Monat: September 2023

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Coinbase says Zcash risks 51% amid ViaBTC control

  • ViaBTC controls more than 51% of Zcash hashrate, Coinbase said in a report.
  • The mining pool’s control of over half of hashrate poses risk of a 51% for the Zcash network.
  • Coinbase has taken measures to protect users, including increasing Zcash confirmation threshold to 110 blocks.

A report by the Coinbase security team claims that the network hashrate distribution for proof-of-work cryptocurrency Zcash (ZEC) is significantly imbalanced. Specifically, more than 51% of the hash power distribution is controlled by a single mining pool – ViaBTC.

Risk of 51% attack

Coinbase said in a blog post today that following the observation, its team moved to try to mitigate potential risks by putting in place several measures. With centralisation risks likely to emerge from this – a 51% attack in this case – the US-based company said it had increased Zcash transaction confirmation threshold to 110 blocks.

The increase means Zcash deposit time increases from about 40 minutes to 2.5 hours, with this intended to reduce the risk of network manipulation in terms of transaction double-spend or fraud.

Coinbase has also moved the Zcash markets “limit-only” as part of reducing potential impact of volatility. The exchange has also reportedly engaged both ViaBTC and Electric Coin Company, the developer group behind Zcash as it advocates for a more decentralised mining distribution for ZEC.

“We shared our concerns around the risks of mining centralization and provided recommendations for various options that either party could implement to reduce the risk of a 51% attack,” Coinbase’ security team wrote.

Zcash developer ECC acknowledged the concerns raised by Coinbase, confirming discussions had been undertaken. 

A 51% attack in PoW blockchains can occur when more than 50% of the network’s computational power (hashrate) falls under the control of a single miner or mining pool. In this case, the entity can leverage the hash power to execute double-spend attacks or censor transactions in what could result in loss of user or exchange funds.

Some of the top 51% attacks to happen in the crypto space include Ethereum Classic, Bitcoin SV, Bitcoin Gold, Verge and Vertcoin. 

ECC plans to move Zcash to a proof-of-stake consensus mechanism, a feat that Ethereum achieved with its Merge milestone in September 2022.

The post Coinbase says Zcash risks 51% amid ViaBTC control appeared first on CoinJournal.

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cheqd has launched Credential Payments, a new feature of its Credential Service

  • cheqd (cheqd.io) is a privacy-focused payment and credential network that empowers users and organizations to take control of their data.
  • It leverages Decentralized Identity (DID), Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs), to establish Trusted Data markets as a novel industry category.
  • cheqd’s technology is reshaping Trusted Data economies, including reusable KYC in Web3 and preference data markets.

cheqd, a startup focused on enhancing user and organizational control over identity data, has introduced Credential Payments, a new feature within its decentralized network and SaaS product, Credential Service. This development enables individuals and organizations to receive compensation for sharing their identity data while preserving their privacy. It also lays the foundation for Trusted Data markets, a nascent industry category.

Credential Payments represent a pioneering feature in Self-Sovereign Identity (SSI), allowing on-chain settlements for Trusted Data that remains off-chain to safeguard privacy. This innovation enables users to securely exchange and transact their verifiable Trusted Data while protecting their privacy.

Expansion of cheqd services

cheqd offers various products and tools designed to facilitate seamless integration with the network’s identity and payment functions. Credential Service, for instance, is a scalable solution that simplifies the process of incorporating decentralized identities into existing applications. Additionally, a range of SDKs is available for more advanced users.

The launch of Credential Payments holds the potential to unlock new business models and address the cold-start problem on the supply side, thus promoting the adoption of SSI. Organizations now have a direct financial incentive to issue credentials and Trusted Data, as Credential Payments enables recurring revenue from reused credentials.

As the cost of making credentials available to verifiers and receivers decreases compared to existing alternatives, more issuers are likely to enter the market, expanding its coverage. This creates a network effect as both sides of the market work to attract more participants.

cheqd’s identity network for payments has numerous use cases, with particular relevance in Finance and Education.

Value of Self-Sovereign Identity (SSI) in the AI era

SSI is poised to provide a valuable solution, particularly in an era of increasing regulatory scrutiny that requires global organizations to be responsible and accountable for user data.

Regulations such as the EU’s eIDAS 2.0 highlight the need for secure means to exchange identity data and attestations using Verifiable Credentials. Moreover, the rise of generative artificial intelligence has raised concerns about fraud, making it crucial for businesses to verify individuals using trusted data.

cheqd’s research suggests that the global SSI market could eventually exceed half a trillion dollars in value.

The post cheqd has launched Credential Payments, a new feature of its Credential Service appeared first on CoinJournal.

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$100 to $1,000 Dream: Is Domini, NEAR Protocol, or $BNB the next 10x investment opportunity?

