ALTCOIN, BLOCKCHAIN

Stellar Inflation Bug Resulted in 2.25 Billion XLM

Cryptocurrency research firm Messari has stated Stellar (XLM), currently the eighth largest crypto, suffered an inflation bug to create 2.25 billion XLM in April 2017.

// STAY UP TO DATE – FOLLOW BLOCKCHAIN DAILY ON TWITTER: @BLCKCHAINDAILY

According to the report, the XLM was likely sold during the first half of 2017.

An equivalent amount of XLM was allegedly burned to maintain supply, circumventing possible devaluation.

The addresses involved are no longer accessible on any block explorers but can be seen on the Horizon Application Programming Interface.

The report also mentions Stellar did come forward to acknowledge the bug in the protocol’s release notes at the time of the event.

Stellar (XLM)

“We recognize that Stellar has since become significant financial software, and our disclosure standards have grown to reflect that reality,” Stellar stated.

“There’s been no notable bug since, and if there were we would disclose it in full detail as soon as it was patched.”

Last month, Stellar released its roadmap for 2019, which included a full accounting of all Stellar Development Foundation XLM by the end of the current year with more information on the 2017 bug.

// CLICK HERE FOR MORE BLOCKCHAIN NEWS

ALTCOIN, BITCOIN, BLOCKCHAIN

Six Banks Launch Stablecoins on IBM’s Stellar-Based World Wire

SINGAPORE – IBM and Stellar have announced six international banks will be launching their own stablecoins on IBM’s “World Wire” blockchain network during Money20/20 Asia in Singapore.

// STAY UP TO DATE – FOLLOW BLOCKCHAIN DAILY ON TWITTER: @BLCKCHAINDAILY

Brazil’s Banco Bradesco, the Philippines’ Rizal Commercial Banking Corporation, and , South Korea’s Bank Busan have been confirmed to be utilizing the new World Wire blockchain.

The other banks involved have yet to disclose any information, however, it has been reported the new stablecoins will be backed by the Euro and Indonesian Rupiah, among others.

Jesse Lund
Jesse Lund

“We let the market drive the expansion and selection of the network incrementally,” said Jesse Lund, IBM head of blockchain solutions.

“We are really feeling excited that we are on a roll to build something new and revolutionary that’s really going to change the landscape of cross-border payments.”

In September, IBM, in collaboration with Stellar (XLM), launched Blockchain World Wire (BWW).

BWW officially went live on March 18 and is currently supporting over 44 banks internationally.

IBM’s announcements did not stop there, as the company announced a new partnership with Stronghold, a Stellar-based stablecoin which is pegged to the U.S. dollar.

BWW currently supports 72 countries and more than 45 currencies.

“Our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”

// CLICK HERE FOR MORE BLOCKCHAIN NEWS

ALTCOIN, BLOCKCHAIN

Coinbase is Exploring Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x

Coinbase has announced their interest in exploring the addition of several new cryptocurrencies to their exchange including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

MAKE SURE TO FOLLOW US ON TWITTER: @BLCKCHAINDAILY

“We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets,” Coinbase stated.

Unlike the ongoing process of adding Ethereum Classic, these assets will require additional exploratory work and Coinbase cannot guarantee they will be listed for trading.

Furthermore, the listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.

Coinbase may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses.

Finally, some of these assets may be offered in other jurisdictions prior to being listed in the US.

As part of the exploratory process, customers may see public-facing APIs and other signs that the company is conducting engineering work to support these assets.

“While we cannot commit to when or whether these assets will become available at this time, we will provide updates to our customers about the process and what they can expect via the Coinbase blog and Twitter.

Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets,” the company stated.

Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.

Frequently Asked Questions

Q: Can you tell me more about these assets?

You can find information on the assets being explored at their respective websites:

Q: Why explore these assets at this time?

In evaluating these assets for exploration, we relied as much as possible on the criteria in our published Digital Asset Framework, but found that many of the criteria required communication with external parties to fully evaluate. Regardless, here’s what we found notable about each of these assets.

Cardano (ADA)

The Cardano protocol was created by Charles Hoskinson, one of the co-founders of Ethereum. Cardano’s Bitcoin-like Settlement Layer (CSL) mainnet is live and it has a functional wallet for its built-in ADA cryptocurrency. It has also taken a different technical direction from other blockchains on several axes, like its Ouroboros proof-of-stake algorithm, its use of Haskell, and its focus on formal verification. While Cardano’s Computation Layer (CCL) is not yet live, the project has published long-term roadmaps, has shipped working software, and appears to have a growing community.

