The Daily: Minsk Mulls Rules for Exchanges, Qiwi Awards Employees with Tokens

The Daily: Minsk Mulls Rules for Crypto Exchanges, Qiwi Awards Employees with Tokens

In today’s Bitcoin in Brief, Belarus, which legalized crypto activities this spring, is now turning its attention to adopting standards for companies operating crypto exchanges and issuing tokens. We’ve covered the decision of the Russian payment provider Qiwi to motivate its employees with tokens. The Daily also features crypto news from China and Canada.

Also read: Anti-Crypto Politician Backed by Payments Firm, Grayscale Raised $250m in H1

Belarus Working on Standards for Crypto Exchanges

The Daily: Minsk Mulls Rules for Crypto Exchanges, Qiwi Awards Employees with Tokens
Belarus Hi-Tech Park

Having legalized crypto-related activities earlier this year, Belarus is now fine-tuning and expanding the regulatory framework. The Hi-Tech Park in Minsk (HTP) is currently developing standards for companies operating crypto exchanges and providers of services related to issuing and placement of tokens. According to media reports, state bodies and representatives of the legal and tech communities in the country are involved in the process.

The new set of rules and regulations is intended to supplement the basic framework outlined in the presidential decree “On the development of the digital economy”, which entered into force on March 28, Denis Aleinikov, senior partner at a Belarussian law firm, told Forklog. He shared details on the progress so far: “We’ve established that a token is not a security […]. Any organization is allowed to issue and sell tokens through residents of the High-Tech Park.”

The Daily: Minsk Mulls Rules for Crypto Exchanges, Qiwi Awards Employees with Tokens

The legal expert added that entities in the field will be obliged to prove charter capital of at least $500,000. The standards will also regulate the activities of HTP residents and detail the requirements for those that want to issue and trade digital tokens. The Hi-Tech Park is actively participating in the process after it was granted right of legislative initiative with another presidential decree in June.

Payment Provider Qiwi to Award Employees with Tokens

The Daily: Minsk Mulls Rules for Crypto Exchanges, Qiwi Awards Employees with TokensThe blockchain subsidiary of the Russian payment provider Qiwi plans to supplement the salaries of its employees with awards paid in tokens. The motivational program will be launched by Qiwi Blockchain Technologies in the second half of 2018 and will be based on the Russian Masterchain platform. Several dozens of employees will receive their awards in QBT tokens by the end of the year. The subsidiary plans to allocate up to 50 percent of its profit to the program.

The tokens will be divided into two categories. Part of them will come with voting rights, allowing their holders to participate in different company decisions. Employees won’t be able to exchange the tokens for fiat money but will have the opportunity to convert them to corporate bonuses. According to Konstantin Koltsov, Director for Corporate Affairs, the system will allow employees to be directly involved in the company’s development. Qiwi also plans to create a blockchain-based HR platform.

Companies with ‘Blockchain’ in The Name Surge in China

The Daily: Minsk Mulls Rules for Crypto Exchanges, Qiwi Awards Employees with TokensIt’s no secret that adding “crypto” or “blockchain” to the name of a company comes with some image benefits. Since cryptocurrencies are not favored by authorities in Beijing, Chinese companies from the crypto sector have been left with only one choice. As a result, China has seen a sixfold increase in the number of new firms registered with “blockchain” in their names, The South China Morning Post reported.

According to an estimate based on government data gathered by Qixin.com, there are now more than 4,000 Chinese companies that identify with blockchain. Over 3,000 firms registered since January use the Chinese translation of the term describing the distributed ledger technology behind cryptocurrencies like bitcoin – “qukualian”. In comparison, their number for the whole 2017 was only 555.

The analysis of the official data has produced another interesting finding – 16,600 companies that were established within the past 12 months had “blockchain” listed as part of their lines of business. SCMP comments that despite the reservations of the Beijing government on crypto exchanges, coin offerings and mining, the interest towards the technology in China remains strong.

Bitcoin Ownership and Awareness Increase in Canada

The Daily: Minsk Mulls Rules for Crypto Exchanges, Qiwi Awards Employees with TokensA survey conducted by the Bank of Canada has detected a twofold increase in the number of people owning bitcoin (BTC) over 12 months. About half of crypto owners said they regularly use bitcoin to buy goods and services or transfer money. The Bitcoin Omnibus Survey was carried out in December, when the prices of cryptocurrencies reached all-time highs, but the results were published recently.

According to another study, “Bitcoin Awareness and Usage in Canada: An Update”, the awareness of Canadians about bitcoin increased from 64 to 85 percent during the same period. The authors also found that the residents of the predominantly francophone province of Quebec were the most Bitcoin-aware citizens.