As investors seek the next big crypto breakthrough, three contenders have emerged: Domini.art, NEAR Protocol, and Binance’s $BNB. Each presents a unique value proposition, from bridging the gap between art and finance to revolutionizing decentralized applications and benefiting from the robust Binance ecosystem. In this article, we’ll explore these options to help you navigate the exciting terrain of crypto investments.

Why $BNB stands out as a top contender

$BNB, the native cryptocurrency of the Binance platform, presents a compelling investment opportunity for several reasons. Firstly, Binance is the world’s largest and most reputable cryptocurrency exchange, providing a secure and liquid environment for $BNB trading.

Additionally, $BNB offers multiple use cases within the Binance ecosystem. It can be used to pay trading fees, participate in token sales, and access various DeFi services on the Binance Smart Chain.

The growth of Binance’s ecosystem and its expanding utility for $BNB holders make it a promising long-term investment. Furthermore, $BNB has a history of strong price performance, attracting both traders and investors seeking potential returns in the dynamic cryptocurrency market. Despite Binance’s ongoing troubles with the SEC, predictions of its doom have proven time and again to be wrong. Binance was recently granted a license to do business in Dubai, adding to its legitimacy and staying power.  

Domini Is Where Art Meets Finance 

Art investment has historically been the domain of the privileged few, but $DOMI is changing this narrative. Through fractional ownership, investors can acquire shares of prestigious artworks, forging a path towards diversification and accessibility.

$DOMI doesn’t just offer a platform; it offers a transformative journey through the old and the new. This inventive marketplace fuses traditional art and blockchain technology, effectively shattering the barriers that have long separated these two worlds.

The heart of $DOMI lies in its dedicated NFT marketplace, where investors can explore ownership stakes of various artworks. This marketplace ensures not only liquidity and transparency but also a fair trading environment for fractionalized blue-chip art. Domini.art’s NFT marketplace offers a variety of options. From coolest NFTs to trending NFTs, the platform presents a range of choices for NFTs to buy now. Investors looking for the best NFT to invest in can explore the marketplace and be part of the community that’s reshaping the art and crypto landscape.

The platform offers an accessible way to invest in high-end art through blockchain technology, making it a great beginner cryptocurrency option. For those wondering about which crypto to buy today for long-term investment, $DOMI’s unique fusion of art and blockchain could be a compelling choice.

Visit Domini.art Presale

So how about NEAR?

Near Protocol ($NEAR) presents an enticing investment opportunity for several compelling reasons. Firstly, NEAR Protocol is designed to be developer-friendly, offering a scalable and secure platform for decentralized applications (DApps). Its focus on usability and simplicity has the potential to attract a broad developer community, driving innovation within the $NEAR ecosystem.

The ongoing development and upgrades within the $NEAR ecosystem, combined with its commitment to scalability and interoperability, make NEAR Protocol a promising long-term investment option in the rapidly evolving world of blockchain and cryptocurrencies.

Conclusion

As the crypto market continues to offer diverse opportunities, the choice between $DOMI, NEAR Protocol, and $BNB presents a tantalizing challenge. $BNB stands strong with its historical performance and integration within the Binance ecosystem. Domini brings art and finance closer, democratizing art investment. NEAR Protocol, with its developer-friendly approach, hints at a promising future. The quest for the next 10x investment is ever-enticing, and these contenders offer intriguing paths to explore.

For Info about $DOMI, visit Domini.art Presale or Join the Community.

The post $100 to $1,000 Dream: Is Domini, NEAR Protocol, or $BNB the next 10x investment opportunity? appeared first on CoinJournal.

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Ex-Deutsche Bank investment banker faces up to 30 years behind bars

  • The former Deutsche Bank employee, Rashawn Russell, was arrested in April 2023.
  • Russell is accused of causing at least 29 investors to lose not less than $1.5 million.
  • Russell fabricated multiple documents and misled investors regarding the status of their investments to orchestrate his scheme.

Rashawn Russell, formerly employed as an investment banker at Deutsche Bank, has admitted his guilt in connection with allegations of embezzling funds from investors enticed by promises of substantial returns from cryptocurrency trading, as confirmed by the US Justice Department. The news comes right on the heels of Deutsche Bank tapping Swiss crypto firm Taurus for crypto custody services.

This plea comes on the heels of Russell’s arrest in April, which implicated him in an intricate fraudulent operation. He now confronts the possibility of a prison sentence of up to 30 years, in addition to the obligation to reimburse investors with a sum exceeding $1.5 million.

Why was Rashawn Russell arrested?

