Category: Cryptocurrency News

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One of the biggest cryptocurrency exchanges, Kraken, received a $1.25M fine. The Commodity Futures Trading Commission imposed the “civil monetary penalty” plus a cease and desist from “further violations of the Commodity Exchange Act (CEA)” on September the 28th. According to the CFTC, Kraken provided margin for commodity transactions to retail clients in the U.S. who were not suitable to use those products. Related Reading | How the CFTC fine on Coinbase could affect future crypto company listing The fine, however, seems like a slap on the wrist for a gargantuan company like Kraken. They’re a private company and their annual revenue is not on the public domain, but they raised $100M at a $4B valuation in 2019. And, reportedly, Kraken was seeking a $20B valuation this year following an IPO that didn’t happen. For a company that size, a $1.25M fine is not much, but maybe the punishment just fits the violation. ETH price chart on Kraken | Source: ETH/USD on TradingView.com What Did Kraken Do Exactly? The violation occurred between June 2020 and July 2021 approximately. During that period, “Kraken illegally operated as an unregistered FCM.” And, what did the unregistered futures commission merchant offer? Well, U.S. customers could acquire digital assets using margin, and Kraken provided said asset or the fiat money “to pay the seller for the asset.” Of course,  users had to provide collateral and pay for the received asset within 28 days.  If they didn’t pay in the established period, “Kraken could unilaterally force the margin position to be liquidated.” They could also liquidate “if the value of the collateral dipped below a certain threshold percentage of the total outstanding margin.” In short, Kraken was selling futures and extending credit without registering as an FCM.  “These transactions were unlawful because they were required to take place on a designated contract market and did not.” The CFTC’s Acting Director of Enforcement, Vincent McGonagle, said in the press release: “This action is part of the CFTC’s broader effort to protect U.S. customers. Margined, leveraged or financed digital asset trading offered to retail U.S. customers must occur on properly registered and regulated exchanges in accordance with all applicable laws and regulations.” The Cryptocurrency Exchange’s Latests Plays Over the last few months, Kraken representatives went hard on the traditional financial system. From their Director Dan Held calling it “a cartel,” to CEO Jesse Powell predicting that cryptocurrency companies would replace them within a decade. In Held’s tweet, he attached a graphic that showed the consolidation of the US banking sector advanced through the years and now just four institutions control it all:  The traditional banking system is a cartel.#Bitcoin fixes this. pic.twitter.com/LEFCTb6g93 — Dan Held (@danheld) July 1, 2021 Related Reading | Bitcoin Slides 5% From Recent Highs Amidst Binance CFTC Probe Revelation For his part, the last day of March, Powell told Bloomberg: “Most of these guys haven’t done the work these last ten years to make sure they are current with the crypto technology. So I think there’s a very real risk that over the next ten years, for those legacy businesses to be simply replaced.” In more recent news, Kraken is trying to re-enter the European market. The company was licensed to operate through the UK’s Financial Conduct Authority. Thus, since Brexit happened, they have to find a new home for their license. When NewsBTC covered the news, we said: “Powell added that the Kraken exchange seeks to re-enter Europe by the end of 202. It will go with the Republic of Ireland, Malta, and Luxembourg, among possible countries, to award such a license. However, they are yet to fix an official date as the talk still goes on.” Will the $1.25M fine the CFTC imposed throw a wrench on those, or any plans? Certainly not. Not by a long shot.  Featured Image by Erik Tanghe from Pixabay – Charts by TradingView

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With 2021 being a new period for technology, the digital industry is recognized as entering the new smart economy era of “technological and business model innovation”. In this era, the standard for people to look at things will not only be “technical innovation” or “business model innovation”, but whether the position between the two can produce real social efficacy and can create scarce commercial value. The same can be said for blockchain technology. Many people have expressed concerns about  mining coins, issuing coins, and also storing them. Many of their main concerns are focused on   “what real industrial value they can produce”. To answer this question, what is needed is the underlying technological breakthrough and excellent business imagination. For example, some people agree that an important bottleneck in the combination of blockchain and the real economy is whether there is a mature cross-chain technology. Although there are many options for cross-chain technology solutions, there are also vast differences in design philosophy, security concepts, furthermore, industry