could bitmax handle That volume and not system overload
George Cao: We are 100% confident
George Cao: Alright i have to run for another meeting. It’s been a great ama. Thanks everyone. For any trading related questions please contact our client support. We promise to get in touch in 5 mins 7/24. Thank you all!
Lambda: thank you for participation, have a nice day!
submitted by BitMax_Support to BitMax [link] [comments]

Daily analysis of cryptocurrencies 20191106 (Market index 53 — Neutral state)

Daily analysis of cryptocurrencies 20191106 (Market index 53 — Neutral state)

China — Wu Zhen

HK Regulator Announces Blockchain Collaboration With Subsidiary Of Institute Of Digital Currency Of PBoC The Hong Kong Monetary Authority (HKMA) of China announces on Nov 6 that a Memorandum of Understanding (MoU) was signed between the subsidiaries of Hong Kong Interbank Clearing Limited and Institute of Digital Currency of People’s Bank of China (PBoC) to conduct a Proof-of-Concept (PoC) trial. The trial aims to connect blockchain-based trade finance platform eTradeConnect and the PBoC Trade Finance Platform. The PoC is expected to begin in the first quarter of 2020.
EU Plans To Launch Public Cryptocurrency The draft text of the European Union, on Nov 5, urges the bloc to develop a common approach cryptocurrency. That is possibly including the ban projects deemed too risky. In its current form, EU finance ministers could adopt the document next month. That would intensify the EU’s cryptocurrency regulatory campaign, which has so far been only partially regulated in individual EU States. The European Central Bank and other central banks in the EU could usefully explore the opportunities and challenges of central banks issuing digital currencies. That is including by considering concrete measures to this end, the project said. That is prepared by the Finnish Presidency of the EU and subject to possible amendments.
North Korea Sets Up A Blockchain Firm To Launder Cash: UN North Korea has been using a Hong Kong-based blockchain company to launder money, according to a quarterly report from the UN Security Council’s Sanctions Committee on North Korea. As reported by South Korean newspaper Chosun, North Korea employed a shipping and logistics firm called Marine China, which runs on a blockchain platform, to avoid international sanctions by laundering stolen cryptocurrency.
Azerbaijan’s Central Bank To Introduce Blockchain-Based Digital Identification System The process of introducing a digital identification system based on blockchain technology in Azerbaijan will be completed by the end of 2019, Farid Osmanov, director of the information technology department of Azerbaijan’s Central Bank (CBA) said at the IV International Banking Forum in Baku, Trend reports Nov. 6. Osmanov said that this system will be commissioned in the first quarter of 2020.
https://preview.redd.it/h8nvfiv7a2x31.png?width=504&format=png&auto=webp&s=a51678e2a7c8f3f34eaf4886b8c4c744815a2277

After struggling to settle above $9,500, bitcoin started a downside correction against the US Dollar. BTC corrected lower and traded below the $9,400 and $9,350 levels. However, the price stayed above the $9,200 support and the 100 hourly simple moving average.
At the outset, the price is consolidating in a contracting range above the $9,200 support. The last swing high was near $9,435 and the last swing low was near $9,278. The price is currently moving higher above the $9,300 level.
Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $9,435 high to $9,278 low. An immediate resistance is near the $9,350 and $9,375 levels.

Encrypted project calendar(November 6, 2019)

STEEM/Steem: The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th. KIM/Kimcoin: Kimcoin (KIM) Bitfinex will be online at KIM on November 6, 2019 at 12:00 (UTC). Nebulas (NAS): 06 November 2019 Burn Deadline “Be sure to read this announcement & burn your $NAT by November 6th, 3:00p.m. (UTC+8, Beijing time).” Power Ledger (POWR): 06 November 2019 Book Launch ATTN Perth Power Ledger community, we will be hosting renowned economist Ross Garnaut at our WA office for the launch of his latest book… Credits (CS): 06 November 2019 Telegram AMA We are happy to announce an AMA session on WolfCryptoPub Telegram channel on the 6th November at 12:00 UTC. Fetch.ai (FET): 06 November 2019 Telegram AMA “Join @Fetch_ai CTO @pretzelsnake at 4pm UTC on Wednesday for an AMA on @Crypto_Players’ Telegram channel.”

