Binance, the world’s largest crypto exchange by daily trading volume, is set to launch a beta version of its decentralized exchange (DEX) by early 2019. Changpeng Zhao, the CEO of Binance better known to the community as CZ, said on Saturday: “Just had a productive meeting for Binance DEX (decentralized exchange), where BNB will be
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The National Security Agency and amateur cryptojackers are both behind this year’s growth in mining malware
Earlier this week, the Monero (XMR) community announced the launch of a new website that aims to educate users on cleaning up crypto-jacking malware and ransomware. Easing Malware Victims’ Confusion and Frustration The ease of mining and privacy of Monero are standout features for the coin. However, the features attract bad actors who use the coin … Continued
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On Sunday China’s oldest tech media publication, Beijing Sci-Tech Report (BSTR) also known as ‘Technology life,’ has announced the business is accepting bitcoin core (BTC) for the magazine’s 2019 subscriptions.
The Publication Beijing Sci-Tech Report Now Accepts BTC for 2019 Subscriptions
The Beijing Sci-Tech Report (BSTR) is one of the oldest science and technology publications in China. The media organization prints editorials stemming from its ‘Technology Life‘ team of authors, and it also publishes approved content from the well known US science journal Popular Science. This weekend the magazine has announced that it will be accepting BTC for subscriptions towards its 2019 publications. The cost to subscribe to BSTR will be 0.01 BTC (about 450 yuan or $65 USD).
The Beijing based publication has written reports on cryptocurrencies in the past and the use cases of blockchain technology. According to the press release, the announcement to accept BTC was brought about by the magazine’s desire to promote blockchain technology in a real-world setting for “practical actions.”
“For a long time, blockchain technology has also been the object of in-depth tracking reports offered by Beijing Science and Technology Report and Technology Life,” the magazine’s press release details.
Embracing the Payment Technology in Order to Cultivate New Readers
One interesting fact about BSTR accepting bitcoin, the firm says, is that if the price of BTC grows significantly by 2020, they will also offer some refunds to those who have subscribed using the digital currency. A translated BSTR statement explains the publication hopes to “cultivate new readers” by embracing the payment technology.
Beijing Sci-Tech Report is not the only publication that has tried to entice readers by accepting cryptocurrencies. Back in 2014 Time Incorporated announced accepting BTC through Coinbase for subscriptions to Fortune, Good Health, Travel and Leisure, and This Old House. In April of the same year, the Chicago Sun-Times also revealed it would accept BTC for payments. However, both publishing companies have since removed the BTC payment option. Beijing Sci-Tech Report being a technology-oriented magazine may have better luck than its periodical predecessors.
What do you think about Beijing Sci-Tech Report (BSTR) accepting BTC for 2019 subscriptions? Let us know what you think about this story in the comment section below.
Images via Shutterstock, BSTR, and Pixabay.
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The US Securities and Exchange Commission (SEC) has been heavily criticized for its actions against Elon Musk’s Tesla, the crypto market and investment firms within the local market. On Sept. 29, Michael Arrington, the co-founder of TechCrunch, announced that his venture capital firm has decided to move out of the US and relocate to Asia
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This week, Stellar launched its long-awaited decentralized exchange. Stellarx offers trading of a range of assets including cryptocurrencies from multiple blockchains, using stellar lumens (XLM) as the base currency. The exchange differs significantly from existing decentralized offerings, which are limited to tokens pertaining to a single blockchain – usually Ethereum. With Stellarx, however, users can trade BCH, BTC, USD, ETH and much more, but there’s a catch: non-native assets are represented as ‘tethers’.
Does Stellar’s New DEX Have the X Factor?
On the face of it, Stellar is an odd cryptocurrency project to be championing decentralization. Founded by Jed McCaleb as a fork of his former project, Ripple, Stellar is in many respects as centralized as the coin its codebase derives from. Are We Decentralized Yet? scores Stellar’s XLM cryptocurrency low on various decentralization metrics, noting that the top 100 accounts hold 95% of the total supply, there is just one client codebase controlling nodes, and a mere 111 public nodes are operational. By any reckoning, that makes XLM a heavily centralized cryptocurrency, and yet in Stellarx, we have a candidate for one of the most innovative and user-friendly decentralized exchanges seen yet.