Meanwhile, the province’s state-owned power company Hydro-Québec has been allowed to charge crypto miners and blockchain promoters increased rates until regulations for the industry are introduced. Régie de l’énergie du Québec, the local energy sector regulator, has recently accepted most of the new Hydro-Québec’s demands. A rate of 15 cents (CAD) per kWh, double the tariff for residential clients, will be applied.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, HTP.


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PR: Cozystay Implements Blockchain Technology in the Vacation Rental Sharing Economy

Cozystay Implements Blockchain Technology in the Vacation Rental Sharing Economy

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Vancouver, BC, Canada – Cozystay Holdings Inc. (Cozystay™) is excited to announce its partnership with Singapore-based Share Everything Lab Pte. Ltd. (SEL) to bring blockchain technology to the vacation-rental sharing economy. SEL is developing a protocol that will decentralize and revolutionize the sharing economy industry. Cozystay, a vacation rental platform that has been operating since 2015, will be the first adopter of SEL’s blockchain-based trust protocols, which will solve critical problems that have plagued the vacation-rental sharing economy so far. Cozystay now has 60,000 users, 200,000 listings worldwide and offices in Vancouver, Canada and Beijing, China. Cozystay has completed $4M USD in seed funding.

Cozystay is the first vacation rental platform targeting Chinese vacationers that is headquartered outside of China. Today China leads the world in global departures, having surpassed the USA and Germany. Cozystay has established several relationships in the vacation rental and blockchain space, including companies such as:
Tujia—China’s largest vacation rental company
Ctrip—China’s largest online travel agent
Capital Airlines—Subsidiary of Hainan Airlines
Caissa Touristic Group—China’s top travel agency.
Tai Cloud—One of China’s largest blockchain technology company

The global vacation rental industry commands a market size of nearly US$130 billion as of 2017, accounting for 18.1% of the global vacation lodging market share. The industry continues to grow exponentially; however, persistent problems remain for hosts and guests alike. SEL’s protocols intend to resolve the following four major pain points:
● Double-Booking
● Security and Fraud
● Review Reliability
● High Fees

The blockchain can provide the foundation of a genuine peer-to-peer sharing economy by providing a trusted transaction platform with no intermediaries. Using blockchain technology to run a sharing-economy ecosystem means no central authority is needed.

Share Everything Lab is positioned to disrupt the vacation-rental sharing economy by working with Cozystay. SEL will grow the ecosystem by inviting industry partners and businesses to join. This innovative approach in building a sharing economy ecosystem will make SEL a leading provider for technology in a rapidly-growing space.

“The success of our growth will come through proper technology and strategic partnerships to slowly evolve from an accommodation-sharing platform to a global sharing-economy website.” —Share Everything Lab

For the latest updates and news, follow Cozystay’s official Telegram account @ https://t.me/cozystay, or on any of their social media accounts.

official Wechat account: CozystayYJ
https://www.facebook.com/cozystayofficial
https://twitter.com/cozystayapp
https://www.instagram.com/cozystay.official/
https://weibo.com/cozystay

Cozystay and Share Everything Lab Disclaimer
Cozystay is to provide the technical services to SEL in order to develop the SHR Platform and SHR Tokens. Cozystay will grant a license to SEL for the use of the IPR generated by Cozystay under the Technical Services Agreement; thus, allowing SEL to issue SHR Tokens and operate and run the SHR Platform.

About Cozystay Holdings Inc:
Cozystay Holdings Inc. is a vacation rental platform targeting global Chinese vacationers. Incorporated in January, 2015, the company is headquartered in Vancouver, B.C., with a sales and technical office in Beijing, China. Cozystay runs a subsidiary property management company, Cozy Living Suites Inc.,that manages vacation rental properties in Vancouver, Seattle, Los Angeles and Toronto.

For detailed investment information, email galen@cozystay.com.
Website: www.cozystay.com

About Share Everything Lab Pte. Ltd:
Share Everything Lab Pte. Ltd. (SEL) is a company incorporated in Singapore that will facilitate all token sales and the Token Generation Event (TGE). Cozystay will be providing the technical services to SEL in connection with the development, integration and issuance of SHR Tokens and development and maintenance of the SHR Platform.

For detailed investment information,

email
info@SHREverything.com
Website
https://shreverything.com/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Flooding in Sichuan Province Reveals Hidden World of China’s Small-Time Bitcoin Miners

A special report on the recent floods across China’s Sichuan province has uncovered an extraordinary story of resilience, discomfort, tragedy, and rapidly changing economic circumstances experienced by the the people who make up the world’s largest concentration of small-time bitcoin miners. Put together by Chinese news platform Jiemian, the report follows the story of Li … Continued

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China Round-Up: Bitmain, Canaan and Ebang Receive ‘Unicorn’ Valuations, Number of DLT Companies Explodes

China Round-Up: Bitmain, Canaan and Ebang Recieve ‘Unicorn’ Valuations, Number of Chinese DLT Companies Explodes

In recent cryptocurrency news from China, three cryptocurrency mining hardware manufacturers have been valued at more than $1 billion USD, Bitmain has supported the launch of a research center for digital financial assets at Tsinghua University, and more than 3,000 companies were found to have registered blockchain-themed business names during the first half of 2018.

