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Enterprise Ethereum Alliance Appoints Dr. Daniel Burnett as Executive Director

Instrumental in the Successful Rollout of the Baseline Protocol, Former PegaSys Blockchain Standards Architect to Advance EEA’s Mission, Engage Members and Foster the Continued Adoption of Ethereum WAKEFIELD, Mass. – July 8, 2020 ––The Enterprise Ethereum Alliance (EEA) today announced the appointment of Dr. Daniel C. Burnett, a recognized blockchain leader and prominent standards […]

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Instrumental in the Successful Rollout of the Baseline Protocol, Former PegaSys Blockchain Standards Architect to Advance EEA’s Mission, Engage Members and Foster the Continued Adoption of Ethereum

WAKEFIELD, Mass. – July 8, 2020 ––The Enterprise Ethereum Alliance (EEA) today announced the appointment of Dr. Daniel C. Burnett, a recognized blockchain leader and prominent standards expert, as its Executive Director. Burnett will serve as a catalyst for the EEA’s growth by enhancing the organization’s programming, community, and connections between businesses and startups, and the ways in which members take advantage of its global insights and resources. He will work closely with the EEA Board of Directors, Technical Working Groups, Special Interest Groups and member community to identify ways to accelerate the pace of Ethereum innovation and adoption.

“This is a great opportunity for the EEA,” said John Whelan, chairman of the EEA Board of Directors and Head of Digital Investment Banking at Banco Santander. “By having a dedicated leader collaborating across the EEA – from our Special Interest Groups to Technical Committees and global member base – we can continue to provide opportunities for organizations to work closer together. Dan’s passion for standards, blockchain, and technology combined with his track record of building effective programs and opportunities for global organizations make him uniquely qualified to help advance the mission of the EEA. We are delighted to have him join the EEA’s leadership team.”

“I am very grateful to the EEA Board of Directors for their confidence in me,” said Burnett. “The EEA is well-positioned to address Ethereum-based business and technology needs for both established and startup companies. I look forward to working with the EEA’s leaders and member community on solving member needs with respect to implementing, deploying, or using Ethereum technologies and paving the way to a thriving ecosystem for Ethereum-centric architectures.”

As a member of the OASIS Ethereum Open Project Governing Board while in ConsenSys’ PegaSys standards group, Burnett was instrumental in the successful rollout of the Baseline Protocol, an open-source blockchain initiative. He is a director of the IEEE Industry Standards and Technology Organization (ISTO). He also founded the consulting firm StandardsPlay, where he advised clients how to strengthen their brands and market positions through standards leadership, representing them directly in organizations such as W3C and the IETF, as appropriate.

Previously, while working at Nuance, Burnett co‐created VoiceXML, the still‐reigning standard for Interactive Voice Response systems. Through later roles at Vocalocity, Voxeo, Tropo, and Aspect, he continued to lead the development of VoiceXML and related standards, simultaneously holding leadership positions in the IEEE‐ISTO’s VoiceXML Forum.

Burnett’s standards focus later transitioned to the development of WebRTC, the JavaScript APIs in major web browsers that provide plugin‐free audio, video and real‐time, peer‐to‐peer communications and data. An author and frequent speaker at conferences, he has received a number of awards for his groundbreaking accomplishments.

About Ethereum in the Enterprise 2020

Ethereum in the Enterprise 2020 is a free virtual conference presented by the EEA on July 30, 2020 – Ethereum’s 5th anniversary – from 10:00 a.m. through 2:30 p.m. Eastern (GMT-4). With presentations by some of the world’s most prominent business and technology leaders in blockchain, the conference will provide a highly informative and collaborative experience. For more information and to register for the event, please visit https://bit.ly/ENTETH2020.

About the EEA

The Enterprise Ethereum Alliance (EEA) is a member-driven standards organization whose charter is to develop open blockchain specifications that drive harmonization and interoperability for businesses and consumers worldwide. Our global community of members is made up of leaders, adopters, innovators, developers and businesses who collaborate to create an open, decentralized web for the benefit of everyone. For additional information about joining the EEA, please reach out to [email protected] or visit https://entethalliance.org/join/.

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Source: https://entethalliance.org/enterprise-ethereum-alliance-appoints-dr-daniel-burnett-as-executive-director/

Blockchain

Bad guys can’t cash out their loot in 2016 Bitfinex hack

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Assets stolen from Bitfinex crypto exchange in a hacking incident back in 2016 will take over a century to be cashed out, blockchain intelligence firm Elliptic said in its latest report.

On Thursday, the company published a statement about the infamous hack that resulted in Bitfinex losing 120,000 bitcoin (valued today at around $7 billion). It detailed nearly 80% of the illegally obtained funds are still in the hacker(s) wallet.

The remaining 21% have been moved around by the malicious cyber attackers that have only managed to launder 4% of their total haul, which is approximately $270 million.

A roadblock for the attackers

Elliptic pointed out that the reason for their thesis is the evolution of crypto tracking tools, regulations, and law enforcement methodologies that make stolen or ill-gotten digital assets very challenging to cash out today.

The intelligence company explained that the hackers used “peel-chains” to exchange the stolen funds. In this method, crypto tokens are moved around numerous times, moving fast from wallet to wallet, and only a small amount of the bitcoin is “peeled off to their actual destination along the way.”

Back then, it was extremely hard to track crypto-assets laundered using this method. But today, the emergence of automatic tracing systems capable of determining the ultimate source or funds in an address makes the job a lot easier for the authorities.

The hacker after the cyber attack

After the successful attack on Bitfinex in 2016, the laundering process started in 2017 through the largest darknet market that time – Alphabay. Later that year, it was shut down by law enforcement, prompting the move to Hydra – the biggest illegal marketplace today.

