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Diko privacy cryptocurrency set for 11 March launch on Ethereum blockchain

Diko, a novel privacy-based cryptocurrency is set to go live on the Ethereum blockchain on March 11 2020. The digital currency allows people to send funds anonymously and simply via email just like PayPal. Diko is creating 20 million tokens via smart contract Diko is developing its own blockchain that will facilitate secure and confidential […]

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DIKO cryptocurrency

Diko, a novel privacy-based cryptocurrency is set to go live on the Ethereum blockchain on March 11 2020. The digital currency allows people to send funds anonymously and simply via email just like PayPal.

Diko is creating 20 million tokens via smart contract

Diko is developing its own blockchain that will facilitate secure and confidential transactions. They will also create a native cryptocurrency named DIKO coin for use in all transactions on the platform.

While their blockchain is under development, the team behind the anonymous cryptocurrency has decided to issue DIKO tokens on the Ethereum Blockchain. The DIKO token is an ERC20 token that works in the same way as it facilitates secure anonymous transactions via email. A total supply of 20 million DIKO tokens will be created via the smart contract that goes live on 11 March.

The motivations behind Ethereum-based DIKO Token

The decision to initially launch on Ethereum before migrating to an own blockchain is motivated by the desire to make the transformative technology publicly available soonest possible. Development of an entire blockchain is time consuming and expensive. The process itself may be quite challenging due to technicalities and complexity of blockchain development. These issues can result in lengthy delays and cost overruns that may impede the timely completion and launch of this much-needed technological innovation. In the quest for protecting people’s privacy, time is of the essence.

The Diko team understands there is need to move with speed in the provision of solutions that promote confidentiality and guarantee protection of people’s privacy in financial matters. That is why the team has decided to provide their solution initially on the Ethereum blockchain as they build their own blockchain.

This decision serves the following purposes.

  1. People do not have to wait any longer to be able to send money anonymously via email. They can use the Ethereum based Diko token which is publicly available with the same capabilities as the Diko blockchain.
  2. The development team gets enough time to build the blockchain and underlying payment system infrastructure. This will enable the creation of a solid and viable platform due to the reduced pressure of racing against time.
  3. The Ethereum-based platform will serve as a reliable reference point for gathering insights, feedback, and ideas while in the building process. The development team can study the usage data, conduct risk assessment, explore vulnerabilities and observe user preferences among others. These exercises can provide highly valuable information for improving the service and user experiences.

Ethereum-based solution is a placeholder

The Diko team is implementing their infrastructure on the Ethereum blockchain due to the ease of building application on the network through smart contracts. The smart contract has similar technological features as the Diko blockchain centered on the Zero Knowledge Proof (ZKP) system. This will ensure retention of all the capabilities and maintaining Diko’s strong dedication to achieving confidentiality for financial transactions. They remain committed to delivering a platform that not only supports anonymous transactions but also one that keeps user data safe and secure.

Diko’s long-term goal is to run the anonymous transactions platform its own blockchain. Therefore, all users and transaction details will be transferred to the Diko blockchain once its development is completed.

DIKO ICO

The project is planning to conduct an Initial Coin Offering (ICO) to raise funds for development, marketing, and support activities for the platform. The ICO will run through from April 1st to November 1st 2020 with the aim of selling 10,500,000 DIKO tokens. The price for each token is $2.62. The funds obtained from the ICO will facilitate the development, marketing, and operations of the Diko blockchain.

Grab this opportunity and be among the first to get on board this game changing initiative.

For more details and updates about the Diko project visit https://www.dikocoin.com/

Source: https://coinweez.com/diko-privacy-cryptocurrency-set-for-11-march-launch-on-ethereum-blockchain/?utm_source=rss&utm_medium=rss&utm_campaign=diko-privacy-cryptocurrency-set-for-11-march-launch-on-ethereum-blockchain

Blockchain

XRP Lawsuit: On Ex-SEC Chair Jay Clayton’s Sudden U-Turn After Suing Ripple

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Ex-SEC Chairman Jay Clayton Says Bitcoin's Non-Security Status Still Awaits Regulation

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Ripple’s Boss, Brad Garlinghouse, on Monday, left a few remarks via his Twitter handle on a Wall Street Journal’s post co-written by former US-SEC, chairperson, Jay Clayton.

The post which was co-written by Brent MacIntosh, the former Undersecretary of the US Treasuries for International Affairs, sought to preach the all-to-familiar stance of most crypto companies: ‘Crypto needs regulation, but it doesn’t need new rules.’

Garlinghouse spelled out surprise over Clayton’s turncoat comments that the US government has no concrete and adequate regulatory framework for the crypto industry. He further added:

Cryptos, like nearly any new innovative technology, can be used for good or bad purposes. The problem is that US companies seeking to be compliant and use this tech for good are left in limbo (or for Ripple, worse!) because of a lack of a clear, predictable framework.”

Jay Clayton, in his last days at the SEC, pulled a shocking stunt on the crypto community, suing Ripple for what it believes is the undocumented sales of large-scale XRP digital assets to unidentified customers.