To all intents and purposes, Stellarx operates as a true DEX should: users retain sole custody of their funds, trades are executed against other users, and Stellarx has no access to funds. Throw in the ability to trade non-native crypto assets such as BTC and BCH, plus the option of making fiat currency deposits, and Stellarx starts to sound more like a centralized exchange than a bare bones DEX on a par with IDEX or Forkdelta. There are some caveats that come with trading non-native Stellar assets, which we’ll get to shortly, but straight off the bat, Stellarx is more feature-rich than any of its counterparts.
Trade Anything, Anywhere
“Any asset that is created on the Stellar network may theoretically be displayed, no matter whether it would be considered a currency, commodity, security, utility token, or other type of asset under your local applicable laws and regulations,” notes Stellarx in its Ts & Cs. “You are responsible for determining the legality of your transactions.” With each trade, the counterparty sends tokens directly to your Stellar wallet and vice-versa, ensuring that there is no custodial risk incurred. They explain:
On Stellarx, you can go US Dollars to Bitcoin to Chinese Yuan to Mobius from a single wallet. That’s not possible anywhere else.
Upon visiting Stellarx for the first time, you’ll be prompted to sign up by submitting an email address and password. That’s the only verification you need to trade on the platform, which is pretty cool, as is the built-in password strength calculator:
You’ll then be prompted to create a private key for the Stellar wallet that will be tied to your trading account and to make a note of the recovery phrase. At this stage, Stellarx bears many similarities to the Waves decentralized exchange. The trading interface you’ll next be shown, however, accompanied by a platform walk-through, is far slicker than anything that any rival DEX has produced to date.
The first question that users navigating their way around Stellarx may have is how the exchange of cross-chain assets is made possible. This has hitherto been a tough nut to crack, with atomic swaps seen as the likeliest solution to what is a complex problem to solve in a trustless setting. Stellar’s solution is surprisingly simple: the majority of the assets it offers are ‘tethers’ i.e tokenized representations. They explain: “They’re tied to either fiat like USD or to cryptocurrency from other chains, like Bitcoin and Ethereum. You can trade tethers like any other token, but you can also exchange them for the asset they’re tied to.”
So when you buy bitcoin cash or ethereum on Stellarx, what you’re really buying is a Stellar-issued token that represents that crypto. (The Waves DEX does something similar with ethereum, which is tradable on Waves despite operating on a different blockchain). On Stellarx, tokens are listed as either “fiat tethers”, “crypto tethers” or “native tokens”, the latter being native to the Stellar blockchain.
Zero Fees and Human-Readable Addresses
In addition to boasting zero trading fees, Stellarx offers human-readable wallet addresses that comprise the email address you signed up with followed by “*stellarx.com”. Users who’ve no desire to publicly disclose their email address can use a non-identifiable public key instead. Assets listed on Stellarx can be filtered by volume, price, name, issuer, and other variables. Before you can begin trading you’ll naturally need to deposit funds into your account. In addition to XLM, Stellarx accepts USD, implemented with the aid of Anchorusd.com. While KYC is required to use Anchor’s service, it’s nevertheless novel to see a DEX offer fiat deposits.
When it comes to withdrawing funds, there are two options: select another Stellar address or choose an off-chain account. If you’re holding ‘tethered’ funds such as BTC or BCH, you’ll need to visit the website of the issuer who offered the asset. In the case of BTC, for example, that means visiting Naobtc and converting your Stellar BTC for real BTC, or with BCH it necessitates swapping tokens at Apay. Stellarx will soon support off-chain withdrawals in-app, making this process less convoluted. There’s still plenty of work to be done on improving the platform, adding more assets, and onboarding enough users to build sufficient liquidity. On early evidence, though, Stellarx has a lot going for it, forming a welcome addition to the decentralized exchange ecosystem.
What are your thoughts on Stellarx? Let us know in the comments section below.
Images courtesy of Stellarx.
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A lobbying firm in America’s political capital that has been hired by cryptocurrency firms including Ripple will now get a certain portion of its fee paid in XRP. The Washington, D.C.-based Klein/Johnson Group has been contracted by the San Francisco-based Ripple and several other firms in the cryptocurrency sector and will be paid for its
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