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Bit Digital, Inc. completed the acquisition of $13,902,742 worth of bitcoin miners with total hash rate of 1,003.5 Ph/s

Bit Digital, Inc. (Nasdaq: BTBT), a Nasdaq listed Bitcoin mining company headquartered in New York announced that on December 3, 2020, it had completed the acquisition of $13,902,742 worth of bitcoin miners with total hash rate of 1,003.5 Ph/s with certain non-U.S. investors in exchange for an aggregate of 4,344,603 ordinary shares at the price of $3.20 per share, when the purchases were negotiated.  
The closing of the acquisition represents the total hash rate of the Company increase by approximately 1,003.5 Ph/s from 1,250 Ph/s to 2,253.5 Ph/s. The total 17,996 miners acquired include 7,025 Antminer S17+, 9,110 Antminer T17, 195 Antminer S17E, 32 Antminer S17Pro, 105 Antminer S19Pro, 1,429 Whatsminer M20S, 100 Whatsminer M31S. The average energy efficiency of these miners is 47.45 (+/-5%) joules per terahash (J/TH). With these miners being deployed, the total energy efficiency will be decreased from 61.88 (+/-5%) J/TH to 55.33 (+/-5%) by 10.59%. These miners are distributed in Xinjiang, Sichuan and Inner Mongolia Provinces PRC and are expected to be fully installed before the end of December 2020. “We are very pleased to announce the completion of the transaction and to issue our shares in exchange for bitcoin miners,” Erke Huang, the Chief Financial Officer of the Company said. “Also, with these miners installed, the utility cost will be further decreased and increase our profit margin.”

 Bit Digital, Inc. (Nasdaq: BTBT), a Nasdaq listed Bitcoin mining company headquartered in New York announced that on December 3, 2020, it had completed the acquisition of $13,902,742 worth of bitcoin miners with total hash rate of 1,003.5 Ph/s with certain non-U.S. investors in exchange for an aggregate of 4,344,603 ordinary shares at the price of $3.20 per share, when the purchases were negotated.  

Layer1 Files Malicious Prosecution and Shareholder Misconduct Lawsuit Against Jakov Dolic and Ivan Kirillov

Layer1 Technologies, the first U.S. based renewable energy, fully-integrated Bitcoin mining company, announced that it has filed a lawsuit against Jakov Dolic and Ivan Kirillov for shareholder misconduct and malicious prosecution in the District Court of Ward County Texas.

The lawsuit states that Dolic and Kirillov as shareholders in Layer1 have damaged Layer1 through a protracted scheme of misconduct designed to impede Layer1’s operations, including the filing of a frivolous lawsuit that was subsequently dismissed. Layer1’s petition seeks redress for the damages that the scheme caused. 

It’s time to mature: We need compliant decentralized finance

It’s up to the community to educate regulators and help them build a framework that achieves and maintains both sides’ goals.

The crypto space is an incredible, albeit risky, learning environment. Its volatility serves as a dire warning to those who like to test how deep the pool is by jumping in headfirst. Old guards constantly warn newcomers: “Take it slow, learn the basics and stack sats.” Wealth, in this space, can appear and disappear in an instant.

In 2018, many newcomers got their first taste of what a crypto winter feels like. This wasn’t the first time Bitcoin (BTC) crashed, and it won’t be the last.

Despite being around for more than 10 years, the crypto space is still in its infancy; the technology advances so quickly that every year we get to experiment with new concepts, new ideas, new applications and new ways to change the face of the world.

We also run into challenges as bad actors find new ways to scam people out of their hard-earned money, and with new untested projects that capture value but are highly vulnerable to failures, bugs and exploits. Decentralized finance falls within these new experiments; it holds the promise of exciting new ways of doing finance and investments, often with disastrous consequences.

As more and more traditional organizations take to crypto — like Square and PayPal — the opportunity to rise to the challenge is ours; it’s up to those who know the space, who understand its core values and want to see it become much more than a well-kept secret. This is a call to action.

What would a compliant DeFi look like?

Let’s start with defining “compliance.” It doesn’t just mean that the project follows Anti-Money Laundering regulations but also that it is up to quality and trust standards. This means that DeFi projects should step up in terms of security, quality, user responsiveness and regulatory compliance. Simply put, DeFi projects should guarantee resilience.

Let me be clear: This is not an argument for allocating blame and liability for losses — these are, after all, decentralized projects, not financial institutions — but there are billions of dollars stacked on DeFi projects, and this should account for something.

