Aurelia Butler

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    in Cryptocurrency

    Buterin Gets Into Twitter Argument With Bitcoin Analyst Over PoS

    The Bitcoin analyst, Jimmy Song, wrote a tweet claiming that proof-of-stake doesn’t solve the Byzantine General’s problem. The Byzantine General’s problem is generally when a situation arises where dispersed parties cannot reach a consensus without a centralized party to overlook it.Song stated that PoS can’t provide a decentralized consensus. Ethereum founder, Vitalik Buterin, replied to the tweet, disagreeing with his argument.While many commented on Vitalik’s tweet agreeing that proof-of-stake definitely works, the founder of Blockstream and hashcash, Adam Back, had a different opinion. He stated that the entire argument about whether PoS works or not is based on the purpose for which it is used.Adam Back suggested that even if PoS can solve the Byzantine General issue, “it is still undesirable as it replicates the problems of fiat systems.” He stated that wealthy groups have policy influence and can take control of others to gain favors.Even though this argument is quite debatable, the benefits of proof-of-stake can’t go unseen. Ethereum’s Merge, which is set to happen very soon, will witness Ethereum’s upgrade from proof-of-work to proof-of-stake. This upgrade will aid in reducing energy consumption by 99% and reduce the negative impacts of proof-of-work.Continue reading on CoinQuora More

  • 125 Shares139 Views

    in Cryptocurrency

    TokLok – a Blockchain-Based Messaging App You Should Know About

    The emergence of blockchain technology comes with a disruption, similar to the creation of the internet. The technology that first surfaced in 1991 has now evolved into a multibillion-dollar infrastructure. The trustless, permissionless, and open-source nature of the technology has shaped it into what it is today. Furthermore, the solutions it has brought through crypto, DeFi, and NFTs have propelled it to one of the greatest technologies in existence. It has fully reformed the principles of security, transparency, and privacy.Privacy, in particular, has been one of blockchain’s most significant features. The present social messaging apps often violate users’ privacy rights. Facebook (NASDAQ:META), for example, has been in the news frequently for misusing the data of its 87 million users. As a result, individuals are becoming more conscious about their online privacy. And the demand for decentralized alternatives is increasing substantially.Although many decentralized messaging platforms already exist, their services have been unsatisfying. The lack of scalability and insufficient knowledge on the subject has failed the projects. One project, on the other hand, is doing things differently. TokLok is a venture that is building a scalable blockchain messaging infrastructure with high security and anonymity for users. It provides truly confidential messaging for both individuals and businesses.Building a Secure Online Communication ToolTokLok is a blockchain-based messaging app that provides convenient and secure online communication services. The application primarily offers fully confidential correspondence for businesses and individuals. It uses blockchain solutions to provide the highest degree of security for users’ personal data. Furthermore, it is designed to provide effective protection against hacking attacks. Beyond that, it provides complete control over the content of group chats.The interesting element of TokLok is the unique features it offers to users. The first feature is its Nonpublic Messenger, which gives users total control over who they may communicate with. The second feature is encrypted messaging, which is meant to give customers the utmost privacy. The distinction is that once the encrypted message content is seen by the receiver, it is erased from the system. Moreover, the communication is carried out through a single channel, with the message being read-only by the sender and recipient.The platform also ensures anonymity as the application does not retain any information about users or their correspondence. As a security assurance, the application has also been evaluated and tested by specialists from across the world.TOL: The Utility Token Powering TokLok EcosystemTOL is the key aspect of the platform. As TokLok is a paid application, the token is used to obtain lifetime access to the App. Even owning TOL tokens will let users contribute to the faster development of the communicator app and its expansion with new features.Users can also earn passive income from the app’s profits. TokLok’s parent company, REIBA LTD, pays a dividend of 30% of the business’s sales once a year to TOL holders. Profits are distributed proportionately, provided that a minimum of 5000 TOL tokens must be invested in the protocol account.The platform also offers an interest-bearing deposit to token holders with at least 1000 TOL. Users receive 8% per year with a daily capitalization of interest for depositing for a minimum of 12 months. The tokens are now available for purchase on their website, with early members receiving a special discount.Fixing Communication with Blockchain SolutionsTraditional social messaging has been a nightmare for individuals and businesses. With organizations preying on users’ data and selling it for profit, the messaging channel has become a disaster. However, with the emergence of decentralized solutions, these issues may now be addressed. TokLok is doing the right thing by addressing a real-world issue rather than riding the crypto hype train. The project’s utilities and solutions might be a true problem solver for both individuals and businesses.Furthermore, the platform’s architecture in terms of security and anonymity can help to restore the much-abused right to privacy. Blockchain technology has been a boon to the entire world, restoring people’s rights. It is time for individuals and corporations to embrace this emerging technology for the greater good of society. TokLok is one such example of a platform that is making the world a better place.Continue reading on CoinQuora More