Basic Attention Token (BAT)

The Basic Attention Token (BAT) is the internal token of the Brave browser. The initial purpose of the BAT is to allow advertisers to pay for user attention when they view ads via Brave, but it can potentially be used as a general digital currency for Brave user interactions with arbitrary websites. Brave announced that they have recently passed 3 million monthly users and are in the top 10 list in the Google Play store in more than 20 countries. More than 18,000 verified publishers are using Brave across 4,500 websites and 13,500 YouTube and Twitch streamer accounts. The CEO of Brave is Brendan Eich, the inventor of Javascript and co-founder of Mozilla and Firefox, and the company is funded by Founders Fund and Digital Currency Group, among others.

Stellar Lumens (XLM)

Stellar is an open-source protocol for value exchange developed by Stanford CS professor David Mazieres, Rust language author Graydon Hoare, and Jed McCaleb. Lumens (XLM) are the native asset of the Stellar network. Stellar’s consensus protocol is different from proof-of-work in that it allows and requires individual nodes to choose the set of other nodes they trust as a group (a “quorum slice”) to give them accurate information about the state of the Stellar network. Stellar allows for the creation of anchors that can issue assets, use bridge servers to interface with existing banks, and follow Stellar’s compliance protocol. Initially funded by Stripe, Stellar’s board members include Khosla Ventures partner Keith Rabois, Stripe cofounder Patrick Collison, WordPress founder Matt Mullenweg, YCombinator President Sam Altman, MIT DCI head Joi Ito, and AngelList founder Naval Ravikant.

Zcash (ZEC)

Zcash is a cryptocurrency which uses recent advances in cryptography to allow users to protect the privacy of transactions at their discretion. The distinction between Zcash’s “transparent” and “shielded” transactions is analogous to the distinction between unencrypted HTTP and encrypted HTTPS. In both cases, the unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information. The Zcash protocol has been live since 2016 and the development team has published technical improvements that may reduce the memory consumption associated with transaction privacy by 98%.

0x (ZRX)

0x is an open protocol that allows ERC20 tokens to be traded on the Ethereum blockchain. ZRX is the native utility token of the 0x protocol, and several dozen independent projects have been built with the 0x technology, including relays and decentralized exchanges with tens of millions of dollars in collective transaction volume to date. The project has shipped a number of tools for developers, including Javascript, Solidity, and Web3 libraries, and has mostly adhered to the roadmap outlined in their whitepaper.

Q: What is the status on adding Ethereum Classic (ETC)?

We are underway with engineering work to add Ethereum Classic (ETC), and it is proceeding as planned. We are making this announcement so that we can begin the next phase of work to explore adding more assets to the platform.

Q: What is the status on adding ERC-20 assets?

We announced our general intention to support ERC20 assets in March. The BAT and ZRX assets are the first specific ERC20-based assets we are exploring for addition to the platform.

Q: How will you decide what countries to launch these assets in?

Regional support will depend on a case-by-case analysis that looks to legal, compliance, and other factors that are relevant to that jurisdiction. In some cases, you should expect certain assets to be available in other jurisdictions before coming to the US.

Q: Does this mean Coinbase has deemed these assets to not be securities under a particular country’s laws?

No. That legal analysis is ongoing and will vary by jurisdiction. As we only plan to launch assets which are compliant with local law, some assets may only be available in specific jurisdictions.

Q: Why is this just an exploration, rather than an announcement that Coinbase is adding these assets?

In an effort to be as open and transparent as possible, we’re announcing that our teams are exploring the feasibility of supporting these assets. This is consistent with our process for adding new assets. But unlike Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work that may result in one or more of them being listed only in specific jurisdictions, or not at all.

Q: Which Coinbase platforms will support these assets?

We have not made this determination at this time, but we hope to offer support for each asset across the widest variety of products in each jurisdiction.