Our goal should be to increase the number of users — i.e., encourage mass adoption — and attract traditional markets and nontechnical investors. We should aim at bringing blockchain and the benefits of DeFi to society. In times where governments are floating bonds with negative interest rates and turning on the money-printing machine, people need better solutions to keep their wealth. Better yet, people should be able to grow financially, regardless of the central bank that governs a specific currency or determines monetary policy.

So, what measures could DeFi projects, and the overall space, adopt to become more competitive and attractive to a wider client base? Let’s start with the basics:

Whitelisted addresses. A list of items/IP addresses that once they receive an initial validation are granted access to a certain system or protocol. In the case of DeFi, we could have one or two trusted anchors that could validate an address and conduct Know Your Customer diligence on the user. Once the user has been validated, all other projects within the same trust channel — i.e., a group of virtual asset service providers, or VASPs, that have agreed to follow the same set of rules and to collaborate within a well-delineated platform — can give that user access to products and services without having to redo the entire KYC process. 

The advantage here is twofold: The user only shows private documents to one or two entities, thus reducing the surface area of attack for any potential data hacks, and the VASPs can have access to a larger user pool without having to increase compliance costs. A system like this could also enable individuals and entities who are excluded from traditional banking, savings and trading ecosystems due to geopolitical reasons to invest in yield-bearing products, alternatives to lending and high-interest accounts. DeFi is an alternative for these citizens and business owners to save, earn and transact.

AML- and GDPR-compliant systems. Institutional capital markets are strictly regulated and supervised by local and international regulatory bodies; the goal is to prevent money laundering and the financing of terrorist operations. With an attestation framework, projects can verify and comply with existing AML regulatory requirements and attract institutional capital while protecting users’ privacy by not requiring them to create copies of their personally identifiable information.

Audited codebases and third-party certifications. There are plenty of blockchain projects out there that are not built under minimum acceptable standards, and it’s difficult for every user to go through the codebase and verify that the code is doing what it is meant to do. By having third-party validators go through the code — attesting to its integrity, functionality and reliability — the bar would be raised, making these projects more competitive and safer for investors.

Insurance. This is a relatively new area in blockchain, but there are projects that are tackling risk management through decentralized insurance. Insured projects can capture a wider audience that is willing to take on more market risk and less security risk.

Limits and safety margins. By building guardrails and layered security measures, users are given the option of increasing, or decreasing, their risk tolerance threshold. It also allows projects to limit their losses should a negative event impact them — for example, investment and withdrawal limits.

The right to choose is the right way

I strongly believe that individuals should be free to choose whether to risk their wealth on untested projects, on volatile investments and on bleeding-edge technologies; we shouldn’t have to rely on governments to tell us where, how much and when to invest. It’s ridiculous that an individual can spend thousands of dollars on lottery tickets but is not allowed to invest the same amount of money in venture capital projects without having to jump massive regulatory or bureaucratic hurdles.

This is why optionality becomes so important: It allows project builders to do what they do best and users to become the key driver in project evolution. The less credible a project is — especially in comparison with, for example, compliant, audited projects — the less capital and user base will flow toward it. These are market forces that should be allowed to move freely.

It’s important to also be clear that competition, in our space, is done on various levels; some require collaboration, some don’t. The overall objective is not to build the project that wins the short-term war but to build an industry that changes the lives of everyone, for the better, along with the way we do finance and wealth management — the way these are accessed by everyone, without unnecessary third parties or unbridled knee-jerk regulation. This is an infinite game.

This editorial originally appeared in CoinTelegraph. You can read the post in its entirety here.

Juan Aja Aguinaco is an entrepreneur, startup consultant and co-founder of Shyft Network Inc. Previously, Juan was the chief operating officer of Decentral, one of Canada’s most influential blockchain innovation hubs. Before moving to Canada, he served as vice president and legal counsel for an oil and gas company based in Mexico City. Juan holds a Bachelor of Laws from Universidad Iberoamericana and an MBA from the Schulich School of Business.

EngineBloc Publishes First Ever AR/VR + Blockchain Industry Landscape

EngineBloc, a a startup growth studio that advises company founders of technology companies today announced the launch of the first ever “AR/VR + Blockchain Industry Landscape”. The infographic provides an overview of the companies operating at the intersection of Virtual Reality, Augmented Reality and Blockchain technologies.

“We have been following this space for a while now and we’re excited to see the combination of some of the most exciting technologies give birth to an entirely new industry” said Gordon Meyer founder of EngineBloc.

