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Venezuela gets 735 million with the first state cryptocurrency launch Petro

Blockchain Media Group

According to President Nicolás Maduro, Venezuela has taken hundreds of millions of dollars to launch Petro, the world’s first public cryptocurrency. On the first day of presale 735 million dollars have come together, Maduro said on Tuesday in Caracas.

“Today, a cryptocurrency will be launched that can compete with Superman,” Maduro said. He played with the well-known cartoon character on the US, from which the world’s leading dollar comes.

The crisis-ridden Venezuela hopes by the start of the cyber motto an economic liberation. Until 19 March interested parties can invest in the Petro, which is, according to Venezuelan information, each secured with a barrel (159 liters) of the country’s crude oil reserves.

100 million digital coins are to be spent at about $ 60 each. This would bring the Petro to a total market value of six billion dollars and would move from the state into the top ten crypto-currencies.

No cryptocurrency

There has long been criticism of Petro. He was not a cryptocurrency, complained about the opposition MP Alfonso Marquina in January on Twitter. He represents futures on oil.

In the first place, Venezuela seeks to revive its own economy and circumvent US sanctions. Maduro’s government also expects access to the international financial markets.

Critics prophesy that the Petro may soon be one of the digital currencies called “shitcoin” in the industry: worthless or a scam.

Maduro repeatedly blamed US sanctions on the country’s situation and announced in early December that Petro would advance the country’s economic and social development despite the “financial blockade”.

Deep economic crisis

In Venezuela, there has been a power struggle between Maduro and the opposition for years. The country is in a deep economic crisis, the oil price decline of recent years depresses the revenue of the state. The opposition has repeatedly mobilized mass protests against Maduro, accusing them of building a dictatorship, mismanagement and corruption.

Some rating agencies have already classified Venezuela and its state-owned oil company PDVSA as partially insolvent. The national currency Bolívar has recently lost a lot of value.

mm – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

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The “Iceberg” release 1.8 of Ethereum’s most important client

Blockchain Media Group

The “Iceberg” release 1.8 of Ethereum’s most important client, Geth, comes with a lot of upgrades. Most notable is the stabilization of the light mode as well as the improvement of the performance.

With 1.8 there is a new big release for Geth, which continues to be the most important node software for Ethereum. The work of numerous developers and about 170 changes has been completed, many of which significantly improve performance. We’ll take a quick look at the key upgrades.

The light node

One of the most important changes concerns the light node. Geth has several ways to sync a node: Full, Fast, and Light. As the name implies, the light mode takes up the least amount of hard disk space. With Geth 1.7.3, the developers have integrated a new version of the Light mode, which should be a big improvement, as it allows certain important filter operations – but it had an error and therefore did not work.

With 1.8 this error is now eliminated. Light nodes can connect to other nodes in seconds and synchronize within minutes. For the medium-term scalability of Ethereum, the light mode could be extremely important.

One of Geth’s biggest issues is the synchronization. If you are not in light mode, this can take a long time. For version 1.8, the developers have made several bugs and errors in the synchronization that have emerged with the growth of the network more frequently. They were able to stabilize the synchronization for most cases and significantly reduce the consumption of memory.

State pruning in fast mode

Ethereum saves the status in a gigantic tree structure. If you want to know an old balance of an address, you have to save every historical version of this Merkle tree, which currently requires almost a terabyte of data. But since only the current state of the network is important, the synchronization in fast mode skips the historical trees and gets directly to the current state.

However, when the Fast mode has arrived in the present, it does the same thing as the Full mode: it saves every new version of the tree, which sooner or later consumes a huge amount of hard disk space. The challenge for the developers is now to find a way to save stupid new copies of the tree, but to elegantly shake off old, dead leaves and add new ones. Geth 1.8 takes a step in this direction by initially keeping new leaves or nodes of the tree in memory, writing them directly onto the disk.

This is only part of the solution, but it already shows a significant effect: hard drive hunger in fast mode is reduced by about a third, and the read and write load on the hard drive drops even more. Geth tackles one of the issues that has become increasingly pressing for Ethereum users in recent months.

Further upgrades

Since version 1.5, Geth has been running an internal Javascript that tracks user transactions in the blockchain. With version 1.8, this script has been extensively rebuilt, which speeds up execution by five times. This relieves, at least at this point, the CPU significantly. At the same time, Geth has introduced new API target points that allow transactions to be parallelized to multiple CPU cores, increasing speed when needed.

