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Launch of “Token Day” in Singapore to bring cryptocurrency to the masses

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The first-time cryptocurrency can be used in a retail setting on a large scale in Singapore

Today, in celebration of the 10th year anniversary of cryptocurrency, Bizkey is launching ‘Token Day’ in Singapore. Held from October 31st to November 18th, Token Day is a campaign to familiarize the public with cryptocurrency in a retail setting. During this period, 30 retailers clustered around Chinatown in Singapore will accept various cryptocurrencies as payment. The public can use Bizkey’s intelligent blockchain point-of-sale (POS) device to pay with various cryptocurrencies including Ethereum (ETH), Binance Coin (BNB), Aelf coin (ELF) and Zilliqa coin (ZIL) at participating retailers. Among the retailers are SK Jewellery, Koryo Mart, and Hotel 1887. See Annex 1 for full list of retailers.

Singapore has been somewhat of a cryptocurrency capital ever since the Monetary Authority of Singapore (MAS) issued guidelines in November 2017 differentiating between security tokens, a tokenized form of equity, and utility tokens, a tokenized coupon representing prepaid access to a product or service. According to PwC, there were 56 Initial Coin Offerings (ICOs) which closed in Singapore in the first 5 months of 2018 raising over 1 billion USD, comparing well to 35 ICOs raising 641 million USD during the entire 2017. Despite the thriving blockchain startup ecosystem, Singapore has not yet seen widespread cryptocurrency payment adoption among local merchants.

However, cryptocurrency has the potential to revolutionize the retail sector by tackling problems such as payment fraud, money transfer delays, logistics, and accounting. With Token Day, Bizkey aims to bring retail merchants into the digital era by demonstrating the ease, convenience, and security of accepting cryptocurrency. Bringing cryptocurrencies to the masses is in line with Singapore’s Smart Nation efforts and bid to become a fintech hub.

“Although cryptocurrency was first invented 10 years ago, very few people in the world have the chance to actually use it to buy products and services. We want to change this through Token Day, which will be the first time that retailers in Singapore will accept cryptocurrency as payment, on such a large scale. In Singapore, we estimate there are about 10,000 to 15,000 people who own cryptocurrency, who are likely to be tech-savvy males in their mid-20s to early 40s. We hope these individuals and the wider public will be keen to try out the novelty of being amongst the pioneering cryptocurrency spenders in Singapore,” said Ken Huang, Co-founder and CEO of Bizkey.

One of the notable retailers participating in the Token Day is Hotel 1887, a popular tourist hotel located in heart of Chinatown district. Jonathan S., the Head of Operations in Hotel 1887, commented: “We want to expand our payment options and cater to the needs of different customers, including cryptocurrency holders. Tourists can also enjoy the benefit of cryptocurrency payment as it allows for hassle-free, cross-border payments with low transaction fees.”

Event: Token Day
Organizer: Bizkey
Co-Organizer: Cointime
Supporting Organizer: BitTemple
Official Exchange Partner: DigiFinex
Sponsors: BiMoney, Digital Diamond Foundation
Official Media Partners: Mars Finance, Bishijie, TheNews.Asia
Official Exchange Partner: DigiFinex

Find out more about Token Day at
Website: http://www.tokenday.io
Telegram (EN): https://t.me/bizkey_chat
Facebook: https://fb.me/bizkey
Twitter: https://twitter.com/bizkeyio
Blog: https://medium.com/bizkeyofficial

Editor - With a passion photo photography, webdesign and content, it made sense for me to also integrate news editing and press release publishing. I am also passionate about the car industry, so you will surely find some exciting news reporting from my side about the automotive industry.

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Banking/Financial Services

Endor (EDR) Gets Listed on OKEx’s First Partner Exchange CoinAll

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Photo source: twitter.com / @OKEx
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CoinAll (www.coinall.com), OKEx’s first partner exchange, has announced it will be listing Endor, a well-reputed protocol utilizing AI prediction technology. EDR deposits are now in effect. Trading started at 17:00 Nov 14th (HKT, UTC+8). To celebrate the listing of EDR on CoinAll, EDR has launched a campaign. During the promotion period, traders can deposit and trade EDR to win 6 BTC.

After years of research at MIT, Endor invented the “Google of predictive analytics”, providing automated AI predictions for companies. Leading banks, large retailers and Fortune 500 companies such as Coca-Cola and Mastercard have utilized Endor to predict consumer behavior, make data-driven decisions and increase revenue.

