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Yosemite X Announces the First Open Source Public Blockchain without a Native Cryptocurrency

Vlad Poptamas

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Photo source: insights.dice.com
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Businesses can reap the benefits of blockchain, without the risks commonly associated with cryptocurrencies

Yosemite X, a blockchain technology company, today announced the release of its open source public blockchain that operates without a native cryptocurrency, giving developers and businesses the ability to build solutions and reduce costs, without the price volatility of crypto. This approach enables companies to reap the benefits of blockchain – greater transparency, enhanced security, increased efficiency, speed of transactions at scale – and pay for their network usage with more stable fiat currencies.

While the idea of using the blockchain technology to cut down the cost of operation has intrigued many businesses, few have proved to be practical due to the technology’s reliance on volatile native cryptocurrency. Even those that have been implemented in enterprises are often based on permissioned blockchains, which are really a glorified centralized server system with shared access to the control room amongst agreed/pre-determined partners. With Yosemite Public Blockchain, which is designed to operate and transact with fiat-backed stablecoin, businesses can – for the first time on a public blockchain – accurately project their operating costs, which are expected to be significantly lower than other financial transaction systems.

“Blockchain technology has great potential to innovate the financial network system currently built on old technologies,” said YT Kim, the Founder of Yosemite X. “However, the existing public blockchains are impractical for business entities to implement their blockchain-based services, due to the high price volatility and unfair distribution of cryptocurrencies, and blockchain scalability issue. Yosemite X has implemented a new way of designing a scalable public blockchain for enterprises, without needing a native cryptocurrency.”

Unlike other public blockchains that issue native tokens to sell through an initial coin offering (ICO) Yosemite has developed a validation algorithm that can enable any token generated by any account to be used as the network’s transaction fee. Yosemite has also resolved the price volatility issue of cryptocurrencies by designing transaction fees to be paid with tokens that have an equivalent amount of fiat currency reserved – effectively backing their values.

On the Yosemite Blockchain, anyone can participate in the process of reaching consensus. The Yosemite Blockchain’s Proof-of-Transaction consensus mechanism allows the service providers that generate the most number of transactions and are the most active participants of the network, to participate in block production. This not only guarantees the fairness on how to reach consensus, but also promote sustainable growth of the ecosystem that is operated by and for the participants of the network.

The ability to increase transparency and to significantly lower the cost of data security measurements and operations, combined with open accessibility, makes Yosemite Blockchain a viable solution for many businesses.

Led by Yosemite Card – 0% transaction fee credit card – which launches in March 2019, there are number of business services from a wide variety of industries, including energy trading, digital contracts, and education, that are currently being developed on Yosemite Blockchain.

The Yosemite test-net is now available for public review at: http://testnet-sentinel-explorer.yosemitelabs.org/

More information about Yosemite’s public blockchain can be found in the company’s white paper: https://yosemitex.com/documents/YOSEMITE_Public_Blockchain_Technical_White_Paper_Version_2_ENG_201901a.pdf

SOURCE Yosemite X

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Blockchain

Chainalysis Launches First Actionable Real-Time Alerts for Suspicious Transactions Across 15 Cryptocurrencies

Alexandru Marginean

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Chainalysis, the blockchain analysis company, today announced the launch of suspicious cryptocurrency transaction alerts in Chainalysis Know Your Transaction (KYT), the real-time anti-money laundering (AML) compliance solution for monitoring cryptocurrency transactions. It is the first compliance alerts solution available across 15 cryptocurrencies.

Chainalysis KYT alerts are designed to help cryptocurrency businesses and financial institutions mitigate exposure to regulatory and reputational risk by helping compliance teams focus on the most urgent activity and enforce compliance policies while better allocating resources.

“As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices,” said John Dempsey, VP Product, Chainalysis. “Every minute counts when managing exposure to sanctioned entities, hacked funds, darknet markets, and other illicit activities, which is why Chainalysis is investing in fast, actionable alerts to help our customers mitigate risk across cryptocurrencies.”

Chainalysis KYT has always provided real-time transaction monitoring for large volumes of cryptocurrency activity to identify high risk behavior, and now alerts are generated whenever a transfer involves a risky counterparty and crosses a value threshold. Alert levels include Severe, High, Medium, and Low, and are based on factors such as category, service, direct versus indirect exposure, direction of funds, and amount. Alerts are available for all 15 cryptocurrencies supported by Chainalysis, including Bitcoin, Ether, Bitcoin Cash, Litecoin, and top stablecoins and ERC-20 tokens such as Tether, Maker, and Dai, with additional cryptocurrencies coming soon.

