Author Archive: Brian Crain

BitGuild and Tron set to make in-game purchases via Blockchain Technology

Purchase of in-game items isn’t a very new concept it has been around for quite a long time and gamers have become well aware of this marketing gimmick. Also, it is a known fact that every time a chance of purchasing a product online using real money arises, hackers are quick to pounce at this opportunity, not to mention fraudsters and item duplicators as well. Blockchain technology seems to be the ideal solution for this scenario. As it can provide a sophisticated way to prove item ownership while also offering a robust environment where transactions are recorded, verified, and transparent.

In the previous week, an announcement was made by BitGuild — a blockchain gaming platform spearheaded by the virtual currency and gaming industry trouper Jared Psigoda, He announced the formation of a new partnership with Tron, a blockchain-based protocol that intends on creating a global zero-cost content entertainment system.

As per the announcement made by Bitguild, it also stated that through this partnership Bitguild will offer an exclusive set of limited-edition in-game assets for the Tron community, this will further denote the Tron brand and the TRX token associated with it. It was also revealed that using TRX a buyer can purchase these assets, meanwhile, the company also hinted at the possibility of making these assets available on the BitGuild virtual item exchange in the future.

CEO of BitGuild, Jared Psigoda stated that “Blockchain and smart contract technology enables all gamers to own their items,”, while further adding, “Rather than an item being flagged on a game developer’s server as ‘belonging to’ a particular player, that specific item will be sent to that player’s digital wallet over the blockchain. The gamer would then own it and can do whatever he or she wishes to do with it. They can either sell it, trade or import it into another game. In addition, smart contracts are open source and permit for player verification of things like item drop rates.”

To further elaborate it in simple terms, an epic sword was just an intangible piece of data on a private server, before Bitguild came into the picture. The introduction of blockchain technology and the exchange enables the owner of that weapon to choose freely between holding onto it or trading it as this epic sword would belong to the gamer in the form of a token on the blockchain.

How is this different from traditional exchanges like G2G and other blockchain solutions like DMarket?

The CEO of Bitguild said that “Traditional real money trade (RMT) websites are involved in the sale of video game items, currencies and power levelling services,” While further adding “Not a single one of these items sold on those particular websites have any specific token on the blockchain, nor does the buyer or seller at any given time actually ‘owns’ the items. In exchange for their money, gamers actually purchase the ‘right to use an item’ subject to the developer of the game’s Terms of Service and End User License Agreement.”

Thus, making in-game items a highly unpredictable resource currently, as per Psigoda, elaborating further on this statement he added “The game developer could ban the user’s account, at any time which would result in the gamers losing all of their game items which they owned,”

Furthermore, Bitguild CEO also went on to add “This occurs every time, it is most often seen in games where developers have specifically mentioned that it is against the ToS to engage in the trade of in-game items for cold/hard cash. In addition, these platforms being highly insecure and a place for extensive frauds, with players getting scammed by shady sellers and sellers being manipulated by fraudulent buyers.”

Back in 1999 buying and selling of game items was quite popular in the RMT industry, stated Jared Psigoda.

BitGuild founder further concluded by saying “Blockchain virtual item exchange solutions like WAX and Dmarket are excellent companies that make it accessible for the cross-game trading of items from some of the top games available out there,”

Psigoda said. “They primarily focus on collaborating with pre-existing game developers to permit the rights to their items to be transferred in a frictionless manner over the blockchain. Unfourtanetly, most of the assets that are transferred are not blockchain assets. The team of BitGuild is firm believers that blockchain games would prove to be an entirely new class of games where the game characters and items themselves are tokenized and will remain within the players’ digital wallets.”

The upcoming BitGuild token will be known as PLAT, A total of 10 billion PLAT tokens will be created.BitGuild also recently announced that its upcoming ICO, will go live at 7 p.m. on March 15th, 2018, wherein users will be able to purchase these tokens which can be used on the BitGuild platform thereafter.

The next step for BitGuild and Tron?