There are also many other small and medium sized updates in this release. Who uses Geth, has probably already downloaded the latest version. Anyone who stopped using Geth because the synchronization took endless or the disk was full can now try again.

mm – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

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Telegram raises 850 million dollars in ICO pre-sale

Blockchain Media Group

Over the past few days, it has become known that the Durov brothers have raised $ 850 million from major investors in a first pre-sale for the Telegram token. This emerges from a reporting form to the US regulator SEC. This makes Telegram by far the largest ICO ever conducted, without which the public ICO has already been launched.

Telegram’s ICO is planned in two rounds. Round 1, which has now taken place, was for big investors who had to spend at least $ 20 million to get GRAM tokens in return. For this first round, the goal was $ 600 million. This could, as Bloomberg reported, now be far exceeded with 850 million dollars.

The second round of the ICO is open to all. However, there is no start date yet. Altogether should be taken over both rounds, according to Bloomberg, two billion dollar be taken. The largest ICO to date was that of Filecoin, which has grossed “only” $ 257 million.

Telegram plans to use the revenue to develop a blockchain, which should make the current top dogs Bitcoin and Ethereum considerable competition. The native token should be named GRAM.

In the Telegram app, a crypto currency wallet is to be integrated, with which the GRAM can be transferred and used for payment within the app. In addition, the app should offer a way to exchange other currencies in GRAM.

mm – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

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Swiss Financial Market Authority publishes guidelines for ICOs

Blockchain Media Group

In its guidance published today, the Swiss Financial Market Supervisory Authority (FINMA) outlines how it will deal with filing requests for initial coin offers based on existing financial market law. FINMA defines the minimum information it requires to process such requests and the principles it will use to answer them. FINMA thus creates transparency for interested market participants.

FINMA saw and is confronted with numerous requests for immigration in the light of a marked increase in initial coin offers (ICOs) implemented or planned in Switzerland. With an ICO, digital capital is used to procure capital for corporate purposes on the basis of blockchain technology. With the guidance published today, FINMA announces in addition to the supervisory report 04/2017 how it deals with the lodging requests of ICO organizers in the light of a legal situation requiring interpretation. This transparency about its approach seems important and appropriate for FINMA against the background of the special market dynamics and the high demand in this area.
Individual case analysis is crucial

Not all ICOs are subject to financial market law and have a duty of subordination – this is because ICOs are designed very differently. In each case, the circumstances must be taken into account in each individual case. As explained in Supervising Communication 04/2017, there are various points of contact between ICOs and applicable general financial market law. However, specific regulatory requirements for ICOs do not yet exist. So far, there is neither relevant case law nor a consistent legal doctrine.

FINMA principles focus on the functionality and portability of tokens

In its prudential assessment of ICOs, FINMA follows an approach that focuses on the economic function and purpose of the tokens, ie the blockchain-based units issued by the ICO organizer. Central to this is the classification of the tokens and the question of whether these tokens are tradable or transferable right from the beginning of the ICO. There is currently no generally accepted classification of tokens in Switzerland or internationally. Functionally, FINMA differentiates between three types, whereby mixed forms can also occur:

Payment tokens are synonymous with pure “cryptocurrencies” without being linked to any other functionality or projects. In some cases, tokens can only develop the necessary functionality and acceptance as a means of payment over time.

Usage tokens are tokens intended to provide access to a digital use or service.

Investment tokens represent assets such as shares in real assets, companies, income or entitlement to dividends or interest payments. The token is therefore to be valued in terms of its economic function, such as a share, bond or a derivative financial instrument.

Rules on money laundering and securities trading are at the center

In its analysis, FINMA has determined that ICOs are the most frequent points of contact with the financial market laws in the area of ​​money laundering and securities trading. Applications that would require submission to the Banking Act or the Collective Investment Schemes Act are not typical.

The Money Laundering Act provides for obligations on financial intermediaries such as the determination of beneficial owners. The aim of the law is to protect the financial system from money laundering or terrorist financing. In a decentralized system based on blockchain, in which assets can be transferred anonymously, money laundering risks are particularly high.

Securities trading rules aim to ensure that market participants can make their decisions on investments such as equities or bonds on the basis of reliable minimum figures. In addition, it should be ensured that trading is fair, reliable and efficient.
On the basis of the aforementioned criteria of functionality and transferability, FINMA comes to the following prudential assessment of ICOs.

Payment ICOs: For ICOs whose tokens have the economic function of being a means of payment and are already transferable, FINMA considers that they are covered by the anti-money laundering regulations. However, FINMA will not treat such tokens as securities.

Usage ICOs: Usage tokens do not qualify as securities if the token exclusively provides a right of access to a digital use or service and the use token is useable at the time of issue in this sense. In all cases in which only or even the economic function exists as an investment, FINMA treats them as effects (such as investment tokens).