Encrypted project calendar(November 7, 2019)

XRP (XRP): 07 November 2019 Swell 2019 Ripple hosts Swell from November 7th — 8th in Singapore. BTC/Bitcoin: Malta The A.I. and Blockchain summit will be held in Malta from November 7th to 8th. Waves (WAVES): 07 November 2019 Joins Odyssey “#Waves is joining Odyssey… We’re kicking off on Nov. 7 at Polaris…” Komodo (KMD) and 1 other: 07 November 2019 Block Party Amsterdam Block Party Amsterdam in Amsterdam from 17:30–22:00. Horizen (ZEN): 07 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA. Molecular Future (MOF): 07 November 2019 Encrypted Wine Party Wuzhen Encrypted Wine Party held by global blockchain media coinvoice and JRR crypto in Zhejiang. NEO (NEO): 07 November 2019 Live on Telegram “Join us for Neo Live at our Telegram channel to chat with @OnTrade1 ! Make sure to join us at 8PM (UTC+8) on Thursday, November 7th!” Enigma (ENG): 07 November 2019 Waterloo Meetup “Come meet us Thursday evening before the hack to learn about privacy, “secret contracts”, and Salad, a coin-mixing application…” Ark (ARK): 07 November 2019 Slack AMA “Join the ARK Slack and ask questions — Thursday the 7th of November! This week will be about ARK Explorer & Website (Michel, 6pm UTC)…”

Encrypted project calendar(November 8, 2019)

BTC/Bitcoin: The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th. IOTX/IoTeX: IoTex (IOTX) will participate in the CES Expo on November 08 TOP (TOP): 08 November 2019 Mainnet Launch “So excited to announce that on November 8th, TOP Network will officially launch the mainnet…” OKB (OKB): 08 November 2019 OKEx Talks — Valencia “Meet us at our next OKEx Talks in Valencia on 8 Nov with speaker Gustavo Segovia@sepu85 who will look at the benefits of creating Zenon (ZNN): 08 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.” Bytom (BTM): 08 November 2019 Keep Moving Conference “Bytom “Keep MOVing” conference will be held in Wuzhen World Conference. We will invite partners, core community members and devs to…” WAX (WAXP): 08 November 2019 Infinity Festival We’re at the Infinity Festival in LA this Friday, November 8th. Don’t miss Malcolm CasSelle speaking at this event on digital collectibles.

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland. HTMLCOIN (HTML): 09 November 2019 (or earlier) Mandatory Wallet Update Mandatory Wallet Update: there will be a soft fork on our blockchain. This update adds header signature verification on block 997,655. Harmony (ONE): 09 November 2019 Indian Meetups Come & meet us in person on November 9th in our meetups in Bangalore & New Delhi!

Encrypted project calendar(November 10, 2019)

Bibox Token (BIX): 10 November 2019 Bibox Summit “Bibox Summit 2019 — Maximizing Profit On Uptrend Season” from 1 PM — 5 PM (ITV) in Ho Chi Minh City.

Encrypted project calendar(November 11, 2019)

PAX/Paxos Standard: Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference. Crypto.com Coin (CRO): and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore. GoldCoin (GLC): 11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…” Horizen (ZEN): 11 November 2019 (or earlier) Horizen Giveaway — Nodes Horizen Giveaway — Win Free Node Hosting! Entries before November 11th. SINOVATE (SIN): 11 November 2019 Roadmap V3 SINOVATE (SIN) Roadmap V3 will be released with new upcoming technologies and proof of concepts!

Encrypted project calendar(November 12, 2019)

BTC/Bitcoin: The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13th Binance Coin (BNB) and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.” Aion (AION) and 17 others: 12 November 2019 The Capital The Capital conference from November 12–13 in Singapore. Loom Network (LOOM): 12 November 2019 Transfer Gateway Update “If you have a dapp that relies on the Transfer Gateway, follow the instructions below to make sure you’re prepared.”

Encrypted project calendar(November 13, 2019)

Fetch.ai (FET): 13 November 2019 Cambridge Meetup “Join us for a@Fetch_ai #Cambridge #meetup on 13 November @pantonarms1.” Binance Coin (BNB) and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…” OKB (OKB): 13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov. Centrality (CENNZ): 13 November 2019 AMA Meetup “Ask our CEO@aaronmcdnz anything in person! Join the AMA meetup on 13 November in Singapore.” OKB (OKB): 13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).

Encrypted project calendar(November 14, 2019)

BTC/Bitcoin: The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th. Binance Coin (BNB): and 4 others 14 November 2019 BlockShow Asia 2019 BlockShow Asia 2019 at Marina Bay Sands Expo, Singapore from November 14–15. Basic Attention Token (BAT): 14 November 2019 London Privacy Meetup “If you’re in London on Nov. 14th, don’t miss our privacy meetup! The Brave research team, our CPO @johnnyryan, as well as @UoE_EFI Horizen (ZEN): 14 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA. IOTA (MIOTA): 14 November 2019 Berlin Meetup From Construction to Smart City: IOTA, Maschinenraum & Thinkt Digital will explain, using concrete use cases, how to gain real value from.. Dash (DASH): 14 November 2019 Q3 Summary Call “Dash Core Group Q3 2019 Summary Call — Thursday, 14 November 2019” NEO (NEO): 14 November 2019 NeoFest Singapore Meetup “Glad to have@Nicholas_Merten from DataDash as our host for #NeoFest Singapore meetup on 14th Nov!”