consensus still has not been created. The Glass Chain has been developed for 54 months. Although it has just appeared on the stage of cross-chain solutions, due to  its independent research and development of the main chain + parachain architecture. It achieves the clear division of labor between the main chain and the parachain. It’s the last juncture of the combination of blockchain and the enterprise industry. GLS is the incentive token used in this system. Blockchain technology with real industry value will undoubtedly be the next focus of the market’s hot pursuit. Part 1: The Macro-industrialized Blockchain is Welcomed The development of the blockchain has always been accompanied by controversy, which illustrates the complexity of this market. For some blockchain companies that want to make life simpler and better through innovation, proving that they have real industrial value is a prerequisite. As a result, the industrialization + blockchain track is being perceived in a positive light and with popularity.  In short, the industrialized blockchain deeply empowers the enterprise industry. In fact, blockchain, as a new technical means to reshape production relations in the digital economy era, is constantly experimenting with various industries for in-depth empowerment. In addition to that, the development of industrial blockchain has become the consensus of the industry. More and more inquiries, projects, and scenarios continue to emerge, which gives blockchain practitioners unprecedented confidence. However, one of the difficulties is that it is not complicated to use blockchain to solve a single point problem such as the traceability of tax-free goods or for instance bank risk control. However, if it is to be integrated with the entire industry, it must be coordinated with the highly complex industrial structure of this industry. A more super-scalable cross-chain technology is needed. For example, the optics industry is recognized as a huge potential industry, but this industry is extremely fragmented, underdeveloped, and complex. For doctors and patients, among the three major diseases that affect the quality of human life, ophthalmology ranks third, second behind malignant tumors, cardiovascular and cerebrovascular diseases. This proves that there is a niche, a large demand for the service; but the solution does not only exist in the medical industry. Within the system, different industrial characters including glasses production, sales, chronic disease management, and high-end manufacturing equipment play their respective roles. Traditional blockchain technology cannot be used in such a complex industrial environment. It is precisely because of the high fragmentation and complexity of the scene in the vision industry that we have not seen a real vision industry system built from the bottom with the characteristics of vertical e-commerce. Most people also think this industry will continue to fragment until the founding team of Glass Chain appears. Before the appearance of Glass Chain, the problem that researchers faced was how to count the scale and output value of the optics industry. Regrettably, until the time of writing this article, there is still no estimate. To a large extent, this is due to the fact that various statistical researches mostly point to a certain subdivision, but there is a lack of a global perspective on the “industry” composed of those subdivisions. The lack of this perspective lies in the fact that the optical industry cannot just do “mathematical addition” it can easily count the scale of the industry. Among the different subdivisions to track and the different participants, some have an additive relationship, some have a multiplicative relationship, and some cancel each other out. Therefore, we have unprecedentedly valued the meaning of the Glass Chain innovation. It is likely to be based on distributed commerce, with the ability to defragment. While also, promoting education, becoming popular, and integrating vision, through incentives. The end goals will include: clients/users develop good eye care regimen, and promote the development of the industry. We therefore speculate that it may integrate and scale to a trillion-dollar  industrial value, which is “integration” rather than simple “combination”. As mentioned earlier, Glass Chain’s breakthrough in cross-chain technology has achieved multiple parachains parallel to the main chain. Parachains have independent data networks that do not affect each other and are inter-chain interoperable. Each parachain is connected to each other. Functions can be expanded. Different parachains can run their own data, execute actual transactions, and run complex smart contracts, thus perfectly achieving the parallel execution of transactions. Part 2:  Value –The True Distributed Business Distributed business is currently a popular topic in the field of digital business innovation. Distributed commerce is a new type of production relationship established by multiple communities of business interests with equal status. It is organized and managed through preset transparent rules, division of functions, exchange of value, and joint