Investment ICOs: FINMA sees investment tokens as securities with corresponding financial market consequences in terms of trading. This approach usually includes corresponding obligations under ICSs (such as prospectus obligations).

ICOs can also form hybrid forms of these categories. For example, a subordination under the Money Laundering Act can also exist if a usage token is also widely used as a means of payment or should be widely used.
Blockchain technology offers innovation potential

FINMA reserves the right to publish the interpretation of the applicable financial market laws regarding ICOs in a circular letter after further intensification of its supervisory practice in specific cases.

FINMA recognizes the innovation potential of blockchain technology. It therefore supports and participates in the Federal Government’s Blockchain / ICO working group on this topic. Clarity on the civil law framework will be a crucial prerequisite for the sustainable and successful establishment of this technology in Switzerland.

Mark Branson, Director of FINMA, said: “Blockchain technology offers innovation potential for financial markets and beyond: Blockchain projects, which work in a similar way to activities requiring a license, must not bypass the proven regulatory framework.Our Balanced Approach, ICO Projects and Handling inquiries allows reputable innovators to navigate the regulatory landscape and launch their projects in a way that respects existing laws, protecting both investors and the integrity of the financial center.

Information for investors

FINMA has on several occasions referred to the risks to investors associated with ICOs. The tokens acquired under an ICO are usually subject to high price volatility. Due to the early stages of many ICOs, there are many uncertainties about the ICO projects to be financed and implemented. In addition, under applicable law, there are uncertainties regarding the civil transferability and enforceability of claims that may or may not be linked to tokens.
Clarifications in the field of ICO continue

As communicated in September 2017, FINMA is making clarifications in several cases of ICOs. If FINMA receives indications that ICO business models violate supervisory law, circumvent supervisory laws or even have been set up fraudulently, it will initiate enforcement proceedings.

mm – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

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UKEY ICO a unique tool for safekeeping and investing your assets

Blockchain Media Group

UKEY is an Ethereum ERC20 token developed with investors in mind. After existing as a closed investment club for several years, we have decided to expand the range of our activities and trading volumes. The way we have chosen to do it is through building a broad community of aspiring crypto enthusiasts, who share our vision of the world’s crypto future. Buying UKEY tokens makes you a part of our community of professional traders and multiplies your money-making opportunities. The broader the community, the higher the token value will be and the better our investment strategies will perform.

The UKEY project offers everyone ample opportunities to safeguard and multiply their assets by choosing one of our investment programs and having a prompt payback. You can stop the selected investment program any time and withdraw your money, if necessary. After entering listings of major cryptocurrency exchanges, which is preplanned for the 2nd quarter of this year, the token holders will be able to trade UKEY to further boost their profit potential. Trading will be available to every community member.

Along with that, there will be several passive income options available to the community members. First of all, you will be able just to capitalize on the increase of the token’s value. Participating in our partnership program is another sustainable source of income. Engaging more people through your referral link will bring you a daily partnership reward depending on the amount earned by your referral. You can earn from 7 levels.

Even just holding the tokens will be rewarded. For this end, we offer a special program stimulating our community members to hold their UKEY assets. Its launch is preplanned for the 2nd quarter of this year.

Profits will be generated by a team of experienced traders and distributed across the UKEY community. That said, the token’s value will be backed by real market operations performed by skilled professionals.

UKEY’s decentralized structure and using smart contracts are two major factors that guarantee security and reliability in our system. To make sure all member accounts are securely protected against hacking and DDoS attacks, we have special software in place. You may rest assured we are always committed to making your experience 100% secure and anonymous.

UKEY can also be used as means of exchange. All transactions within our system will be fast and confidential. As there is no single processing center, all transactions are verified and confirmed by the members of this peer-to-peer network.

The total supply is limited to 100,000,000 UKEY tokens. At the ICO stage, 30,000,000 tokens will be distributed. UKEY starting price is $0.30. Overall, there will be 15 ICO rounds, each up to 3 days long. Depending on the purchase amount during ICO, every investor will receive an additional bonus. Invite other people to the ICO to qualify for a special affiliate reward, which amounts up to 20% and covers 3 levels.

ICO will last for 45 days, during which the tokens will be distributed through crowdsale, after which the ICO tokens will be available for withdrawal to any trading platform and for transfer to any other user.

Due to multichannel customer support, you can receive answers to any questions you may have about every aspect of our project. We plan to come up with a mobile app later this year. Also, the platform upgrades will be provided along the way.

mm – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.