Encrypted project calendar(November 15, 2019)

TRON (TRX): 15 November 2019 Cross-chain Project “The #TRON cross-chain project will be available on Nov. 15th” Bluzelle (BLZ): 15 November 2019 (or earlier) CURIE Release CURIE release expected by early November 2019. Zebi (ZCO): 15 November 2019 ZEBI Token Swap Ends “… We will give 90 days to all the ERC 20 token holders to swap out their tokens into Zebi coins.” OKB (OKB): 15 November 2019 OKEx Talks — Vilnius “Join us for a meetup on 15 Nov (Fri) for our 1st ever Talks in Vilnius, Lithuania.”

Encrypted project calendar(November 16, 2019)

Bancor (BNT): and 2 others 16 November 2019 Crypto DeFiance-Singapore “Crypto DeFiance is a new global DeFi event embracing established innovators, financial market disruptors, DApp developers…” NEM (XEM): 16 November 2019 Developer’s Event “BLOCKCHAIN: Creation of Multifirma services” from 10:50 AM — 2 PM.

Encrypted project calendar(November 17, 2019)

OKB (OKB): 17 November 2019 OKEx Talks — Lagos Join us on 17 Nov for another OKEx Talks, discussing the “Life of a Crypto Trader”.

Encrypted project calendar(November 18, 2019)

Maker (MKR): 18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”

Encrypted project calendar(November 19, 2019)

Lisk (LSK): 19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”

Encrypted project calendar(November 20, 2019)

OKB (OKB): 20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!”

Encrypted project calendar(November 21, 2019)

Cardano (ADA): and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…” Cappasity (CAPP): 21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.” Horizen (ZEN): 21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA. OKB (OKB): 21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.” IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech. OKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “

Encrypted project calendar(November 22, 2019)

IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech OKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “

Encrypted project calendar(November 27, 2019)

OKB (OKB): 27 November 2019 OKEx Cryptour Vinnytsia “Join us in Vinnytsia as we journey through Ukraine for our OKEx Cryptour!” Fetch.ai (FET): 27 November 2019 London Meetup “Join us on 27 November @primalbasehq to hear an exciting progress report as we prepare for the launch of our #mainnet”

Encrypted project calendar(November 28, 2019)

Horizen (ZEN): 28 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Encrypted project calendar(November 30, 2019)

Ethos (ETHOS): 30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.” Digitex Futures (DGTX): 30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.” Monero (XMR): 30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.” Chiliz (CHZ): 30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…” Skrumble Network (SKM): 30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019. Aergo (AERGO): 30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November. Akropolis (AKRO): 30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.” Nash Exchange (NEX): 30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”

Encrypted project calendar(November 31, 2019)

Wanchain (WAN): 31 December 2019 (or earlier) Wanchain 4.0 Release Wanchain 4.0, which introduces private chains integration and multi-coin wallet, released in Dec 2019. QuarkChain (QKC): 31 December 2019 (or earlier) Token Testnet Release Testnet for Multi-Native-Token and New Consensuses.

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Daily analysis of cryptocurrencies 20191012(Market index 38 — Fear state)

Daily analysis of cryptocurrencies 20191012(Market index 38 — Fear state)

https://preview.redd.it/gpswfk9ld3s31.png?width=960&format=png&auto=webp&s=afeb6dfb7babcd9c8df403e2120e265020250988

DEWA Inks Deal With Alibaba For Blockchain And IoT Dubai Electricity and Water Authority (DEWA) said it has signed a MoU with Alibaba Cloud, the data intelligence backbone of Chinese e-commerce giant Alibaba Group as part of the utility’s ongoing efforts to enhance its digital services.
Swedish Government Auctions Cryptocurrency Again The Swedish Enforcement Authority, Kronofogden, is once again auctioning off cryptocurrency that has been allotted for public sale. The online auction, which is the second of this kind the government agency conducts, starts on Friday, October 11. Kronofogden first auctioned Bitcoins it had in its custody about two years ago, when the highest bid was placed at 43,000 Swedish krona.
US And China Agree ‘Phase 1’ Trade Deal; Trump Suspends October Tariff Hike The United States and China agreed on Oct 11 to the first phase of a deal to end a trade war, prompting President Donald Trump to suspend a threatened tariff hike, but officials said the agreement had to be put on paper and more work was required to get it finalised. The real-time exchange rate between USD and RMB is 7.0892 currently.
David Marcus: Respect Visa And Mastercard’s Decision To Wait For Regulatory Clarity For Libra To Proceed After several companies announced their withdrawal from cryptocurrency Libra’s management association lead by Facebook, Libra project leader David Marcus said on Twitter, “Special thanks to @Visa and @Mastercardfor sticking it out until the 11th hour. The pressure has been intense (understatement), and I respect their decision to wait until there’s regulatory clarity for @Libra_to proceed, vs. the invoked threats (by many) on their biz.” He also added, “I would caution against reading the fate of Libra into this update. Of course, it’s not great news in the short term, but in a way it’s liberating. Stay tuned for more very soon. Change of this magnitude is hard. You know you’re on to something when so much pressure builds up.”
SEC, CFTC, FinCEN Warn Crypto Industry To Follow US Banking Laws The heads of three U.S. financial regulators warned the cryptocurrency industry to abide by banking laws in a joint statement published Friday. The statement, signed by Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and Securities and Exchange Commission (SEC) Chairman Jay Clayton, “reminds” actors in the crypto space that they must comply with various banking and financial services laws in the U.S., regardless of what they call their cryptocurrencies or tokens.