The Endor protocol is the world’s first predictions protocol, enabling an ecosystem that provides automated, accurate, affordable and censorship resistant AI predictions for the long tail of businesses – working on fully encrypted data. The EDR token is the exclusive means of payment for services on the Endor Protocol.

Recently, the deliberations of the Congressional Blockchain Caucus have been finally unveiled in the report: “The Impact of Blockchain for Government: Insights on Identity, Payments, and Supply Chain”. Endor stood out among the latest projects featured in this report as an exemplary landmark of how tokens can be used to achieve the true power of decentralization.

Report:

http://businessofgovernment.org/sites/default/files/The%20Impact%20of%20Blockchain%20for%20Government.pdf

As the world’s first community-based autonomous exchange, CoinAll adopts the advanced and secure technology of OKEx, including the world-class order matching system, digital asset wallet, and funds settlement system. CoinAll shares OKEx’s massive user base of more than 20M users. All OKEx accounts can be used to log into CoinAll and trade without further registration.

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Banking/Financial Services

Bitcoin BCH Hash War Will be Decided by Sustained – Not Temporary, Rented – Hash Power

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Photo source: oracletimes.com
Reading Time: 4 minutes

 

With the Bitcoin BCH network upgrade on November 15, a hash war has begun with miners voting between Bitcoin SV and Bitcoin ABC – two competing implementations of the BCH protocol. As fully expected, Bitcoin ABC appeared to take a temporary lead on the first day by receiving an artificial boost from temporary, “rented” hash power subsidized by Roger Ver’s organization Bitcoin.com, which announced it would use its pool customer hash on BCH for just 24 hours, and from ABC’s main supporter Bitmain Technologies, the Chinese manufacturer of crypto mining rigs. However, Bitcoin SV has strong support from CoinGeek, the largest BCH miner, and nChain, the leading blockchain research & development firm. CoinGeek and nChain have the resources to fight long term with their own sustained hash, long after Bitmain cannot afford to bleed money for rented hash. Therefore, the BCH hash war will not be decided in 1 or 2 days,but over many days and possibly weeks by on-going miner votes with sustained Proof of Work. Until a dominant chain emerges, cryptocurrency exchanges, wallet and service providers are advised to remain neutral, and to run a Bitcoin SV node to be prepared for the best interests of users.

CoinGeek founder Calvin Ayre expressed his determination to fight the BCH hash war as long as it takes:

“CoinGeek and nChain are in this battle for the long haul. We will mine BCH and fight as long as it takes to protect the original Bitcoin from Bitmain, Jihan Wu, and their Bitcoin ABC development group who all want to change BCH into some alt-coin Wormhole token technology. Roger Ver’s company Bitcoin.com is subsidizing hash for only 24 hours, taken from his own customers. As for Bitmain, to keep up with us in this hash war, Bitmain will have to spend millions of dollars a day from its investors’ money and shareholder assets, while also trying to raise more investor money for its shaky IPO. This will bleed Bitmain’s cash and cryptocurrency reserves, because we are prepared to fight for months and months. If I were a shareholder or investor in Bitmain, I’d be asking why Jihan Wu is spending all your money to control BCH when Bitmain’s business supports multiple cryptocurrencies.”

Bitcoin SV is the new full node implementation for Bitcoin Cash that seeks to restore the original “Satoshi Vision” for Bitcoin and allow it to massively scale. For the November 15 upgrade, Bitcoin SV’s feature set is not compatible with that of competing client Bitcoin ABC. When there is a disagreement between rule sets, the original Bitcoin white paper described the “Nakamoto consensus” method for miners to vote with their computing power (1 CPU = 1 vote) to enforce any rules: “The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it.”

The current hash war is the world’s first test of Nakamoto consensus. After the November 15 upgrade, Bitcoin ABC appeared to temporarily lead with a higher portion of the BCH network’s total hash power. But ABC’s perceived first-day advantage comes from a sudden burst of hash presumably rented from the Bitcoin Core (BTC) network to move over to BCH. By November 14, the day before the hard fork, Bitcoin SV’s support consistently grew for weeks and dominated with a clear 72-78% lead over ABC (18-22%):

Bitcoin ABC even dropped to tying for 3rd place with Bitcoin Unlimited, another implementation which is compatible (as a configurable option) with both Bitcoin SV and Bitcoin ABC rule sets.