  • 138 Shares179 Views

    in Economy

    Ireland to boost budget package on projected 2022 surplus – source

    DUBLIN (Reuters) -Ireland will forecast that it will run a small budget surplus for 2022 versus the deficit previously anticipated when it publishes the parameters for the 2023 budget later on Monday that will permit significantly higher spending, a source said.Ministers are set to agree to increase the budget package to 6.7 billion euros ($7 billion) from the 4.5 billion euros previously available to help offset some of the effects of soaring inflation, Junior Trade Minister Robert Troy told national broadcaster RTE.The source familiar with the process, who spoke to Reuters on condition of anonymity, added that this will necessitate the temporary suspension of a new rule introduced last year tying core government expenditure growth to the nominal growth rate of the economy.Day-to-day spending will rise by 6.7% next year, the source said, up from 5% anticipated a year ago. The finance ministry forecast in April that modified domestic demand – its preferred measure of economic activity – would grow by 3.9% in 2023.Irish inflation, however, hit a new almost 40-year high of 9.6% in June, Eurostat said last week.Almost half of the 6.7 billion euro package is needed just to meet spending on existing levels of service, investment plans and demographic costs, while 1 billion euros has been earmarked for income tax cuts.The unallocated remainder left for further spending will need to cover any new public sector pay deal agreed by trade unions and government. Talks between the two sides ended without agreement last month and have yet to restart.Further one-off measures to help people deal with higher energy bills in particular will be introduced on top of the 6.7 billion euro package, the source added.Ministers, who are also considering bringing the budget forward to September from mid-October, have said the it could include cuts in childcare and university fees, an extension of temporary cheaper public transport fares and a range of welfare increases for poorer households.($1 = 0.9568 euros) More

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    in Economy

    China agrees to invest $3 billion in Indonesia sovereign wealth fund

    The agreement allows for investment in all sectors open to foreigners in Indonesia, especially projects with economic connectivity between the countries, the Indonesia Investment Authority (INA) and SRF said in a joint statement.”We believe that investment in Indonesia and the region has high potential, especially when conducting it together with INA,” said Yanzhi Wang, SRF president.Unlike many other sovereign wealth funds that manage excess oil revenues or foreign exchange reserves, the INA seeks to attract foreign co-investors to help fund economic development. The agreement provides general terms and principles for the SRF and INA to screen and decide on joint investments. After its February 2021 launch, the INA has set up a $3.75 billion toll road fund with Canadian and Dutch pension funds and a unit of the Abu Dhabi Investment Authority. The United Arab Emirates has pledged to invest $10 billion with the INA.Indonesia has said global agencies like the U.S. International Development Finance Corporation and Japan Bank for International Cooperation have also expressed interest. The SRF, set up in 2014, is backed by China’s foreign exchange reserves, China Investment Corp, the Export-Import Bank of China and the China Development Bank.Trissia Wijaya, a researcher at the Center for Indonesian Policy Studies, a think tank, said the SRF was less politically sensitive because it was not providing debt like for other Chinese-led Belt and Road Initiative (BRI) projects. The INA could encounter some difficulties in drawing potential co-investors, however, with geopolitical factors also at play, she said. “The G7 has just launched a $600 billion infrastructure plan to counter China,” Wijaya said, referring to funds pledged at last month’s Group of Seven leaders’ gathering.”Then comes a big question mark, would they want to be put side by side with China in a platform facilitated by INA?”BRI projects and economic ties with China are often a bone of contention in Indonesia due to perceptions of Beijing holding influence over the government and the projects using imported rather than local labour. Indonesia’s highest-profile BRI project, a multi-billion high-speed railway in Java, has been plagued by cost overruns and delays.($1 = 6.6937 Chinese yuan renminbi) More

