Vancouver, BC. March 13th 2019 – – Amy Castor, Forbes blockchain and crypto contributor, took the stage Monday afternoon at the MPWR Crypto Mining Summit 2019 to break down the incredibly engaging topic of QuadrigaCX.
The talk attracted a sold out room filled with crypto enthusiasts, founders and CEO’s of leading companies such as Bitfarms, Hive Blockchain, Outlier Solutions and Mining Sky, to hear the story of how a Vancouver based company experienced the deep downfall the crypto and blockchain industry can cause.
Amy’s comprehensible outline of the case was both eye opening and informative. The room erupted with questions ranging from the staggering security oversight, exchange steps and logistics, and Quadriga’s time line facts.
Amy explained, “People got hurt and lost money, and it is getting international attention. This is why we should care and take further action towards the impacts of all crypto and the future of other exchanges.”
Quadriga is a tipping point to the industries faulty security and burning realization that we have only scratched the surface to understanding exchange and crypto currencies.
Amy’s extensive research on the QuadrigaCX case has appeared on BBC, and continues to attract international interest
About Amy Castor
She is an independent journalist and freelance writer. She has become captivated by bitcoin and cryptocurrencies. Her stories on the topic have appeared in The Block, Bitcoin Magazine, CoinDesk and Forbes. Her latest work including several pieces on QuadrigaCX can be found at https://amycastor.com/
About Blockchain Infrastructure Research
Blockchain Infrastructure Research is an independent research company specializing in cryptocurrency mining infrastructure. BIR provides clear, up-to-date information for major institutional investors, developers, and government organizations in support of: facilities location and design, energy management, hardware selection, supply and value chain management, regulation compliance, operations security, and understanding market and price trends.
With its team of clean energy engineers, the firm has significant expertise in identifying power solutions for medium and large scale mining operations. For more information on BIR visit www.biresearch.ca
We have heard it time and time again, keep your assets on your private wallets and protect your private keys! I’m looking at you Quadriga and Cryptopia victims (slowly raises hand in embarrassment as I too made this mistake). So finally, you learn your lesson and do this. You take a deep breath of relief, and you are finally invincible, right? Unfortunately, not. Even after doing that, things aren’t completely safe and secure. In fact, what happens if you lose your private key? I mean come on, I have problems finding my house keys on a weekly basis. Or what about if you tragically get hit by lightening or have a heart attack as you see your portfolio go from “When Lambo?” to “When $10 Craigslist bike?” within a matter of seconds? So what do you do in the case of short-term memory loss or morbid happenings? Tattoo your private key onto your arm? Tell your closest contact, who just so happens to forget everything? Hopefully not, as these are horrible options and my attempt at trying to be a bit witty. So let’s look at the realistic solution, which is that of a Will or Lost Key Smart Contract. Now for full out techies this may seem like a simple task, but for the average person, they are likely lacking the needed skills. This is where the MyWish services come into play.
The MyWish Will Smart Contract has been around for quite some time, but the Lost Key Smart Contract is fresh off the presses, protecting users in case of death or loss of private keys. The smart contracts are designed in user-friendly templates, which can be set up within a short period of time. To see the benefits of these contracts in an easily digestible manner, take a look at the following:
Will Smart Contract
Protects funds in case of death
Easy to set-up with little to no technical knowledge required
Allows for funds to be managed as if they were in a regular wallet
Parameters can be set to meet your desires
Transaction only takes place if conditions are met
Lost Key Smart Contract
Protects funds in case of loss of private key
Once again, it is extremely user-friendly
Conditions, such as time, can be implemented according to your wishes
Tokens are not required to be stored directly on the contract
Multiple backup wallets can be included in case of inactivity throughout several of them
Not just Ethereum Anymore
While these details in themselves are quite impressive, it is important to point out one other key facts. First off, in the past, users were only capable of doing this on the Ethereum Blockchain. MyWish has taken this a step further though, and now both of these smart contracts will be available for both the Ethereum and TRON Blockchains. Ultimately, this allows for individuals to have even more freedom when it comes to the safety and protection of their architecture. Luckily, you don’t have to wait to create these smart contracts on the Tron Blockchain as it just released today! The planned release date for these on the Ethereum Blockchain is the 10th of March (at the latest).
As you can see, the creation and implementation of both of these contracts can lift the weight off your shoulders and dissolve high amounts of worry through a quick and easy process. No more fear of forgetting your private key, dying suddenly due to the market dumping, or your dog eating your private key. With the MyWish Will Smart Contract and newly created Lost Key Smart Contract, you can rest well (Ethereum and TRON fans alike).
Rival of Youtube !! Yes you heard it right; a South Korean Crypto Company named SUCON came up with SU-WORLD; a online media contents streaming platform. SUCON literally means ‘ SUPER CONNECTION ‘ and ready to be the intermediate fulfilling the objectives of SUCON.