provision of goods and services. Furthermore, it  shares the benefits of new economic activities. Singapore’s distributed business innovation is synchronized with the world. Facing the natural drawbacks of the centralized business development model might enhance distributed commerce by providing innovative feasible solutions. Looking at the industry news in the past one or two years, the discussion of distributed commerce has become increasingly intense and in-depth. For example, blockchain-supported Trusted asset NFT can support SMEs to better accomplish asset digitization, it also allows more funders to participate in the cooperation of supply chain finance, and continually solves the problem of financing difficulties for SMEs. These discussions have become the focus of attention. For the optical industry, “cross-chain capability” is the technique, while “distributed business” is the method, and the combination of technology and method is the future direction. As mentioned earlier, the vision industry is very fragmented and naturally suitable for distributed scenarios, while the maturity of the blockchain system and cross-chain technology can support multi-party collaboration and enhance mutual trust. All of which makes the former “point-to-point cooperation” become “network cooperation”, and it lowers the threshold for trust. This makes people begin to believe that problems that were originally based on complex, traditional, and centralized power cannot be solved. But now that can be solved based on blockchain technology, also distributed commerce will  help the industry continue to explore mutual benefits and create win-win symbiosis.  Glass Chain is a product based on this concept.  The founding team of Glass Chain has broken through multiple blockchain programming technical problems through 54 months of hard work and practice, and achieved another major innovation in blockchain programming technology, leading the global blockchain technology to take a historic step forward. The Glass Chain created the first block chain entity-level smart contract set—Chain199-DeCom system, which supports the convenient application of block chain technology. By using entity enterprises and successfully completed the leap of distributed commercial blockchain from enterprise level to industrial level. Glass Chain/GLS is just the first application on the Chain199-DeCom system. The initiator of Glass Chain is the Singapore Eye Optometry Foundation, which achieved a new landing form of distributed commerce, the distributed eye optics service platform. This platform not only integrates our familiar Internet of Things(IOT), blockchain, big data analysis, and other technologies, but also includes the incubation of a successful integrated service platform for traceability, sales, and incubation of the optical industry. To talk about the basis of all this, one should understand the technical vision of Chain199-DeCom. This system has three goals to be achieved. Use blockchain technology to gradually achieve a programmed society. Guided by the theory and application of consumption capitalization, accomplish the code programming of contemporary business behavior. Take the main commercial marketing models of representative companies from all over the world as a model, and use programming to complete distributed commercial blockchain business. From the surface level, the common features of this platform and similar platforms show characteristics of blockchain technology such as non-tamperability, traceability, and incentive mechanism.  In addition,  the platform can carry out the cultivation of talents in the field of optics and incubation of optics equipment, and qualifies chain business. From a deeper level, the innovative combination of technology and business in Glass Chain is the real point of view. For example, its unique coded reference includes the theory of consumption capitalization; that includes mature and extensive practices. The collection of various major business models around the world can be seen as the blockchainization of these mature concepts and industry know-how that support real business operations. It is the real world that began to  integrate enterprise with blockchain technology. In terms of specific technology, Glass Chain adopts a modular plug-in underlying development framework, and extension functions are added in the form of plug-ins. The scalable and pluggable modular design makes the entire network more efficient. The entire universe is paralleled by the Glass Chain. The cross-chain technology and pluggable modular design of the chain are effectively and efficiently integrated together, and the networks communicate with each other but do not interfere with each other. In the form of a collection of smart contracts, it is more convenient, fast, and more convenient for enterprises to use blockchain technology.  