CLICK HERE FOR MORE BLOCKCHAIN NEWS

Donate BTC: 13xyfdE1ERCu6ZaZ6Ejj7x6B7au8GJXont (Click for QR) BCH: LeVDY175o9B5PZJzPihAAFqCVcFHRaiVsB (Click for QR) LTC: LeVDY175o9B5PZJzPihAAFqCVcFHRaiVsB (Click for QR)
ETH: 0x3930890DC36E40e17c280aF5A80cEAC30732cFB9 (Click for QR)

BLOCKCHAIN, ETHEREUM

Kik Messenger to Utilize Both Ethereum and Stellar Blockchains

Social messaging app Kik has announced they will be utilizing both the Ethereum blockchain and the Stellar platform  for their “kin” token, which raised $98 million during their initial coin offering (ICO) in September.

MAKE SURE TO FOLLOW US ON TWITTER: @BLCKCHAINDAILY

“Kik will be one of the first mainstream projects that uses cryptocurrencies in a meaningful way. It will bring millions more people to this technology and we are super excited to be the platform this will be done on” said Stellar founder, Jed McCaleb.

The company will utilizing the Ethereum blockchain, where the tokens were initially launched, for liquidity, and Stellar for transactions.

In December, Kik CEO Ted Livingston stated Ethereum was “the dial-up era of blockchain”, but the company has chosen to stick with the second largest blockchain by market cap.

Utilizing an in-progress technology called atomic swaps, the cryptocurrency will be able to traded across the two blockchains.

“Creating a bi-directional blockchain with stellar will drive mass adoption of kin by providing faster confirmation times, low transaction fees and scalability,” said Livingston.

The social messaging app had 10,000 customers in 117 countries participate in its ICO and is currently ranked number 15 on the Apple App Store in the social networking category.

CLICK HERE FOR MORE BLOCKCHAIN NEWS

Donate BTC: 13xyfdE1ERCu6ZaZ6Ejj7x6B7au8GJXont (Click for QR)
LTC: LeVDY175o9B5PZJzPihAAFqCVcFHRaiVsB (Click for QR)
ETH: 0x3930890DC36E40e17c280aF5A80cEAC30732cFB9 (Click for QR)

ALTCOIN, BLOCKCHAIN

IBM Partners With Stellar to Power the Future of Cross-Border Payments

IMB is partnering with Stellar and KlickEx to develop a blockchain-based cross-border payments solution proven to significantly reduce transaction costs and increase transaction speeds.

MAKE SURE TO FOLLOW US ON TWITTER: @BLCKCHAINDAILY

Jed McCaleb
Jed McCaleb

“This new innovation and collaboration represents a significant milestone for Stellar as well as the financial technology industry as a whole,” said Jed McCaleb, co-founder of Stellar.

“For the first time, public blockchain technology is being used in production to facilitate cross-border payments in multiple integrated currency corridors. Currently, cross-border payments take up to several days to clear. This new implementation is poised to affect a profound change in the South Pacific region, and once fully scaled by IBM and its banking partners, could potentially change the way money is moved around the world, helping to improve existing international transactions and advancing financial inclusion in developing nations.”

This solution will help financial institutions and consumers eliminate inefficiencies and frustrations in current cross-border payment systems, including high fees, slow processing, error-prone transactions, and inefficient capital utilization.

JPMorgan Chase is introducing a blockchain powered interbank payment program based off Quorum which uses the ethereum network.
JPMorgan Chase is introducing a blockchain powered interbank payment program based off Quorum which uses the ethereum network.

Stellar’s technology serves as the core backbone of this cross-border payments solution.

The Stellar network enables frictionless, scalable, and virtually-free cross-border payment transactions, and has been proven to be able to securely process over 1,000 transactions per second with a billion unique user accounts.

Having grown up in Oceania, Robert Bell, founder of KlickEx Group, has first-hand experience with the frustrations and inefficiencies of sending payments through underdeveloped payment corridors.

He built KlickEx to meet critical remittance and foreign exchange needs in the region.

Now, he sees promise in Stellar’s blockchain technology to revolutionize the remittance business by dramatically improving the cost and speed of transaction clearing, settlement, and compliance.

This cross-border payments solution is already processing live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the United Kingdom.

IBM has convened an initial group of diverse banking leaders as part of the development and deployment process, including Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Kasikornbank Thailand, Mizuho Financial Group, National Australia Bank, Rizal Commercial Banking Corp. (RCBC) Philippines, Sumitomo Mitsui Financial Group, TD Bank, Wizdraw (HK) of WorldCom Finance, and other financial institutions.

Stellar is excited to collaborate with IBM and KlickEx on the development and global implementation of this revolutionary cross-border payments solution.

CLICK HERE FOR MORE BLOCKCHAIN NEWS