Yet suddenly on the November 15 upgrade date, a huge wave of hash magically came to support Bitcoin ABC. This came from Bitcoin.com’s pool which announced it was boosting its BCH hash for only 24 hours, by moving customer hash from the BTC chain. In addition, Bitcoin ABC is receiving more support from “rented” or subsidized from BTC mining pools controlled by (Antpool.com, BTC.com, ViaBTC) or friendly (BTC.top) to Bitmain. To obtain rented hash, Bitmain must pay to subsidize the difference in lower revenue miners receive on the BCH chain when total hash rate grows, compared to mining on the more profitable BTC network. BTC.top’s CEO Jiang Zhuoer estimates this can cost over 100 million yuan or USD $14 million per day. The rented hash supporting Bitcoin ABC is temporary, and will leave the BCH network when not subsidized. This is a losing proposition for Bitmain; each day a hash war continues, Bitmain must pay millions of dollars to give Bitcoin ABC an artificial advantage. But when Bitmain can no longer afford to pay for it, the rented hash will leave BCH and Bitcoin SV will again dominate by virtue of its long-term, sustained hash support.

In contrast, Bitcoin SV’s support comes from CoinGeek and nChain’s BMG mining groups, which are 100% dedicated to support Bitcoin SV with their genuine hash. SVPool, a personal initiative of nChain Chief Scientist Craig Wright and the newly-formed Mempool also run Bitcoin SV; those pools gather miners supporting the Satoshi Vision and do not pay added subsidies to miners beyond the amount actually earned from participating in their pools.

Ayre explained why sustained hash power should decide:

Bitcoin is about Proof of Work (PoW), not Proof of Rented Hash (PoRH). To decide which chain should be the true Bitcoin BCH, you should pick the longest chain with the most legitimate, sustained Proof of Work invested. It is ridiculous to count transient, rented hash which comes onto BCH artificially for short bursts of time because it is subsidized to do so, but then disappears and does not really sustain Proof of Work on the network. That is like paying a person to show up in a foreign country to vote in a political election, without meeting citizenship requirements to vote. At CoinGeek’s BCH Miners Choice Summit on November 2, we were offered thousands and thousands of petahash to rent for this battle. While we can afford to pay for more rented hash than Bitmain can, we decided to set a better precedent for Bitcoin and fight with honest hash invested to support BCH long term.”

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Majority of micro VC LPs and GPs plan to invest internationally in 2019, Silicon Valley Bank survey finds

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A majority of micro VC limited partners and general partners seeking new deals say they expect to make an international investment in 2019, according to a survey by Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors. Two-thirds of LPs and GPs surveyed at the sixth annual Micro VC Summit, hosted by SVB and Cendana Capital in San Francisco in October, said they are looking for investments abroad in 2019.

The survey asked investors to name which new regions they are considering that they haven’t previously explored, with 23 percent citing Asia, 18 percent saying Canada and 13 percent choosing Europe. In U.S. regions in which they had never invested previously, 18 percent said they are looking at the Midwest and Southern California, 13 percent said the Northwest and 12 percent chose the East Coast.

The survey also found that half of GPs expected to raise a new fund in 2019. Asked separately about the VC fundraising environment, 38 percent expected it to become more difficult next year, while 50 percent expected no change. Many acknowledged that the overabundance of capital would lead to increased competition for deals and higher valuations.

LPs that invest in VC-backed companies reported that they are nearly equally interested in life science/healthcare (48 percent) as they are in crypto/blockchain (45 percent). Ten percent said they are interested in investing in cannabis funds.

Jim Marshall, Head of SVB’s Emerging Manager Practice, said the results underscore the strength of micro VCs, especially as their reputations and track records are growing.

“With growing interest in the innovation sector from nontraditional investors, we’re predicting ample new opportunities for emerging managers. We have found that the majority of LPs are looking to invest in emerging managers for their greater likelihood to generate alpha,” Marshall said.

He added, “We also expect more VCs to look internationally for new investment opportunities. Many tell us they are exploring regions in which they have never invested previously. They are in search of new talent and lower startup operational costs, notably in Asia and Canada.”

Methodology
Silicon Valley Bank surveyed 111 micro VC LPs and GPs at its sixth annual Micro VC Summit in San Francisco on October 11, 2018. The Micro VC Summit is an invite-only annual education and networking event attracting more than 300 early-stage investors, largely comprised of general partners and limited partners in seed funds.

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