Encrypted project calendar(October 12, 2019)

BTC/Bitcoin: The 2019 Global Mining Leaders Summit will be held in Chengdu, China from October 12th to 14th. BLAST (BLAST): 12 October 2019 (or earlier) Masternode & Assets “Masternode functionality and versionbits signalling for Assets will become active on the BLAST network at block height 1710000.” Pundi X (NPXS): and 1 other 12 October 2019 Token Removal “The next token removal will take place on the second Saturday of October OKEX OKToken: 12 October 2019 Global Mining Summit “We’re bringing together the global leaders who are shaping the crypto mining industry today. Attendance is limited to 300 invited guests.” Bitcoin Fast (BTCF): 12 October 2019 Staking Announcement Details about staking BTCF will be shared.

Encrypted project calendar(October 13, 2019)

LINK/ChainLink: ChainLink (LINK) will be held in Tokyo on October 13th by a collaboration between QuarkChain, bitgrit, Chainlink and Vechain. Veros (VRS): 14 October 2019 Launch of News Service “Launch of the VEROS NEWS service.”

Encrypted project calendar(October 14, 2019)

BCH/Bitcoin Cash: The ChainPoint 19 conference will be held in Armenia from October 14th to 15th. Veros (VRS): 14 October 2019 Launch of News Service “Launch of the VEROS NEWS service.”

Encrypted project calendar(October 15, 2019)

RUFF/RUFF Token: Ruff will end the three-month early bird program on October 15th KAT/Kambria: Kambria (KAT) exchanges ERC20 KAT for a 10% bonus on BEP2 KAT-7BB, and the token exchange reward will end on October 15. BTC/Bitcoin: The Blockchain Technology Investment Summit (CIS) will be held in Los Angeles from October 15th to 16th. OTOCASH (OTO): 15 October 2019 Escodex Shutdown “ All OTO HOLDERs who have assets on ESCODEX EXCHANGE to immediately withdraw your assets before October 15th, 2019 4:00 PM” (CRYPTO): 15 October 2019 Hard Fork Summit Hard Fork Summit 2019 by TNW . “Where finance and business meets tech.” Amsterdam, October 15–17. Cardano (ADA): 15 October 2019 NYC Meetup “Next week on October 15th Nathan Kaiser, Chairperson of the Cardano Foundation, will be in attendance to meet community members in NYC FunFair (FUN): 15 October 2019 Marketing AMA “The FunFair Marketing AMA… will be held on Tuesday the 15th of October at 2pm in the Live team chat channel on Discord Ark (ARK): 15 October 2019 ARK Core v2.6 on Devnet “We are very excited to announce #ARK Core v2.6 will be launching on #Devnet, October 15th, 2019! “ DigiByte (DGB): 15 October 2019 BitMart Listing DigiByte (DGB) will be listed on BitMart Exchange on October 15, 2019. The following trading pair will be available: DGB/BTC. ThoreNext (THX): 15 October 2019 Staking Goes Live “Staking live from 15 OCT 2019.”

Encrypted project calendar(October 16, 2019)

BTC/Bitcoin: The 2019 Blockchain Life Summit will be held in Moscow, Russia from October 16th to 17th. MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on the theme of “Technology Problem Solving and Testing IoT Devices” at the University of Southern California in Los Angeles on October 16. ETH/Ethereum: Ethereum launches Istanbul (Istanbul) main network upgrade, this main network upgrade involves 6 code upgrades. QTUM/Qtum: Qtum (QTUM) Qtum main network hard fork is scheduled for October 16. (CRYPTO): and 1 other 16 October 2019 Supply Chains Unblocked Supply Chains Unblocked in London from 9:30 AM — 6 PM. Binance Coin (BNB): 16 October 2019 Singapore Meetup “Bring your friends to come along with, & it will be FUN! With snacks and drinks.” IoTeX (IOTX): 16 October 2019 Mainet Beta “The next evolution of IoTeX blockchain, secure IoT hardware, and decentralized identity is coming October 16 — mark your calendars.” Selfkey (KEY): 16 October 2019 Corporate Wallet Release “Soon, wallet users will be able to manage corporate profiles and identity attributes.” Cardano (ADA): 16 October 2019 Washington D.C. Meetup “Nathan Kaiser, Chairperson of the Cardano Foundation, will join the community in Washington DC on Oct 16, and talk about the recent