  • 125 Shares189 Views

    in Cryptocurrency

    Meta signals closure of Novi wallet after a 10-month pilot

    Novi’s website landing page has been revamped to inform pilot users that the platform will be decommissioned on September 1. This ends an eight-month-long pilot project that saw users based in the United States and Guatemala trial the cryptocurrency-powered payment platform.Continue Reading on Coin Telegraph More

  • 150 Shares169 Views

    in Cryptocurrency

    The British Army Suffers Twitter & YouTube Hacked in Crypto Giveaway Scam

    The hackers had their fun with the illegally acquired social media accounts, as they generated hype around two fraudulent NFT collections at the same time. One of the screenshots provided by the Twitter community reads “BAPESCLAN”, while another says “pssssd”.However, it wasn’t all a barrel of laughs around the fake NFT collections, as both were accompanied with phishing links. Users who followed the malicious links and connected their crypto wallets lost all of the funds they had currently stored. As of this writing, British government officials have not disclosed any information about the victims, or the total sum of crypto defrauded.For the British Army’s YouTube account, the scammers used a different, more creative strategy, as the channel name was briefly changed to ‘Ark Invest’, impersonating the crypto hedge fund.The videos uploaded by the hackers involved deep fakes of the world’s richest man, Elon Musk, talking to Jack Dorsey, the founder of Twitter. On top of that, the live videos encouraged viewers to use the QR codes presented on screen to send crypto funds. Viewers were promised to have their funds doubled, with the speakers saying they had a “secret investment technology” for extra quick turnaround of the “loans”.The hackers seemingly went all out, simultaneously streaming four live streams of fake interviews, drawing in over 19,000 people. With the British government regaining control of the accounts, the false information was swiftly deleted, and the British Army promised to “learn from this incident”.Continue reading on DailyCoin More

  • 138 Shares99 Views

    in Cryptocurrency

    CVXCRV Ranks in the Top 10 Purchased Tokens by ETH Whales

    Today, Ethereum wallet tracker Whalestats tweeted that the CVXCRV token of Convex Finance has entered the top 10 purchased tokens among the 5000 biggest ETH whales. This is according to the data tracked by WhaleStats in the past 24 hours.In detail, Whalestats also provided data on the list of other coins that the ETH whales purchased. This includes PAX Gold (PAXG), Uniswap (UNI), Chainlink (LINK), and Polygon (MATIC). Convex Finance is a DeFi protocol working on Curve Finance (CRV), an on-chain liquidity-providing platform. A few weeks ago, Curve Finance reported that the platform had CVX tokens of 9,639.54 wETH in its pool, which was worth $10.57 million.In another analysis, the Whalestats found that AMP (OTC:AMLTF) is the most traded token, whereas Decentraland’s MANA is the most widely held token. Meanwhile, Shiba Inu (SHIB) is ranked as the biggest token position by dollar value.Moreso, Whalestats also revealed the most used smart contracts among the top 100 ETH whales in the past 24 hours. Fetch.ai (FET), NuCypher (NU), Utrust (UTK), (FTX), yearn.finance (YFI) were a few of the most used smart contract tokens.The current price of CVXCRV hovers at $0.79, a 4.98% increase in the past 24 hours. However, the volume of the coin has decreased by 5.8%, tapping at $14,837. Whalestats tracks around 5000 of the largest Ethereum wallets or whales, which are worth an average of $20,845,021 and hodl an average of 9,852 ETH, seven tokens, and one NFT.Continue reading on CoinQuora More