SU-WORLD definitely compensates the content creators with SU-COIN , but interestingly viewers will be paid for watching and commenting ; which would make the platform more engaging and all rewards would be based on SU-COIN and the market it attracts. As the advertisers can select their form and design to get their target audience and furthermore help themselves for legitimate marketing. For Miners there is a innovative method ‘ Storage Renting System ‘ which would compensate miners for storing the various media contents. These days major advertising-driven platform like Facebook and Google are phasing out ads for cryptocurrencies, shielding themselves from potential legal liability, if the ads are scams or the digital coins are eventually regulated as securities. Video creators with an interest in cryptocurrency say that’s also a factor driving them away from the big names.Platforms like SUCON are decentralized ,keep more power—and potentially, privacy—in the hands of creators and users.
◆ Just the creation of SU-WORLD by SUCON solved following problems :- 1. SECURITY – No chance of hacking with the help of DLT. 2. Eliminating need of Big Data Center – With ‘ Storage Renting ‘ for miners. 3. Copyrights protection – All Transactions on Ledger. 4. No Brokers – Decentralized and P2P interaction. 5. Commission Free Platform – Creators/Viewers well compensated . 6. Ultra High-Speed – Thanks to the DLT of transactions.
Creators can expect to retain significant control with blockchain sites because there are few barriers if they decide to leave, Like email, it’s relatively easy to switch to a similar site if one doesn’t likes. And because of the decentralized nature of SUCON, tech-savvy users can find ways to post controversial material, even if he tries to block or ban it. With blockchain, people will finally have the chance to be rewarded for their time, attention, and data. No longer will their valuable data be controlled by a few giant companies.
Fintech is here to stay. Why? To put in short, fintech is
changing conventional finances using technology to improve financial services provided to end customers.
The world has welcomed the Fintech industry with open arms. The total value of the global investment into the fintech industry has grown from approximately $1B in 2008 to about $24B. Still, over the last several years, investment in fintech has been on the rise. The global market is expected to grow at compound annual growth rate (CAGR) of 54.83 percent between now and 2020.
Below you can find five conventional areas of financial services, where a significant amount of innovations occur:
payments and money transfers;
borrowing and lending;
The blockchain money (r)evolution
According to PwC Global FinTech Survey 2017, implementation blockchain in the business will not occur overnight. But the report also quotes that 77 percent of its respondents expect to adopt blockchain by 2020.
“Blockchain technology and cryptocurrencies are on the way to rewrite finance industry and drive it forward. The area is moving beyond the hype, more and more business use cases of blockchain appears and makes a success. What we can expect from future are crypto regulations for ICO market, cryptocurrency exchanges and traders. It may hurt the industry in the short perspective. But in the long run, it will bring trust and certainty and have a positive outcome for the industry.”
— Mike Rozhko, CoinLoan Business Development Manager
The Opportunities of Blockchain Adoption:
Digital assets. Blockchain gave us digital property, that can’t be copied or stolen directly. It offered reliability that has never been available on the Internet.
Cryptocurrencies. It’s an opportunity for individuals to have full control over their money, cutting out the third party.
Transaction record. Blockchain keeps an audit trail of each transaction and the details of the parties involved.
Smart contracts. They can ensure the fulfillment of obligations of both parties before the completion of a transaction or agreement. It enables peer-to-peer distributed models.
Transaction speed. Traditional payments system is one of the most intermediated markets in the world, with lots of checks and requirements. Crypto transaction doesn’t take long. Average speed for Bitcoin network is 78 minutes, for Ripple is 4 seconds and for Litecoin is 30 minutes.
The Challenges of Blockchain Adoption:
Regulator uncertainty. There is currently a variety of rules across different countries and regulatory agencies.
Novel tech. Blockchain remains at a relatively early stage of development with most projects still at the start and limitations haven’t tested yet.
Standardization. Lack of generally accepted technical standards between blockchain network designs can lead to the integration problems.
Security risks. Blockchain has a potential to strengthen cybersecurity, but creates new cybersecurity risks as well.
Huddle of ideas. The Crypto World uses its own vocabulary, that can be confusing for newcomers.
ETHOS unwraps ETHOS BEDROCK; a connecting link between Enterprise and Blockchain.
Fulfilling its mission to create democratic financial system ETHOS unwraps ETHOS BEDROCK, which is a High-performance Blockchain Financial Services Platform. By the launch of ETHOS BEDROCK, Blockchain and Cryptographic protocols can be used by financial institutions as easy as internet protocols. Financial institutions can easily create their own blockchain and crypto currency solutions.
Major Applications of ETHOS BEDROCK For Institutions:-
ETHOS BEDROCK utilise security proven platform such as BIP32,BIP39, and BIP44 that plays a important role in safekeeping digital assests through Ethos SmartKey Technology. BEDROCK also comes up with an abstraction layer which supports for multiple Blockchain and custom digital assests.
Bedrock includes structures that enable institutions to create their own crypto wallets, liquidity and custody services, as well as custom solutions for blockchain integration, alerts, identity and transaction monitoring.
Bedrock is powered by the ETHOS token which is designed to provide utility and access throughout the Ethos ecosystem. Bedrock business partners may utilize and stake the Ethos token to unlock access to the system, pay for the fees, and receive discounts. A gas mechanism protects the network from resource greedy, malicious or inefficient applications and provides reduced fees, creating a win-win ecosystem that operates efficiently and cost-effectively while delivering benefits to both businesses and consumers.