Encrypted project calendar(October 17, 2019)

Holo (HOT): 17 October 2019 Redgrid AMA “Join us for the AMA with RedGrid on October 17th. Submit your questions before the AMA on our Holochain Dev Forum.” IOST (IOST): 17 October 2019 Breeding Competition Ends “Join IOST 2nd Breeding Competition by @FishChainGame now! The competition only lasts till 17 Oct” Aragon (ANT): 17 October 2019 Seoul Meetup “You are invited to join @licuende for a meetup and presentation on ‘Aragon and DAOs: What’s next after ICOs and DeFi?’” Skycoin (SKY): 17 October 2019 NYC Skywire Meetup NYC Skywire Mainnet Meetup in NYC from 6–8 PM. Horizen (ZEN): 17 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Encrypted project calendar(October 18, 2019)

BTC/Bitcoin: The SEC will give a pass on the VanEck/SolidX ETF on October 18th and make a final decision HB/HeartBout: HeartBout (HB) will officially release the Android version of the HeartBout app on October 18. OKB (OKB): 18 October 2019 Rotterdam Meetup “Meet us in Rotterdam on 18 Oct as we partner up with Crypto010 Meetup to bring you a talk on ‘Decentralized Finance’.” HeartBout (HB): 18 October 2019 Android Version “18th of October 2019 will be officially released Android version of HeartBout app.” BTU Protocol (BTU): and 2 others 18 October 2019 Paris Blockchain Summit The event will gather major international key players of the Blockchain ecosystem including well-known influencers, investors, government…

Encrypted project calendar(October 19, 2019)

PI/PCHAIN Network: The PCHAIN (PI) backbone (Phase 5, 82 nodes, 164, 023, 802 $ PI, 7 candidates) will begin on October 19. LINK/ChainLink: Diffusion 2019 will be held in Berlin, Germany from October 19th to 20th DeepBrain Chain (DBC): 19 October 2019 (or earlier) Deploy Main Chain “Deploy Main Chain,” during the third week of October. General Event (CRYPTO): and 1 other 19 October 2019 Free State Blockchain “This “unconference” style event brings together some of the top financial tech innovators, researchers, company leaders, and other…” PCHAIN (PI): 19 October 2019 Main Chain Voting “Main chain: Epoch 5, 82 nodes, 164,023,802 $PI, 7 Candidates, voting will start on Oct. 19th.” Nash Exchange (NEX): 19 October 2019 Nash Anniversary Nash will present their work from the third quarter of 2019. Team members will be present and to answer your questions in person.

Encrypted project calendar(October 20, 2019)

GameCredits (GAME): 20 October 2019 (or earlier) Mining Reward Drop GameCredits mining reward will be cut in half at block 2519999 (~October 20). This will be the 4th halvening of the GAME mining reward!

Encrypted project calendar(October 21, 2019)

KNC/Kyber Network: The official online hackathon of the Kyber Network (KNC) project will end on October 21st, with more than $42,000 in prize money.

Encrypted project calendar(October 22, 2019)

ZRX/0x: The 0x protocol (ZRX) Pantera blockchain summit will be held on October 22.

Encrypted project calendar(October 23, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 23rd at the University of Southern California in Los Angeles with the theme “Connecting the I3 Market and Experiencing Purchase and Sales Data.” BTC/Bitcoin: The WBS World Blockchain Summit (Middle East) will be held in Dubai from October 23rd to 24th.

Encrypted project calendar(October 24, 2019)

BCN/Bytecoin: Bytecoin (BCN) released the hidden amount of the Bytecoin block network on October 24.

Encrypted project calendar(October 25, 2019)

ADA/Cardano: Cardano (ADA) The Ada community will host a community gathering in the Dominican Republic for the first time on October 25.

Encrypted project calendar(October 26, 2019)

KAT/Kambria: Kambria (KAT) Kambria will host the 2019 Southern California Artificial Intelligence and Data Science Conference in Los Angeles on October 26th with IDEAS. BTC/Bitcoin: CoinAgenda Global Summit will be held in Las Vegas from October 26th to 28th

Encrypted project calendar(October 28, 2019)

LTC/Litecoin: Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USA BTC/Bitcoin: Mt.Gox changes the debt compensation plan submission deadline to October 28 ZEC/Zcash: Zcash (ZEC) will activate the Blossom Agreement on October 28th

Encrypted project calendar(October 29, 2019)

BTC/Bitcoin: The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st.

Encrypted project calendar(October 30, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.”

Encrypted project calendar(November 1, 2019)

INS/Insolar: The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019.

Encrypted project calendar(November 6, 2019)

STEEM/Steem: The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th.

