Top Crypto News – 15/06/2018

The EOS Blockchain Is Now Officially Live


The EOS blockchain is now live.

At press time, the blockchain has received more than the 150 million votes needed to determine the individuals or entities that will maintain the distributed network, the world’s fifth largest by total value, thus ending a weeks-long process that had been among the most complex the evolving cryptocurrency market has perhaps ever seen.

As such, the news effectively ensures that the software for which a company called raised more than $4 billion during an almost year-long initial coin offering (ICO) will now be accessible. According to best estimates, the blockchain began operations at 17:46 UTC.

This happened after a roughly a week of deliberation and testing by block producer candidates – those groups vying for one of 21 validator node spots in which they will receive rewards for verifying transactions – from all around the world. While that testing phase uncovered several vulnerabilities that caused two groups to go head-to-head on the correct implementation and delays for the launch, on June 9, block producer candidates voted unanimously in favor of launching the blockchain.

As per the project’s process, that percentage was the two-thirds +1 of the candidate community to initiate the launch, but also per the plan, the blockchain wasn’t officially live until further validation had been completed, an appointed block producer launched the chain and then 15 percent of EOS holdings had voted.

And once 15 percent of token holders had voted to establish the set of 21 elected block producers, the chain became active. This took longer than many had anticipated for many reasons, including security concerns with the voting process.

Following the launch, tokens were trading at $10.45.

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Despite Court Order Tokyo Exchange Says It’s ‘Technically Difficult’ to Close Accounts


Tokyo Exchange Can’t Comply with Court Ordered Crypto-Account Closure Due to Technical Difficulties

The regional news outlet Nikkei has reported that a woman in her 70s requested a cryptocurrency account foreclosure. According to her lawyer, Yuko Fujii, the lady got caught in trouble in May 2016, as a trader in Saitama Prefecture convinced her that she could make a profit with virtual currencies. The lady allegedly was advised to purchase cryptocurrencies at 30% above the market price. She purchased the amount of about JPY 500,000 (~US$4,525) worth of crypto with JPY 150 million (~$1,357,500).

The lady later reconciled with the trader and was being repaid at the purchase price, but suddenly the payment stopped. She then requested the foreclosure of the account under the name of the trader to get the remaining JPY 13 million (~$117,650). Her claim was approved and the Saitama District Court ordered the exchange to foreclose the wallet linked to the trader’s ripple account twice, once in July 2017 and the other in April 2018.

But the cryptocurrency exchange replied that the wallet was technically not managed by them and that they could not refund the victim. They added that if they reimbursed the lady on behalf of the wallet company, they would not be able to get refunded by the trader, and they would suffer losses themselves.

Despite Court Order Tokyo Exchange Says It’s 'Technically Difficult' to Close Accounts
The exchange later revealed that it had withdrawn its application to enter the cryptocurrency industry, based on the revised fund settlement law.

Exchange Has Yet to Refund the Victim

As a result, because the wallet of the trader was not foreclosed, there is alleged evidence that the trader had moved his crypto out, and the victim still has not recovered her funds. Fujii, the attorney, commented that if the cryptocurrency exchange did not comply with the court order, the victim could “hardly” be relieved from the damage she suffered.

The cryptocurrency exchange told Nikkei that they consulted an advisory lawyer and recognized that there was a legal problem regarding the payment. “We have not yet refunded the victim,” the exchange’s official replied. The exchange had received a business improvement order from the Fukuoka Financial Office in March and later revealed that it had withdrawn its application to enter the cryptocurrency industry based on the revised fund settlement law.

Professor Masashi Nakajima, a financial expert familiar with crypto, said that a cryptocurrency that doesn’t have an administrator cannot be seized by a public authority. It is also impossible to technically guarantee a secure execution of the refund. This practice could become the hotbed for money laundering and concealment if not tackled properly.

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A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency


Coinex: The Exchange That Uses Bitcoin Cash as Its Base Currency

A Look at a Few Exchanges That Use Bitcoin Cash as a Base CurrencyMost cryptocurrency exchanges use bitcoin core (BTC) as the base currency that is traded against various other digital assets. At the moment bitcoin cash (BCH) only has three exchanges that use the decentralized cryptocurrency as a base currency and one of them just launched its beta release this past May. At the moment the most popular exchange that offers BCH base currency pairs is Coinex. The firm Viabtc announced the launch of Coinex back in December of 2017 and the trading platform offers BCH pairs with the most popular digital assets in the crypto space.

Viabtc’s chief operating officer, Sara Ouyang, explained that because BCH network fees were so low it prompted the firm to create the markets with bitcoin cash as the base currency.

“The reason we chose [BCH] over [BTC] is that it has much faster transactions with low fees and better performance in terms of usability,” Ouyang detailed at the time.

A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency
Coinex Bitcoin Cash markets.

Coinex is also available on mobile operating systems like Android and iOS and provides global trading services in nearly 100 countries. Further, Coinex offers HTTPS and two-factor authentication and claims its cold storage funds are held by using a multi-signature strategy.

Panda Exchange Provides Traders With Bitcoin Cash Trading Pairs

Another trading platform that offers BCH pairs is the Panda Exchange — a cryptocurrency exchange that provides bitcoin cash pairs with ETH, ZEN, XRP, LTC, BTG, and others. The Panda Exchange is open to residents in the U.S., South America, Canada, and Portugal. The exchange recently announced that it has added a slew of new pairs and more will be added in the future.

A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency
The Panda Exchange offers BCH pairs traded against various cryptocurrencies such as LTC, ETH, and XRP.

   The Recently Launched BOA Exchange and Hello Group’s Upcoming Trading Platform

Recently another exchange called BOA Exchange has launched a set of crypto-markets that use bitcoin cash as the base currency. The exchange is very new as the trading platform explains that it recently finished its beta phase this May and is now opening signups to the public.

A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency
BOA Exchange BCH markets. This platform just recently launched.

Lastly, Bitcoin Cash supporters will soon see another exchange that uses BCH as the base currency from the Cyprus-based company Hello Group. In February the firm announced it had purchased the domain to host its BCH trading platform. When visiting the URL, visitors are greeted by a picture that says ‘Bitcoin Cash — Coming Soon.”

A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency
The Cyprus-based firm Hello Group is launching an exchange that uses BCH as the base currency. When people visit the website this banner comes up.

The BCH community believes there is a significant need for more of these exchanges in order to decouple the digital asset’s price from BTC. Many of them believe BCH is a perfect choice for a trading platform’s base currency, as its speed and low fees would make deposits and withdrawals much faster and cheaper. For now, BCH traders have Coinex, Panda Exchange, the newly launched BOA Exchange, and the upcoming launch of Hello Group’s BCH trading engine.

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