The industry landscape covers platforms as well as tokens that support the creation of VR and AR assets with the benefits of Blockchain based NFT applicaitons to ensure author credit and value remain attached to the assets. The companies listed on the landscape cover a wide range of applications within the ecosystem from live music experiences in VR to a collaboration tool for scientists to create nanotechnology models by collaborating remotely via VR.

“I think we’re at the beginning of a massive industry and we expect to track its growth as the adoption curve of Immersive technology explodes over the next few years. It’s clear that blockchain has the ability to support new business models of shared economies within virtual and augmented worlds that will become regular day-to-day experiences for consumers worldwide”

The augmented and virtual reality (AR/VR) market amounted to a forecast of 18.8 billion U.S. dollars in 2020 and is expected to expand drastically in the coming years according to Statista.

The current VR and AR blockchain ecosystem according to EngineBloc

Mr. Meyer added that “Companies seeking to be included in future iterations of our landscape as we continue to quantify the growth of this ecosystem can submit their projects on our website

LinkedIn report lists Blockchain as the number one “hard skill” for 2020.

Blockchain will be the most in-demand hard skill in 2020, according to a new study by the educational subsidiary of professional social network LinkedIn.

“Last year, cloud computing, artificial intelligence and analytical reasoning led LinkedIn’s global list of the most in-demand hard skills,” LinkedIn wrote in the report. “They’re all on the list again this year, but a skill we weren’t even looking at a year ago – blockchain – tops the list of most in-demand hard skills for 2020.”

The report notes that blockchain is the most in-demand skill in the United States, the United Kingdom, Australia, France, and Germany — more popular than cloud computing, artificial intelligence, and UX design.

Blockchain has emerged to become a business solution in search of problems. Which means that you don’t have to be in financial services to be seeking new hires who have background and expertise in putting blockchain to use. So, recruiters should start becoming familiar with how blockchain works, what its perceived benefits are, and who are the people best suited to help your company explore where this budding technology might have a role.

Gordon Meyer, a Professor at Columbia College Chicago Online who teaches Blockchain for Business said “For better or worse the price of bitcoin affects coverage in the press, however the core underlying technology of blockchain has consistent utility that could revolutionize business models and fundamentally change the dynamics of long standing industries. This technology is inherently disruptive and as such knowing what it is, how it works and what it’s good for – as well as what it’s not, is a vital skill for any executive no matter what industry they work in.”

Blockchain has become a line of business for a who’s who of the corporate world — IBM, Oracle, JPMorgan Chase, Microsoft, Amazon, and American Express, to name just a few. Blockchain is now being used in industries ranging from shipping to healthcare, from farming and food safety to entertainment and gaming.

There are also more and more blockchain and crypto-related job postings on top headhunting websites, according to a November report by Indeed, a LinkedIn competitor. The number of such job ads rose by 26 percent from 2018–2019, the report said. This may be why according to Gordon Meyer from Columbia College Chicago Online that “While it may be that you aren’t hearing about it in the press, people are certainly hearing about blockchain at the watercooler and in the halls near the CTO and HR.”


About Cryoto Project Times: The leader in Crypto Project News & opinion, CPN is a media outlet that strives for the highest journalistic standards and abides by a strict code of journalistic ethics. CPN is an independent operating subsidiary of EngineBloc LLC, which provides marketing and communications support for blockchain start-ups. For sponsored content inquiries, contact CryptoPressEngine the exclusive PR partner of CPN.

Bankex Introduces TEX – Telegram Token Exchange Technology to Disrupt Loyalty Payments

Bankex Group is a fintech company providing digital assets processing, as well as blockchain-based continuous securitization in real estate, money lending and media markets, has launched TEX – Telegram Token Exchange technology platform.

It’s a token exchange engine that’s natively built into Telegram messenger. The Exchange displays and matches all trading orders for trades made with MainWallet ecosystem.

We spoke to the team at TEX and they’ve made strides in making sure their solution is easy to use. All telegram group admins need to do is add a special bot @mainwalletbot to your current or new group chat as admin and then create a trade using the format command, for example: /trade 942 TRX for 0,1 ETH. 

This command creates an offer in a group chat and another member of the group can answer it. And here TEX starts to work – the trade offer is duplicated to the general channel of TEX exchange @mainwallettex which is available to all users of telegrams and can match interesting deals. This system provides trading liquidity for tokens, with focus on loyalty points use case.