Encrypted project calendar(November 8, 2019)

BTC/Bitcoin: The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.

At the time of writing, Bitcoin is trading down marginally at its current price of $8,250 which marks a slight retrace from its daily highs of $8,445. Ever since BTC bounced from its support level at $8,600, the cryptocurrency has been facing a bout of consolidation after its upwards momentum stalled, which may mean that its bulls do not have enough strength at the moment to push the cryptocurrency higher.
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Nexus Business Development Q&A with Alex El-Nemer 30 August 2019

alexelmo [3:01 PM]
Hey @here Ill be around for the next hour or so to answer any questions you have about the UK Embassy and Business development. Alot of people have already sent questions privately so I will answer those first as I imagine many will be similar to others. Fire away!
belgianboy [3:02 PM]
Oke Alex that would be nice
David Walliams [3:02 PM]
How are you Alex?
alexelmo [3:03 PM]
Very well thanks @David Walliams
You?
David Walliams [3:03 PM]
Good thank you. How’s it be going on the business development side?
alexelmo [3:04 PM]
Very well. We've been working hard and its all starting to come together
Ok, heres the first question someone asked and my response
Q1 - What's the typical size of use cases that you talk to - startup/small/medium/large?
A1 - Over the past year we have talked to a large variety of businesses. From some of the largest businesses in the world, to companies looking to start a new business exclusively building on our blockchain technology:
Start ups: Researching which platform to build their new business on (a big decision). The Nexus APIs help here, they differentiate us from blockchains in which a specific coding language needs to be learnt (E.g. Ethereum’s Solidarity).
SMEs: looking into blockchain to see if it can provide operation efficiencies to suit their existing systems
Large: Large Fortune 500 companies - wishing to explore blockchain in a very specific area, or Proof of Concept / pilot deployments. (edited)
Q2 - Are you seeing more inquiries/leads/interest from one size category vs another?
A2 - Not particularly, we talk to as many interesting companies as possible and get a good reception across the board. Most of the companies which we have had discussions with are medium to large sized businesses, as they tend to have a greater capacity to explore innovative technologies such as blockchain. (edited)
CaptainMAD [3:07 PM]
Hi Alex, do Nexus have anything in the pipeline in regards to advertising (besides social media) once main net goes live?
David Walliams [3:08 PM]
wow new business who want to build on nexus exclusively sounds very cool
alexelmo [3:10 PM]
@CaptainMAD Social media will drive a large amount og our outreach. However we are also reaching our to our networks in the media to promote the tritium update and its benefit to the wider blockchain space. We are also exploring PR agency options (edited)
David Walliams [3:10 PM]
is nexus project still engaged with UK pr firm? I think you mentioned them long ago
Márcio [3:11 PM]
@alexelmo Could you tell us in quantitative terms how many projects currently intend to use NXS both publicly and privately?
CaptainMAD [3:12 PM]
@alexelmo Thanks
alexelmo [3:13 PM]
Q3 - What is a pitch deck? What format do you use? What sort of things are included in yours?
A3 - Our first meeting will typically be a presentation, which takes place via Google Hangouts and Slides. The initial Nexus intro presentation discusses the following characteristics of Nexus: speed, scalability, LISP, API integration, digital currency element, security.
These are discussed in comparison to the other major enterprise providers: Hyperledger, Ethereum, Quorum etc…
Márcio [3:14 PM]
@alexelmo In terms of the timeline, when will we actually start to have something built on NXS? How is the case with SoundVaudt? Is this our biggest and most important business case yet?
alexelmo [3:19 PM]
@Márcio Unfortunately we cannot discuss any potential deals, as it could be considered to be done with the intent to affect the price of NXS. If and when a use case is made public via a press release, then we will be able to discuss in detail with you all - assuming our contract with the use case permits.
Márcio [3:19 PM]
ok, thanks
belgianboy [3:24 PM]
How many nda's? How many compagnies talking with? Wich sector you focus thé most on? Wich sector asks Nexus thé most for help with thé blockchain. What are thé internal targets for business development? What's your personal best experience while doing this?
Is there much interest? While Nexus is still unknow, do compagnies know it? And know what thé 3dc can do and everything that is shown in thé zoomcalls?
How do you see thé Future for Nexus and its business development progress?
alexelmo [3:26 PM]
@Dawca_Mocy could you clarify the question a little?
@Márcio The possibility to build anything on live code, until now, has been limited by the main net activation. Currently Dino has built a number of demos in test net to showcase the potential of the Nexus blockchain use cases.
With regards to SoundVault, we still have a great working relationship with them, and continue to explore blockchain applications within the music industry.
Following the release of the main net, businesses will have the opportunity to build on Nexus, and check out the live running code. (edited)
David Walliams [3:29 PM]
I noticed there is a student focused use case demo - did the business development side reach out to any universities about the nexus project?
alexelmo [3:37 PM]