US Attorney Breon Peace issued a statement in which he remarked:

“Russell exploited the fascination of investors in cryptocurrency markets to orchestrate a deception against trusting clients.” He further emphasized, “The expeditious conviction in this instance underscores our commitment to holding those engaging in deceitful practices within the digital asset sector accountable.”

Details unveiled during the plea hearing, in conjunction with court records, reveal that between November 2020 and August 2022, Russell, who formerly worked as an investment banker and was registered as a broker with the Financial Industry Regulatory Authority, played a pivotal role in an intricate fraudulent endeavour. He duped investors into investing their capital into his R3 Crypto Fund by offering false assurances of substantial, at times guaranteed, profits stemming from cryptocurrency ventures.

In reality, a significant portion of the investors’ finances was diverted by Russell for personal enrichment, gambling, and repaying previous investors. As a result of this deceitful operation, at least 29 investors suffered losses that amounted to no less than $1.5 million.

Fabrication of documents and misleading investors

As part of the fraudulent scheme, the Justice Department revealed back in April that “Russell fabricated multiple documents and misled investors regarding the status of their investments.” At one juncture, Russell purportedly sent an investor a doctored image of a bank statement supposedly sourced from a bank’s website, falsely indicating the availability of substantial liquidity. In another instance, when an investor sought to retrieve their investment, Russell neglected to transfer the funds and instead dispatched a counterfeit bank wire transfer confirmation to the investor, falsely suggesting the return of their capital.

According to the April indictment, Russell’s duplicitous ploy targeted “numerous individuals, including his friends, former college classmates, and former colleagues at a financial institution,” the specific identity of which has been made known to the Grand Jury.

Russell’s LinkedIn profile, which has since been deleted, disclosed his employment history at JP Morgan, Moody’s, and Deutsche Bank, where he commenced his career as a banking analyst in July 2018, ultimately advancing to the position of associate in July 2020.

The post Ex-Deutsche Bank investment banker faces up to 30 years behind bars appeared first on CoinJournal.

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Shiba Memu: $3M in presale screams buy now for this AI-powered meme

  • Shiba Memu brings AI to the crypto meme world.
  • The project has so far raised more than $3 million from investors.
  • SHMU’s price during the presale could be a huge bargain – priced at $0.028450 per token today. 

As the cryptocurrency market continues to play out the choppiness expected before the next bull cycle, analysts say this could be an ideal time to play out opportunities in the altcoin market. Investors are likely to consider several tokens offering an excellent buy-low scenario, and one place to look for the #1 contender for crypto gem of the year is the presale market.

Shiba Memu (SHMU) is among a few cryptocurrency projects that have attracted massive attention and interest from investors. The $3 million presale raise for this token so far suggests savvy investors know a thing or two about its potential. 

Here’s what you might want to know about Shiba Memu.

What is Shiba Memu?

$SHMU isn’t just another crypto meme token – it is a new token deploying an innovative marketing strategy as it seeks to become the dominant meme-inspired crypto. To achieve this the team behind the project are building a platform powered by artificial intelligence (AI).

According to the project’s whitepaper (accessible here), the target is to bring together a community of SHMU holders who can explore the benefits of incorporating blockchain with new capabilities enhanced by AI.

Shiba Memu’s AI play- how does it work?

Shiba Memu’s AI play revolves around offering an optimized marketing effort leveraging natural language processing (NLP) to power a dashboard that handles all the marketing goals of the meme token. 

Image and video recognition also play a role in monitoring the brand’s traction across social media and other online platforms.

Other aspects of AI come in the shape of predictive analytics, personalization and sentiment analysis. They are trends that have the capacity not just of transforming Shiba Memu into a top meme coin, but also offer crucial investment opportunities via increased community engagement and conversion.

Is it a good idea to buy Shiba Memu during the presale?

The $3 million allocated to $SHMU positions by early bird investors explains why Shiba Memu is trending today – the future of blockchain and AI.

Google, Microsoft, Meta and Nvidia all say AI will rewrite both the mainstream and crypto investment landscapes as currently structured. To illustrate their conviction, these companies have massive bets on revenue growth driven by artificial intelligence. 

In crypto, Shiba Memu stands out among projects leveraging AI to create a marketing powerhouse expected to drive gains for investors. $SHMU could thus overtake most meme tokens when its AI dashboard goes live. 

Analysts also say the explosive performances seen with the likes of Shiba Inu and Pepe suggest that a project that promises a robust ecosystem as Shiba Memu does could see significant traction relatively fast. 

SHMU’s price during the presale is largely a bargain buy at $0.028450 per token today. This price is uniquely programmed to increase every 24 hours, which means investors can pick when to make an entry.

Learn more about Shiba Memu here.

The post Shiba Memu: $3M in presale screams buy now for this AI-powered meme appeared first on CoinJournal.