If you want to make only private exchanges, you can release a special PayBot and make transactions within your community. This technology opens loyalty market for any brand, merchant or community.

Telegram Token Exchange takes commission from trades, the standard commission is now 0.25% for the maker and 0.25% for the taker. The most interesting thing is that the revenue is shared between the owner of PayBot and the administrator of the group in which the deal was created. This creates an opportunity for all ecosystem participants to make money, not just for the exchange as it is now in other markets.

The token exchange with a native interface in the messenger has no analogues in the world now, it’s a really advanced and innovative financial technology, try MainWallet and see how it works.


About Cryoto Project Times: The leader in Crypto Project News & opinion, CPN is a media outlet that strives for the highest journalistic standards and abides by a strict code of journalistic ethics. CPN is an independent operating subsidiary of EngineBloc LLC, which provides marketing and communications support for blockchain start-ups. For sponsored content inquiries, contact CryptoPressEngine the exclusive PR partner of CPN.

History making Zcoin privacy token enhances wallet address privacy on the blockchain

In 2018, Zcoin made history by having the Thai Democrat Party’s elections held on its blockchain with over 127,000 votes casted nationwide.

Got your attention? Zcoin (XZC) – an open-source, decentralized privacy coin that focuses on achieving privacy and anonymity for its users while transacting on the blockchain, is the first to develop and implement the Sigma Protocol, which allows users to have complete privacy over their transactions via zero-knowledge cryptographic proofs without the need for trusted setup. Its research labs also created the Lelantus privacy protocol which has gained academic acclaim and set to go live on Zcoin in 2020.

Traditionally, when a user shared an address out, anyone can look up that address on the blockchain and see its entire history which is a real privacy problem that inhibits real world adoption especially in businesses where they may not want to reveal who their customers are, how much they’re receiving and who their suppliers are.

RAP addresses allow for a single permanent address to be shared publicly without outsiders being able to tell when it has received payments. This privacy is also further enhanced as Zcoin’s RAP implementation allows users to send Zcoin’s Sigma transactions to RAP addresses which allows users to hide the sender of the funds.

RAP also offers several practical benefits and advantages over stealth addresses in that payments to it are indistinguishable from other payments making it harder to censor and the scheme can be supported by light wallets.

“RAP or BIP47 is a very creative solution to the address reuse problem and it works great together with Zcoin’s Sigma privacy protocol offering a complete solution for both sender and receiver privacy. Thus far we have only seen BIP47 being implemented in a handful of mobile wallets such as Samourai, Rune and Billions. Writing BIP47 almost from scratch in C++ allows not only Zcoin to benefit but any cryptocurrency using a Bitcoin core can also adapt the work. We are happy to contribute to the space in improving privacy and seeing greater adoption of BIP47.”

Reuben Yap, Project Steward of Zcoin.

The Zcoin core team worked together with Arcadia a blockchain software development company with a focus on privacy preserving technologies to implement RAP.

“We made a lot of informed choices when implementing BIP47 on Zcoin. For example, we went with the traditional notification transaction style on the blockchain for notifications versus WebRTC or BitMessage to not accidentally introduce potential points of network level leakage,” said Rasikh Morani, CTO and co-founder of Arcadia.

RAP is fully implemented and undergoing code review and is set to go live on Zcoin’s network in about a month.


About Cryoto Project Times: The leader in Crypto Project News & opinion, CPN is a media outlet that strives for the highest journalistic standards and abides by a strict code of journalistic ethics. CPN is an independent operating subsidiary of EngineBloc LLC, which provides marketing and communications support for blockchain start-ups. For sponsored content inquiries, contact CryptoPressEngine the exclusive PR partner of CPN.

Over Eight Billion OmniCoins Were Intentionally Destroyed to Benefit Users

OmniCoins are the native cryptocurrency of the OmniBazaar peer-to-peer e-commerce marketplace.

OmniBazaar is a new type of e-commerce marketplace that removes the middlemen
and bankers from e-commerce. OmniBazaar uses a patented “peer-to-peer-to-peer”
architecture to remove the middlemen. It uses cryptocurrencies to eliminate the
bankers. OmniBazaar fees are up to 100% lower than those of existing e-commerce
sites like eBay and Amazon. OmniBazaar users deal directly with each other, rather
than through a central site like Amazon or eBay.