Q4 - How many nda's? How many companies talking with? Which sector you focus the most on? Which sector asks Nexus the most for help with the blockchain.
A4 - The first meeting is an introduction meeting, telling them about Nexus and see if there is interest from the other side. If there is interest, a follow up meeting will be arranged - for this follow up we typically get an NDA signed prior to the meeting. This is to protect the business’ idea, and also any of their sensitive information about say how their internal systems operate and also that they are looking into blockchain.
This NDA essentially means that Nexus cannot state in any medium, the name of the firm, or provide any detailed information on their business practices or details of the use case which they are exploring with us, to any other party. It also protects Nexus - we provide details on the 3DC for example, which is sensitive information which we do not want being shared with other blockchain providers.
As of today, we have signed approximately 50 NDAs with prospective businesses. Essentially this means that we have had a second/third meeting with 50+ different organisations. These organisations are typically based in either the UK or the US, with a few dotted around Europe. To provide a brief overview of the sectors in order of most frequently occurring: Supply chain/logistics tracking, music and IP, consulting, finance, education, insurance and ad-hock.
David Walliams [3:39 PM]
wow that's like 50 days worth of twitter announcements if they all work out :crossed_fingers:
ej [3:44 PM]
This is all very exciting news
belgianboy [3:44 PM]
What is ad-hock?
alexelmo [2 hours ago]
those not in that list
belgianboy [2 hours ago]
Ok thanks!
David Walliams [3:45 PM]
any universities alex?
alexelmo [2 hours ago]
There have been conversations in the education space (as per Q4) (edited)
belgianboy [3:46 PM]
Are those smalle compagnies or multi billion ones?
alexelmo [2 hours ago]
See above Question 1
belgianboy [2 hours ago]
Ok
alexelmo [3:47 PM]
Q5 - Is there much interest in Nexus? While Nexus is still unknown, do companies know it? And know what the 3dc can do and everything that is shown in the zoomcalls?
A5 - Yes, there is a great interest from those who truly understand blockchain technology.
Nexus is still growing in terms of its recognition, but we do see ourselves as a respected player within the enterprise space, much of this has come through positive word of mouth and Blockchain Working Group events here in the UK in which the major players have learned about us and heard of our unique features. We are building a strong reputation in the business community which is a very positive sign.
With regards to the 3DC - the technology is far beyond anything else we have come across, and many businesses agree with this statement. We can happily report that senior tech employees (CTOs) at large companies, have been greatly impressed with the quality and complex depth of Nexus’ technology.
ej [3:51 PM]
Thanks for all this, Alex
ej [3:52 PM]
Excellent work
paulscreen [3:52 PM]
Yup this is gold!!
Kendal Cormany [3:52 PM]
Good job
alexelmo [3:53 PM]
Q6 - What does an initial meeting typically go like? Do you pitch Nexus and its features first, or do you start by learning what the use case is trying to achieve and then talk about how Nexus can fit that?
A6 - The style of the first meeting really depends on the individual(s) whom the meeting is with and our prior knowledge of the company itself. If our contact at the organisation is a business focused individual (which is almost always the case given that our contacts are in this area) then we will discuss the following:
  1. Nexus history
  2. Our features - speed, scalability, LISP, API integration, digital currency element, security. These are discussed in comparison to the other major enterprise providers: Hyperledger, Ethereum, Quorum etc…
  3. How they could best utilise the technology to benefit their business as a whole (improved speed, transparency, efficiency, fraud reduction, regulatory reporting).
Following the above topics, a follow up meeting is arranged. A technical employee from the other company will usually attend this. Typically Colin or Dino will attend the meeting to discuss the Nexus technicals in much greater detail. The following topics are discussed:
  1. Technical comparisons with other blockchains (Why Nexus Contacts > normal Smart Contracts)
  2. How to integrate with existing systems (Nexus API > Complex Coding languages)
  3. Discussions around the best way to possibly start with the use case (run in parallel to existing systems, private vs public blockchain)
  4. Complex technical questions
If our contact at the business is technical (CTO for example) then Colin or Dino will typically attend the first meeting, alongside Myself or Brian, and this intro meeting will be more technically focused. In essence we adapt to whom the meeting is with.
Following meetings will be tailored to their specific company / requirements. We do like to be as tailored as possible early on though, to differentiate from the other providers whom generally look to just sell a fixed product. (edited)
pdogg147 [3:53 PM]
Yes thanks for providing some details @alexelmo
alexelmo [3:55 PM]
Q7 - What about subsequent meetings? Do you have a standard pitch presentation or are they tailored for different industries?
A7 - Follow up meetings depend on how the potential client wishes to progress. It could be in regards to any of the following:
  1. Follow up questions in regards to why Nexus over other providers (more in general questions or in regards to their specific solution)
  2. Further use case development discussion - best way to develop the use case to maximise associated benefits