Cryptoslate cited part of the report from Elliptic, stating, “After a hiatus in 2019, the launderers returned to Hydra in 2020 and are currently depositing $3 million of the stolen bitcoin every month.”

According to the report, to date, there is now approximately $72 million worth of the stolen cryptocurrency sent to Hydra.

 

Image courtesy of Cointelegraph News/YouTube

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/bad-guys-cant-cash-out-their-loot-in-2016-bitfinex-hack/

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Blockchain

Three reasons why Cardano is going on this price trajectory

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Rising trade volume across spot and derivatives exchanges have supported Cardano’s ongoing price rally over the past few weeks and months. The altcoin, at the time of writing, was trading at the $2.32-level, with the crypto gaining by 20% in 24 hours to touch one ATH after the other. The aforementioned hike in price and trade volume were evidenced by the increase in market capitalization as well.

Thanks to the aforementioned factors, Cardano is now ranked third among the market’s top-10 altcoins, based on data from CoinMarketCap.

What’s more, based on the attached chart, currently there is more ADA staked than in the past 30 days. In fact, it is at nearly half a million. With 100% of its HODLers profitable at the press time price level, ADA’s rally is likely to be a long one, especially with the altcoin’s staking rewards data offering a similar conclusion. With a relatively high percentage of ADA staked, a direct relationship has emerged between staked ADA and ADA’s price.

While the current on-chain sentiment is slightly bearish, the net network growth stood at a positive 5%. Further, while there has been a slow drop in large transactions, that could mean that more retail traders are buying ADA v. HODLers and institutions. Unless trade volume drops and cascading sell-offs occur, the price is likely to hold at its current price level.

In the case of Cardano, the concentration by large HODLers has remained largely below 30% and this is key to its ongoing rally. Top memecoins and altcoins that are rallying like DOGE, LINK, BNB, and ETH, among others, have a high concentration by large traders. This is essential to supporting the price at its key levels.

$80 billion worth of large transactions have transpired over the past week and the inflows are anticipated to increase even more. Less than 15% HODLers have held ADA for over 12 months, despite YTD gains of over 500%. And, ADA’s HODLers are lower in numbers than expected. Ergo, the short-term ROI could be the key reason for the short HODLing duration.

Based on data from Messari, the ROI over the past week was nearly 40%.

Why Cardano's price rally is a long one

ADA short-term ROI || Source: Messari

In the past year, the ROI was over 700%. This is a relatively high gain for HODLers, despite several dips.

ADA’s latest developments and the increasing demand in the second phase of the altseason make it one of the hottest altcoins to buy and HODL. In fact, one can argue that ADA continues to remain undervalued at the press time price level.


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Source: https://ambcrypto.com/three-reasons-why-cardano-is-going-on-this-price-trajectory

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Blockchain

Data shows the ‘Bitcoin price drops ahead of CME expiries’ claim is a myth

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Historically, activity surrounding the Bitcoin (BTC) monthly futures and options expiry has been blamed for weakening bullish momentum. A few studies from 2019 found a 2.3% average drop in BTC price 40 hours before the CME futures settlement date. 

However, as Cointelegraph reported in June 2020, the effect faded away. While 2020 seems to have rejected the potential negative impact of CME expiries, so far, the current year appears to validate the theory. Bitcoin’s price has been suppressed ahead of futures and options expiry in the first three months of 2021.

Bitcoin performance before and after CME expiry, USD. Source: TradingView

Some investors and traders have pointed out that Bitcoin’s incredible rally after the recent futures and options expiry dates has become a trend.

BTC has effectively rallied in the days following the expiry, but expanding this analysis uncovers a less-than-satisfactory trend.

Three consecutive events don’t prove a trend

The past 13 months have been nothing short of spectacular for Bitcoin, as the cryptocurrency posted 788% gains. August 2020 turned out to be the worst month, as BTC presented a 7.5% negative performance. Thus, choosing random starting points within the month will likely show a similar positive trend.

For example, if one uses the “last quarter” moon phase as a proxy, the odds that a rally takes place after each event are very high.

Bitcoin performance after “Last Quarter” moon, USD. Source: TradingView

As depicted above, indeed, Bitcoin rallied after five out of the last six instances. The only conclusion might be that positive trends are the norm rather than the exception during bull runs.

Although there might be some explanation to the reason behind Bitcoin’s end-of-the-month underperformance, these are only hypotheses.

While market makers and arbitrage desks could benefit from suppressing the price after a rally, other forces, including leverage futures longs and call option holders, would balance that out.

Bitcoin price did not drop in three of the last seven expiries

Therefore, it makes sense to analyze the potential price suppression ahead of the expiry instead of looking for explanations for a rally during a bull market.

Bitcoin performance before and after CME expiry in 2020, USD. Source: TradingView

Both October and December 2020 expiries failed to present any negative pressure ahead of such dates. Meanwhile, the 12% positive performance on the five days that preceded the most recent April 30 expiry also puts a big question mark on how meaningful the CME event really is.

Considering there hasn’t been a price decrease ahead of monthly futures and options expiries in three of the last seven instances, this evidence should put a nail in the coffin of the unfounded myth.

As mentioned earlier, trying to develop theories on why sellers acted more aggressively on specific dates is unlikely to yield results.

As shown above, Bitcoin’s price failed to underperform in three out of the last seven expiries. A 57% success rate should not define a trend when a positive performance after a specific date has been proven common during a bull run.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/data-shows-the-bitcoin-price-drops-ahead-of-cme-expiries-claim-is-a-myth

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