The destroyed tokens were issued at the creation of the OmniCoin blockchain in October 2018. They were issued to OmniCoin Foundation Company to be sold in token sale events (such as an ICO or IEO) to raise money for the future development of OmniCoin.

Of the 8.4 billion tokens issued to OmniCoin Foundation, 8.36 billion were “burned” in a series of four transactions in the early morning hours (UTC) of 25 December 2019. This reduced the number of issued OmniCoins from 9.7 billion to approximately 1.3 billion – a reduction of more than 84%.

This reduction in the number of issued coins produces a dramatic change in the “tokenomics” of OmniCoin and should increase the value of the remaining coins. The 8.36 billion burned tokens represented 33% of the total number of OmniCoins that will ever exist. Instead of an eventual cap of 25 billion OmniCoins, there will now never be more than 16.63 billion OmniCoins in circulation. The remaining 15.3 billion unissued OmniCoins will be issued over the next 27 years to users who process (“mine”) OmniCoin transactions, new users who join the OmniBazaar marketplace, and users who refer other users.

“We believe it makes more sense to raise money for the development of OmniBazaar and Omnicoin through a traditional equity offering,” said OmniBazaar Co-founder and CEO, Richard Crites. “The ICO and IEO markets have been weak for several months but angel investors and venture capitalists are still actively investing in blockchain and distributed financial businesses.” “So, we have prepared a standard private placement offer to raise our first round of outside funding,” Crites continued.


About Cryoto Project Times: The leader in Crypto Project News & opinion, CPN is a media outlet that strives for the highest journalistic standards and abides by a strict code of journalistic ethics. CPN is an independent operating subsidiary of EngineBloc LLC, which provides marketing and communications support for blockchain start-ups. For sponsored content inquiries, contact CryptoPressEngine the exclusive PR partner of CPN

Sazmining Announces Keynote Presentation at WCC Mining Conference

Sazmining CEO, William Szamosszegi, will be presenting a Keynote at the WCC Mining conference. WCC MINE 2019 will focus on all segments of blockchain infrastructure, from block producers to mining pools. Learn from industry experts about energy transmission, data center planning and implementation, equipment suppliers, cloud mining companies, mining pool operators, and the many ways by which mining operations can be financed to alleviate operational risks associated with asset valuations.

Sazmining is aiming to become a major player in the industry by employing all cryptocurrency mining best practices. The company focuses on multi-sig wallet management, engineering services, operational excellence, accounting services and investor protection. The company is working on a handful of joint ventures and is offering consulting services to a selective group of large cryptocurrency miners.

Sazmining is distinguished by its full-service approach to building and improving mining operations for clients. Partnering with other companies and mining startups, Sazmining can vertically integrate best-practices for running a successful crypto-mining operation.

Sazmining Inc. allows institutional investors to gain exposure to digital assets through investments in hard, data-processing assets. The company is here to help you make big moves in the world of cryptocurrency- to diversify your portfolio, benefit from society’s technologically advancing landscape, and shape the future with ownership within the BTC network.


China Passes First-Ever ‘Crypto Law’

China is pulling ahead of the rest of the world – especially the United States, in the emerging field of fintech, blockchain, and cryptocurrency. President Xi Jinping made news yesterday after he announced that China is focused on becoming the world leader in blockchain technology. Just a day after the same, Chinese News Outlet CCTV has reported that the country’s National People’s Congress has passed ‘The Cryptography Law,’ a law which is set to be effective from January 1, 2020.

The new regulatory framework passed on October 26, establishes the role of a central cryptographic agency meant to lead public cryptographic work, creating guidelines and policies for the industry. As reported by CCTV, The Cryptography law is aimed at “standardizing the application and management of passwords, promoting the development of the password business, ensuring network and information security, and improving the scientific, standardized and legalized level of password management.” It is a comprehensive law in the field of passwords in China,” reported a local daily.

Since the ICO boom and an increased criminal activity level in the crypto world, China banned all cryptocurrency activities within its jurisdiction. Now, things seem to be changing. The official statement highlights that the new law might create the foundation for the upcoming Chinese national cryptocurrency. Nonetheless, one Chinese official confirmed that there is no official timetable for the launch of this token.


About Cryoto Project Times: The leader in Crypto Project News & opinion, CPN is a media outlet that strives for the highest journalistic standards and abides by a strict code of journalistic ethics. CPN is an independent operating subsidiary of EngineBloc LLC, which provides marketing and communications support for blockchain start-ups. For sponsored content inquiries, contact CryptoPressEngine the exclusive PR partner of CPN