  3. Disclosure of their internal systems and what they wish their use case to achieve for this business. An NDA is typically signed prior to the second/third meeting, as sensitive information such as this is disclosed, and needs to be protected.
A key point with Nexus that separates us from the larger players is that with us, we have the capability to tailor everything (right down to the Network Layer). Our meetings reflect this flexibility, so we never try and sell a set product. We will discuss with the business, see what they would like, and see how we can help.
alexelmo [4:01 PM]
Q8 - Are use cases going to be publicly announced and if so when?
A8 - If and when perspective use cases / partnerships have been finalised, and the deal allows public announcement, then we will 100% be releasing this as public information. This is our goal for all use cases, but it is down to the business if, when and how they release this information. We must respect that different businesses have different strategies and timelines. (edited)
Q9 - Do you do demo's of the Nexus blockchain in action? If so, who from the organisation does these?
A9 - Yes we do sometimes show demos of our Blockchain in action.
As Dino has built the Demos he is typically the team member who demonstrates a use case in action (how a supply chain would work on Nexus).
Colin has done some speed based demos (showing the speed of the Nexus Blockchain in terms of reads and writes per second).
ej [4:05 PM]
I am assuming you're not at liberty to disclose if any new usecases/partnerships were indeed finalized due to the reasons previously mentioned.
alexelmo [1 hour ago]
Unfortunately we cant currently.
ej [4:06 PM]
Understood
And thank you
Dawca_Mocy [4:08 PM]
@alexelmo
How will all this affect the price of nxs? Are we going down all the time? When will nxs be noticed? Can you tell something about investors whose portfolios are smaller by 95% today?
alexelmo [1 hour ago]
Please see question 9
David Walliams [4:10 PM]
I don't think he have crystal ball dawca
alexelmo [4:11 PM]
Unfortunately not @David Walliams......that would be helpful though! :joy:
Dawca_Mocy [4:16 PM]
@alexelmo Crystal ball. Hehe. Ok. Therefore, what price do you expect for nxs at the end of the year? I mean your opinion.
alexelmo [4:16 PM]
Q10 - Please discuss where we are in the process of letting NXS be purchased with fiat (if that is even being worked on) and the hopes of finally decoupling from BTC?
A10 - This is certainly a goal, although the main focus for us has been primarily on blockchain use cases recently. The reason for this focus on use cases is that as our adoption improves, we expect that our dependence on Bitcoin will reduce.
Generally it is the top ranked coins which are listed with liquid fiat pairs. As the adoption of the Nexus blockchain improves, we hope to increase up the ranks, and look to list with these fiat based exchanges. Currently, BC Bitcoin in the UK has the ability to exchange NXS with a number of fiat currencies and other cryptocurrencies.
David Walliams [4:19 PM]
anymore news on binance US? (edited)
alexelmo [4:22 PM]
Q11 - Are we going to be listed on BinanceUS?
A11 - I have been in conversations with Binance for a while regarding the developments at BinanceUS. We have worked hard to ensure we meet the requirements for a BinanceUS listing
Unfortunately a key requirement that we may fall short on is our trading volume. We expect that only the very highest volume coins will be initially listed as part of the BinanceUS launch.
We will keep you informed as this develops.
Q12 - How many companies are currently waiting for something specific before getting their feet wet?
A12 - The main thing we have been asked for by businesses over the past few months has been in regards to the Tritium main net release. Some of our businesses are waiting for the network to be live before progressing any further, so we are very excited for our potential use cases to see the release and have a deep dive into the live running code soon.
We would like to thank @dino for making blockchain demos in the private testnet environment which have really helped given the main net deployment release date has been delayed over the past few months.
B l a c k J a c k [4:33 PM]
What are some of the other industries we have looked to disrupt, but for which NDAs have not been signed or been followed up on?
alexelmo [4:38 PM]
Q13 - Have there been cases where Nexus has been preferred to other enterprise-focused blockchains such as Hyperledger, Corda, Ethereum?
A13 - In many cases, companies we have talked to have been greatly impressed with Nexus’ technology. Yes, in almost all cases the prospective client has said our technology is superior to that of the major providers, a feat which we are extremely proud of.
alexelmo [4:46 PM]
Q14 - Can we do anything to help with enterprise efforts?
A14 - We always welcome support and input from the community in regards to our business development efforts. I have had messages from a number of community members who have told us about companies looking into blockchain and have also had calls with individuals to discuss how it would be best to approach your personal contacts.
Feel free to reach out to me if you think you have a potential business in mind that would be a good fit, I’d be more than happy to jump on a call to discuss. Don’t be afraid to reach out to someone you know we are here to help if needed.
I think I've covered all the messages that have been sent to me privately and on here so Im going to call it a night. Thanks for your time guys.
submitted by scottsimon36 to nexusearth [link] [comments]

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