With alerts functionality built directly into the user interface and API, cryptocurrency businesses and financial institutions can keep track of, investigate, or take action on risky transfers. Additionally, customers can customize risk parameters based on their own business policies to help allocate resources accordingly.

“As a New York Trust company we are required to monitor transactions on and off our platform,” said Michael Breu, Gemini’s Chief Compliance Officer.  “Tools like KYT alerts, which provide real time and ongoing blockchain analysis, coupled with Gemini’s own compliance policies, help us meet our regulatory obligations.”

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For the First Time, Huobi Token Is Now Usable as an eCommerce Payment Method

Alexandru Marginean

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Photo Source: www.cryptonewsz.com
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Huobi is pleased to announce that Huobi Token (HT) can now be used to purchase art, apparel, hardware, event tickets and more from the eCommerce and crypto news platform FomoHunt. This marks the first time HT can be used for eCommerce by the general public.

While HT can be used for all merchandise on the site, offerings at FomoHunt also now include exclusive Huobi-branded merchandise.

“Our partnership with FomoHunt allows us to do two big things at once,” said Helena He, Head of Global Operations. “First, it’s a big step in expanding HT’s usefulness outside our direct ecosystem and making it more accessible to the general public. Second, it gives members of our community direct access to Huobi-branded merchandise, which is something many have repeatedly been asking for.”

FomoHunt co-founder, James Lawrence, expressed optimism about the new partnership.

“Being able to work directly with Huobi is an amazing opportunity. We are working together to allow our community users to use Huobi Token and make real-world purchases for clothes, art, FomoHunt subscriptions, event tickets, and even mining hardware. FomoHunt looks forward to future collaborations with Huobi.”

Huobi has made developing HT a priority over the past eight months. For example, Huobi Prime and Huobi FastTrack, Huobi’s innovative premium coin launch platform and its new coin listing program, which respectively launched in March and June this year, both use HT as their main token of exchange. In July, Huobi implemented a series of tiered trading fee discounts for users based on HT holdings.

Founded in 2018 as an alternative to the disparate information found across the internet, FomoHunt is a discovery portal into the world of blockchain projects, founders, events, products, and news. FomoHunt aims to provide an easy and streamlined portal for blockchain newcomers and experienced veterans with unrivalled project information and up to date information.

To learn more about Fomohunt, go to: https://www.fomohunt.com/marketplace/

To learn more, contact media@huobi.com

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Blockchain

Fiat Withdrawals Available With TUSD and PAX

Alexandru Marginean

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Photo source: www.prnewswire.com
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Stablecoin partners facilitate fund transfers to personal bank accounts easily.

Crypto.com, the pioneering payments and cryptocurrency platform, is pleased to highlight two fiat withdrawal solutions via TrueUSD (TUSD) and Paxos Standard (PAX) stablecoins for Crypto.com App users.

Crypto.com has recently entered a partnership with TrustToken and Paxos Standard for Crypto.com Chain, which will allow merchants to get paid in USD.

As an extension to this partnership, Crypto.com App users can now redeem their TUSD or PAX 1-to-1 against USD, which will be wired directly to their personal bank accounts. This is an appealing use case for App users who want to monetize their crypto gains, holdings, or Crypto Credit loans.

To redeem stable coins against USD, users can do so via the TrustToken or Paxos Standard platform. For further instructions, please click here.

Kris Marszalek, Co-founder and CEO of Crypto.com said, “The team is committed to making efficient fiat withdrawal available to customers. As we work on more traditional solutions, we are pleased to share two important supporting solutions from our stablecoin partners.”

Tory Reiss, Co-Founder of TrustToken said, “We are excited to be deepening our collaboration with the Crypto.com team. Finding a reliable way to move fiat on and off their platforms continue to be a headache for crypto companies. At TrustToken, we are continuing to double down on this use case by building out strong compliance practices and adding additional payment rails.”

Scott Simpson, VP of Strategic Partnerships of PAXOS said, “We believe that building a vibrant ecosystem for PAX is crucial for increasing use in consumers’ daily lives. Our partnership with Crypto.com makes it easier for consumers to benefit from their crypto holdings and were excited to make this important functionality live.”

DISCLAIMER: THE STABLE COINS AND USD REDEMPTION IS HANDLED AND PROCESSED BY TRUSTTOKEN OR PAXOS STANDARD, CRYPTO.COM IS NOT RESPONSIBLE OR LIABLE FOR ANY DISPUTE ARISE FROM SUCH ARRANGEMENT.

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