Part 3: An Economic System that Generalized Mining Glass Chain has changed the stereotyped perception that “blockchain projects are mining coins + speculating coins.” Glass Chain still maintains the mining mechanism, but the main difference is that this system generalized the meaning of mining to build its own economic system. For the mining process, this system is equipped with the world’s first cat-claw intelligent dual-mining server- SMJ machine. The function of the SMJ machine is: on one end is used for public chain mining on the other end it is used for offline ecological enterprises on-chain management. The operation of mining has created a server to match the five on-chain enterprises and communities under the standard line. GLS, initiated by the Singapore Optometry Foundation, issued the same number of Tokens as Glass Chain—GLS, which serves as the incentive layer on Glass Chain’s Chain199 system. Through the precise calculation of the blockchain token, the holders of the GLS can obtain the corresponding income distributed, as long as it is a behavior that motivates and cultivates patients’ good eye habits and promotes patients’ vision health. They can join the credible incentive system through smart contracts, build the industry ecology of the Glass Chain platform, and build shared value by multiple parties. Specifically, for the multi-party entities that actively carry out industrial activities in the Glass Chain ecological platform, the platform adopts an incentive mechanism to enable the effective integration of industry, academia, research, medical treatment, and prevention. It also  aims to enhance control to the healthcare industry  in the vision ecosystem, reduce costs and increase efficiency. The platform will reward enterprise stores; intended to build a strong, credible blockchain medical integration public service platform to serve the global optical industry market, and build a complete Glass Chain business ecosystem. It can be said that in GLS, mining breaks away from the traditional miner mechanism. Glass Chain miners, such as institutions, optical shops, optical rehabilitation centers, industrial users, professional service providers (doctors, professionals), consumers, node brokers, and distributed storage servers (SMJ mining machines); can obtain GLS based on consensus mechanisms that fit the optometry industry. In other words, every participating subject will be motivated when they produce an economic behavior that has a positive significance for the entire ecology, which provides a guarantee for the enthusiasm of each participating character. Some people may have questions about who will bear the large amount of incentive costs. In fact, we can refer to the mechanism of Bitcoin. Even with so much competition and participation, the total cost of mining a Bitcoin is about $2,000. The transaction price is around $50,000. In contrast, GLS can rely on the difference between the cost and the currency value to give “reward” to the participants of the platform entity behavior, thereby stimulating the progress of positive business behaviors. Moreover, due to the maturity of cross-chain technology, GLS can also break the circle from the field of vision and enter other vertical e-commerce fields in the foreseeable future.By expanding the boundaries of this business ecology internationally. Some people may also ask how to ensure the safety of so many participants. In fact, the block data of Glass Chain adopts distributed storage and can be equipped with a decentralized  structure for storage. All blocks are referenced by the pointer of the previous block to ensure that the data is legitimate and has not been tampered with. The sha256 function is used to hash the data, the ECC asymmetric encryption algorithm is used for identity authentication, the AES encryption algorithm is used to encrypt the private key, and the merkle number is used to verify and store transactions to ensure the security. After years of precipitation, people have gradually realized that blockchain projects that truly generate industrial value are projects worth holding for a long time. It can be said that the various designs of Glass Chain have greatly broken through the shortcomings of blockchain technology that cannot support the enterprise industry. For the first time, the real application of blockchain has been implemented, and it will usher in the industry’s enthusiastic pursuit. We look forward to Glass Chain’s rapid innovation, it’s integration of the Optometry industry and blockchain technology to build a global distributed commercial public chain platform. The platform is dedicated to the science of Optometry, will provide consulting services, will enhance traceability of optic products, while also increasing sales, and providing high quality customer service. As Glass Chain becomes more popular, other applications will also confirm their business potential and imagination through the trading.  

The decentralized nature of cryptocurrencies may be a challenge for the Chinese government, Elon Musk suggested.

Alibaba, the Chinese e-commerce giant, has announced it will no longer allow the sale of cryptocurrency mining gear on its platform. The sales behemoth made this announcement yesterday via its official website. The move is a direct consequence of the latest ban the Chinese government has applied to cryptocurrency trading and mining. Other institutions and […]

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