Psigoda addresses this topic and stated “We have been following the Tron project for a long time now and have learned that they have one of the most engaging and active communities in this industry,”

Jared Psigoda also added “We believe that in the current market environment, the era of ‘grand visions and white papers’ might be coming to an end, and it is perhaps the right time to start developing real applications on top of this amazing technology for end-users to interact with. Gamers have always been the first ones when picking up new technologies, and a truly fun game, if it is able to educate new users on blockchain and cryptocurrencies, could prove to benefit the entire industry. The Tron community is young and tech-savvy, making them the ideal partners for us to collaborate with on gaming projects.”…

South Korean restaurants can now accept Cryptocurrencies via Kiosks, announces Bithumb

Earlier in the previous week the largest cryptocurrency exchange of South Korea, Bithumb, revealed their ambitions of launching digital currency Kiosks for restaurants and cafes. This will provide customers with an option to pay for their food directly through their virtual currency holdings on Bithumb.

It was also revealed that this proposed Kiosk would be called “Touch B,”. A partnership between Bithumb and the Kiosk manufacturers Tros Systems, IYU, and Unos Space is what made this idea a possibility. Through this partnership, the above-mentioned companies seek out to provide the small food and beverage franchises with the ability to cater to customers who prefer paying through cryptocurrencies. Bithumb also mentioned that they alone would not itself will not be manufacturing the Kiosk, thus highly leading to the likeliness that they would create the software used by the machines.

As per a statement issued by Bithumb, it stated,

“The entry into the Kiosk business is quite eloquent for providing substantial benefits and low-cost rental services to small business owners. We will continue to work in various industries based on Blockchain technology. We will continue to present opportunities for providing total solutions for small businesses through our partnership.”

In an effort for making their kiosks affordable for smaller businesses, Bithumb has claimed to offer their Kiosks for 10 percent less than the current going rate. Bithumb also announced that they would present various options to the businesses using their kiosks. They believe this will provide the business with an added benefit of flexibility further enabling them to decide the optimal services to match their needs.

Bithumb also stated that customers would be able to access these kiosks directly using their account passwords. Bithumb credits the possibility of this feature to their services of password settlement and Bithumb Cache.

Not long ago a partnership between Bithumb andGood Choice which is one of the largest hotel booking services in South Korea was announced. Through this aspiring partnership, Bithumb also infused their service of accepting 12 different currencies to over the 50,000 hotels associated with Good Choice.

A Bithumb spokesperson said,

“Our partnership with the nation’s largest accommodation app has provided a platform for Korea to join the global trend which will witness an even greater use of cryptocurrency and we are continuously discussing the possibility with of a greater use of a simple and safe payment tool, cryptocurrency with several companies in Korea.”

As per several estimates, it stated that the number of active virtual currency traders in South Korea to be more than a million, suggesting that the food service franchises can be more profitable by tapping into this digital market sector

Back in January South Korean send shockwaves throughout the world when they revealed their decision of imposing a ban on all anonymous cryptocurrency trading in the country. This ban was a result of the increasing number of frauds and thefts over these anonymous trading platforms and also due to illegal uses of cryptocurrency for money laundering and tax evasion.

Through this announcement made by Bithumb, they remain quite positive of reigniting the citizens trust in the cryptocurrency world and aim to take full advantage of the opportunity provided by the food service economy in South Korea.…

For the first time Blockchain technology used to calculate election results

In what could be termed as a historic event It was announced a couple of days back by the CEO of Agora, Leonardo Gammar that the African nation of Sierra Leone has employed Blockchain technology in tallying its presidential elections. In a move rumoured to be the first time ever where blockchain has been used for tallying votes.

Even The COO of Agora, Jason Lukasiewicz stated on Cointelegraph that first time in history a Blockchain has been used in any government election, ever.”

Agora is the Swiss-based Blockchain voting technology company which was implemented for tallying Sierra Leone’s presidential election results on March 7th.

