Could Blockchain Technology Breathe New Life into Asian Economy?

Blockchain technology is getting rapidly more popular for startups, and Asian countries are going to greatly benefit from it.


Entering the Game

In the last couple of years, the number of blockchain and Bitcoin startups have rapidly risen in Asia. Since smart contracts have become a powerful blockchain tool, many new Asian startups have developed services and platforms that efficiently utilize blockchain technology for problem-solving. Some of the most promising Asian startups that are using blockchain technology are Everex, iEx, and KYC-Chain.

Everex is a Singapore-based startup that is trying to build an economy that is based on blockchain-powered microfinance and remittance services. It currently is hosting an ICO and has currently raised around 36,357 ETH or the equivalent of $7,293,254.

The Hong Kong-based startup KYC-Chain is using blockchain technology to power a platform that provides identities for financial institutes and businesses.

iEx is a rather interesting startup that utilizes the blockchain technology for its service. Its concept is centered around the idea of a blockchain-based distributed cloud platform that will run DAPPS and allow users to rent their spare computing power and receive coins in exchange.

Making Asia Great Again

Making Asia Great Again

Some see the recent spike of Asian Bitcoin and blockchain startups as a potential new economic boom that will shortly come. Initial Coin Offerings (ICOs) have become a popular and successful way for blockchain startups to publically raise funds for their operations.

The best example for this is the recent ICO of the Singapore-based startup TenX. TenX was able to raise the impressive amount of $80 million and thus proving that startups don’t have to be based in Europe or the US in order to receive a decent funding.

The combination of initial coin offerings and blockchain startups could drastically accelerate economic growth of Asian countries and their local startup scene.

What are your thoughts on the potential economic growth that will happen in Asia? Let us know in the comments below!


Images courtesy of Pexels

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BitcoinCash (BCC) Hardfork: What it Means and How to Secure Your Assets

The Fork Awakens… BitcoinCash is expected to fork off from the main chain on Tuesday taking roughly 30% of the hashpower with it. Antpool, the largest bitcoin mining pool, is expected to mine the alternate chain.


BitcoinCash Hard Fork

August 1st has been a long-awaited day for months on the calendars of Bitcoin enthusiasts worldwide. But with the UASF being deemed a success by many people in the community, a new event is worrying some and it just so happens to be on the same day. BitcoinCash or BCC (some are proposing the ticker abbreviation of BCH as BCC is already taken) is a planned fork of the Bitcoin ledger by means of a User Activated Hard Fork, or UAHF.

Mining company Bitmain has stated their intentions to fork and create this separate blockchain with different consensus rules, most notably an immediate blocksize increase to 8MB. It also includes wipeout and replay protection, something the developers added to allow both blockchains to coexist peacefully and without loss of user funds.

How to Secure Your Assets?

As with all cryptocurrency hard forks, users that own Bitcoin on the legacy chain and control their private keys will automatically own coins on the new BCC chain. No further action needed. However, your claim to these new coins could be threatened if you use a third-party wallet provider such as Coinbase or blockchain.com.

Not controlling the private keys of your Bitcoins means you don’t control the private keys of your BitcoinCash either. Some examples of wallets that allow you to control the keys are Electrum, Jaxx, or Mycelium. The fork is scheduled to occur on Tuesday, August 1, 2017, at 12:20:00 pm (UTC time), so make sure to move your coins as soon as possible.

Exchanges That Support BitcoinCash (BCC)

Numerous exchanges have come out stating how they plan to deal with the upcoming hard fork. According to the BitcoinCash website, the following exchanges have announced that they will support, or at least allow users to access, BitcoinCash

Wallets That Support BitcoinCash (BCC)

Along with the exchanges, many reputable wallet providers, such as Ledger and Trezor, have released statements saying they will have their wallets support BCC. A more comprehensive list can be found below.

Full Nodes

Other Wallets

One thing to note is that ElectronCash is NOT made by the Electrum developers, which was cleared up in a statement made by them here.

ViaBTC currently has a futures market for BitcoinCash, and it currently sits at around $311.59, or about 12% of Bitcoin’s current market price. Only time will tell if this coin will gain traction, or be crushed by the thousands of people ready to dump the moment the fork occurs.

What do you think of the looming fork? Will BCC be blown out of the water by the massive offload of coins? Will you be transacting with BCC? Or do you think this is going to be one of hundreds of altcoins? Let us know in the comments below!


Images courtesy of Bitcoincash.org, Coinmarketcap.com

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14,000 Coinbase Customers Could Be Affected by IRS Tax Summons

Digital currency exchange startup Coinbase is pushing back against a renewed court effort by the Internal Revenue Service to obtain information on some of its customers. Earlier this month, the IRS sought to narrow the scope of its investigation of the startup’s customers after running into opposition from both Coinbase itself as well as several […]

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