The bane of the case which was first announced in December last year is in determining if XRP – the digital currency of Ripple – is an investment contract or just another type of asset existing in digital forms. Assets bought and sold do not lie under the jurisdiction of the SEC, but investment contracts (also known as securities) are well within their powers to investigate, using the Howley test as a yardstick.

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When compared to Bitcoin and ETH…

ripple xrp premined
Via CoinMarketCap/XRP

XRP, unlike fully decentralized Bitcoin, takes the shape of a centralized digital currency. This is because Bitcoin is still being mined by different people across the world, but Ripple pre-mined billions of XRP coins.

How The Case is turning out

The latest in the seven-month-old lawsuit is a winning streak for Ripple. Judge Sarah Netburn denied the SEC’s plea to examine all records of Ripple’s conversation with lawyers and expert advisers to determine if it knew what class of asset XRP is, and what violations of the SEC’s laws it may have knowingly violated. This signified a sigh of relief for the company which has called the lawsuit a hindrance to its growth and plans to go public.

Clayton further expressed that the foundational frameworks of the US laws suffice to build upon for crypto regulations, but the government has to be careful not to commit under-regulation or over-regulation.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/xrp-lawsuit-on-ex-sec-chair-jay-claytons-sudden-u-turn-after-suing-ripple/

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Blockchain

Ethereum Co-Founder Anthony Di Iorio Bets Big on the Future of Cardano and Polkadot

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Anthony Di Iorio, a Canadian entrepreneur and the co-founder of leading smart contract platform Ethereum, said that he believes in the potential of Cardano (ADA) and Polkadot (DOT).

In an interview with crypto proponent Anthony Pompliano, Di Iorio, who is also the CEO and founder of Canadian blockchain startup Decentral and crypto wallet Jaxx, revealed that he has a diversified investment portfolio featuring several top projects, including Cardano and Polkadot.

A Big Fan of Cardano and Polkadot

He said:

“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”

Di Iorio went on to narrate why he was so sure of the future of these two projects. He had joined the Ethereum development team earlier in 2012 when he met Vitalik Buterin at a Bitcoin conference.

He has formed strong relationships with other co-founders of Ethereum, including Vitalik Buterin, Cardano’s founder Charles Hoskinson, and Polkadot’s current CEO Gavin Wood.


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Di Iorio admitted that while he worked with these men, he knew that they were goal-oriented and would help push these projects further.

He continued:

“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood… Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”

Not Getting Lost in DeFi

Despite all the recent hype about DeFi, Di lorio pointed out that he is keeping his investments simple and investing in larger projects.

“Most of my stuff is in the top few things, Ether, Bitcoin, Cardano, Polkadot. I like Cosmos as well. And there’s a few others, but I’m not getting lost in all the DeFi stuff. I just think there’s not enough time, not enough energy. It’s a full-time gig to be running a lot of that stuff and keeping on top of stuff, so I’ve simplified my life quite a bit over the past few years.”

Featured image courtesy of Business Insider

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ethereum-co-founder-anthony-di-iorio-bets-big-on-the-future-of-cardano-and-polkadot/

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What you should know if your bank is exposed to Bitcoin

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On one hand, El Salvador recently became the first nation to officially declare Bitcoin as its legal tender, and on the other, several nations have recently opined that their indigenous banks face a ‘threat’ from the world’s largest crypto-asset. Nevertheless, the rise in the adoption of cryptocurrencies has been accompanied by regulators taking the fast-growing market seriously. 

Banks will now face “the toughest” capital requirements for their holdings in Bitcoin and other crypto-assets under global regulators’ plans to brush off the insecurity offered by the “volatile” crypto-market. 

Using money laundering, reputational challenges, and massive price swings as the base of their proposal, the Basel Committee on Banking and Supervision is in the news after it explicitly stated that the banking industry faced “increased risks” and “financial stability concerns” from crypto-assets.

Accordingly, they have now placed Bitcoin in the “highest risk” category. The aforementioned committee comprises a host of nations and global institutions as its members.

The Basel Committee isn’t alone, however, with a Bank of International Settlements exec recently commenting that El Salvador’s Bitcoin policy is an “interesting experiment.”

What’s more, the panel proposed a 1250% risk weight be applied to a bank’s exposure to Bitcoin and certain other cryptocurrencies. Bloomberg’s estimates highlighted, 

“In practice that means a bank may need to hold a dollar in capital for each dollar worth of Bitcoin, based on an 8% minimum capital requirement.”

However, stablecoins and other tokens tied to real-world assets are set for lower capital requirements. The report further highlighted, 

“The capital will be sufficient to absorb a full write-off of the crypto asset exposures without exposing depositors and other senior creditors of the banks to a loss.”

The proposal did not specify any specific timeline, and hence, the implementation of these rules can take a couple of years. The proposal is, however, open to public comment before it comes into effect. It should also be noted that the committee said that the initial policies were “likely to change” several times as the market “evolves.”

Even though banks like HSBC have been cautious about stepping into crypto-trading, a few big names, like Standard Chartered Plc have announced their entry into the space.

As for Bitcoin, it fell by over 3.7% in the last 24 hours to trade at $35,418 at press time.

Source: Coinstats


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Source: https://ambcrypto.com/what-you-should-know-if-your-bank-is-exposed-to-bitcoin/

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