Also, today writing to Cointelegraph Gammarrevealed that he and his team “haven’t slept for 2 days.” While also going on to publish a message on Agora’s Telegram group earlier in the day which gave information of the Agora teams whereabouts stating that the team are currently situated in Freetown, Sierra Leone’s capital, while also adding that the team are helping with the countries presidential elections by setting up their Blockchain node operators in auditing the election results. As per Mr.Gammar, he stated that the Agora team are “engaged in Sierra Leone’s presidential elections,”

Gammar also mentioned in the Telegram group chat that through the entire election process, Agora tied up with the European Commission, and provided assistance to the Blockchain node operators who came from the Swiss Federal Institute of Technology, the University of Fribourg and the Red Cross

Since the of the country’s civil war ended in 2002, this has been the fourth presidential election for the African country. This election saw a total of 16 candidates going at it which most probably will push for the second round of voting as it wouldn’t be possible to elect a single candidate to win with the required 55 percent of the vote.

Jason Lukasiewicz also gave out a statement expressing satisfaction as he revealed that the Sierra Leone election successfully implemented Agora’s Blockchain voting and they have “ tallied the votes days before the official commission.”

Lukasiewicz also revealed onCointelegraph about how this mutual agreement between Agora and Sierra Leone for using Agora’s Blockchain voting technology was formed. He stated that the Sierra Leone government were keen on utilizing the Blockchain in a bid to “increase the transparency of their elections.” As per Lukasiewicz, he claims that Agora presents the “only fully-transparent and unforgeable voting system to ever exist till date .”

The outcome of the election yesterday highlighted a few of the issues that people in general and the administration have had concerning the authenticity of the conducted election in Sierra Leone.

the opposition Sierra Leone People’s Party (SLPP) also claimed that after the elections were closed a few government authorities went to their workplaces, prompting brutal challenges that brought about one individual being cut and the mob police being called.

The SLPP Candidate, Julius Maada Bio, said a while later that he was utilizing telephones and workstations to check the consequences of the tallying:“I have established a tallying center in my office which by any means is not against the law of this country. This is a totally legal affair.”

While the Blockchain technology behind cryptocurrencies has arguably proved to be quite the confidence booster in the legitimacy of elections. It is also noteworthy to see that cryptocurrencies have also proven to tremendously help the African citizens by providing them a way for freedom from financial repression.…

Cisco eyes to enter the Blockchain revolution with Bitcoin Mining

Cisco Eyes to Enter the Blockchain Revolution with Bitcoin Mining

As per recent reports Cisco is set to apply it new patent in the crypto mining industry.

In December 2015, the networking giant filed an application for receiving the patent of a “Crowd-sourced cloud computing” system with the U.S. Patent and Trademark Office (USPTO). The patent guides computer owners to use the spare processing power for specific tasks like the energy-intensive mining process.

The application described a system that enables smart partition of one’s resources to create dedicated computing power for a cloud application. Cisco explained that cloud application has numerous other uses:

“This model is suitable for, among other things, offering distributed processing and services that can be optimized for speed, volume, scale and resiliency, cost, and regulatory compliance–for example, distributed neighborhood theft protection systems, or cluster, city or municipality county relevant services… One such case involves bitcoin mining, which may be very computationally intensive and is typically more convenient for every participant when done in ‘mining pools.’”

The company claims that its system would become safe against different forms of attack and it could be easily scaled through the distributed processing in the filing. The company added, “the service provider can use geographic distribution to offload or optimize network loading, as well as to resell large-scale, low-cost computing and storage capacity.”

Cisco is among the group of enterprise technology firms trying to tame the blockchain technology especially in the field of Internet of Things or connected devices. Currently, it is working with Chronicled, BNY Mellon, Filament and few other enterprise firms and start-ups. The group has been able to develop an API that assists technologies provided by ethereum, Linux-led Hyperledger project, and JP Morgan’s Quorum.

The official release reads, “The protocol allows users to register multiple kinds of weaker identities, including serial numbers, QR codes, and UPC code identities and bind them to stronger cryptographic identities, which are immutably linked across both physical and digital worlds using blockchain technology.”

The company is also looking forward to using blockchain technology to secure confidential messaging. Cisco claims that blockchain has the capability to create instant groups for like-minded people and share data and important files while keeping track of membership in real time.

Cisco promoted its patent by saying that it would change, “how group membership is established, communicated, updated, and secured from unauthorized tampering … in the context of dynamic, decentralized, and self-organizing groups.”

It further said, “In summary, presented herein is a method for achieving authorization in confidential group communications in terms of an ordered list of data blocks representing a tamper-resistant chronological account of group membership updates.”

Cisco has been baking blockchain technology since it rose to popularity and wants to become a market leader in all communication platforms. As of now, hackers and cybercriminals have no power over the blockchain technology making it secure than any other application. Sirin labs are coming up with world’s first blockchain smartphones and have allowed other companies to use their model. In a nutshell, our future will be dominated by blockchain and the companies are trying hard to gain the first mover advantage.…

Ethereum faces a bug problem, two exchanges cancel ERC20 Deposits

Ethereum Faces a Bug Problem, Two Exchanges Cancel ERC20 Deposits

According to recent reports, there is a bug in few ERC20 tokens, based on the ethereum network. An independent researcher on Medium claimed that more than a dozen token are susceptible to this bug.

As per CoinMarketCap, 90 percent of the $53 billion token market is made up by ERC20 tokens. After the circulation of the news, at least two exchanges, OKEx and Poloniex ceased all the ERC20 token deposits.

Earlier this year, few users of MyEtherWallet, an app for storing and sending Ether and Ethereum-based tokens, were attacked and looted. Reports suggest that hackers hijacked servers to execute the crime instead of causing problems directly in the app.

On Monday, Gary Gensler, former Commodity Futures Trading Commission Chairman, advised considering Ethereum’s Ether token as a security. It would clamp down the majority of exchanges that currently trade the second-largest crypto and may even wipe out a huge chunk of the market as investors panic.

Blocklink Ventures’ s Bart Michalczuk said, “Over the past 24 hours we did see some negative headline news that are potentially impacting the market, but we’ve gone up really fast by quite a bit, so corrections are to be expected.”

Crypto exchange OKEx suspended all deposits of ERC20 token after 12 smart contracts built on Ethereum were alleged of a serious bug. In its official statement, the Hong Kong-based exchange annexed the tokens as hackers used a newly-discovered smart contract bug called “batchOverflow” to breed “an extremely large amount of tokens.” These tokens were then deposited into a regular Ethereum account.

The third-largest crypto exchange in the world as measured by daily trading volume stated, “We are suspending the deposits of all ERC-20 tokens due to the discovery of a new smart contract bug – ‘BatchOverFlow.’ By exploiting the bug, attackers can generate an extremely large amount of tokens, and deposit them into a normal address. This makes many of the ERC20 tokens vulnerable to price manipulations of the attackers.”

The firm further added, “To protect public interest, we have decided to suspend the deposits of all ERC20 tokens until the bug is fixed. Also, we have contacted the affected token teams to conduct an investigation and take necessary measures to prevent the attack.”

Changelly, a cryptocurrency exchange service between digital currencies, have also followed the footsteps of OKEx by immediately suspending all ERC20 tokens.

It is not the first time researchers have recognized bugs in Ethereum based smart contracts. Blockchain experts have already warned about more than 30,000 defective smart contracts on the Ethereum Network.

In March 2018, Coinbase suffered a similar case of integer overflow when users were able to reward themselves with endless amounts of Ethereum. The issue was sighted by Dutch fintech firm VI Company that said, “if [one] wallets transaction in the smart contract fails all transactions before that will be reversed. But on Coinbase these transactions will not be reversed, meaning a person could add as much Ethereum to their balance as they want.”

If such bugs get repeatedly discovered in Ethereum’s network, then the second largest crypto will probably lose its coveted position.…