Also Read:Powerful Cryptocurrency Firms on the Road Towards Becoming Banks

Bitmain, Canaan Creative, and Ebang Ranked as Chinese ‘Unicorns’

China Round-Up: Bitmain, Canaan and Ebang Recieve ‘Unicorn’ Valuations, Number of Chinese DLT Companies ExplodesShanghai-based Hurun Research Institute has published its Q2 Unicorn Index for the Greater China region, which features cryptocurrencies companies for the first time.

Bitmain is ranked 13th on the list, with Hurun valuing the company to be worth 70 billion yuan ($10.3 billion USD approximately). Canaan Creative also holds a significant position on the list, sitting at 32nd (tied with 20 other companies) with a valuation of roughly 20.34 billion yuan (approximately $3 billion USD). Ebang ranks 53rd alongside 38 other companies with an approximated valuation of 10.17 billion yuan (roughly $1.5 billion USD). All three companies recently indicated their desire to conduct initial public offerings on the Hong Kong Stock Exchange in the coming months.

Bitmain Backs Launch of Digital Asset Research Center at Tsinghua University

China Round-Up: Bitmain, Canaan and Ebang Recieve ‘Unicorn’ Valuations, Number of Chinese DLT Companies ExplodesThe Tsinghua School of Economics and Management has launched a “digital asset research center”, with reports asserting that donations from Bitmain were instrumental in leading to the establishment of the center.

Bitmain has ties with a number of leading Chinese universities, including Tsinghua University. Bitmain has provided sponsorship to the Tsinghua supercomputing team since 2016.

Bitmain also recently revealed that it plans to expand its development center in Israel. The expansion is expected to more than triple the number of Bitmain employees currently located at the facility (15), with the company indicating that it expects to recruit more than 40 additional employees to work at the center.

Over 3,000 Chinese Businesses Register Blockchain-Related Names in First Half of 2018

China Round-Up: Bitmain, Canaan and Ebang Recieve ‘Unicorn’ Valuations, Number of Chinese DLT Companies ExplodesSouth China Morning Post has reported that the number of companies that have registered names including the word ‘blockchain’ between January and July 16th of this year has increased by 500% when compared with the entirety of 2017.

As of July 16th, 3,078 companies had registered names containing the term “qukualian” (the Chinese translation of ‘blockchain’) during 2018, bringing the total number of firms with distributed ledger technology-themed names in China to more than 4,000. By contrast, it is estimated that 817 U.S.-registered firms include the term ‘blockchain’ in their name, with 335 companies donning similar names in the U.K.

Earlier this year, it was reported that Shenzhen Stock Exchange and Shanghai Stock Exchange were moving to crack down on the practice of companies seeking to cash in on the hype surrounding cryptocurrencies and distributed ledger technology. In March, China Money Network reported that “More than 20 listed companies have been questioned by the Shenzhen and Shanghai exchanges about their suspicious speculation on blockchain.”

Do you feel that China will continue to bolster its blockchain industry whilst seeking to restrict access to cryptocurrencies? Join the discussion in the comments section below!


Images courtesy of Shutterstock


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China Sees 454% Increase in Companies with ‘Blockchain’ in Name

Today’s $1,000 bitcoin price rally aside, the cryptocurrency market might be enduring a bear cycle triggered by vanishing consumer interest, but blockchain, it seems, is still big business — particularly in China. Citing government data sourced from Chinese-language outlet Qixin, the South China Morning Post reports that, from Jan. 1 to July 16, 3,078 China-based

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Post-Flood Reflections Reveal Insights Into Lives of Sichuan Miners

Post-Flood Reflections Reveals Insights Into Live of Sichuan Miners

With Chinese media estimating that Sichuan’s mining sector comprises 70% of the computing power of both the bitcoin network and the total processing power situated within China’s borders, reflections following the devastating Sichuan floods’ have many insights into the realities of life of a crypto miner in Sichuan.

Also Read: Change.org Petition Attempts to Fight for Ross Ulbricht’s Freedom 

Floods Wreak Havoc in Sichuan

Post-Flood Reflections Reveals Insights Into Live of Sichuan MinersAccording to Chinese media outlet Jiemian, prior to the floods, roughly 5 million mining rigs owned by approximately 25,000 people were situated in Sichuan. The recent flooding in the province resulted in the streets being littered with broken mining rigs, as the entrepreneurs seeking to cash-in on the nascent next boom industry were forced into a state of survival.

Li Yang, a cryptocurrency miner based in Sichuan, discussed his firsthand account of the flood with Jieman, stating that unusually heavy rainfall began to besiege the province in June. Before long, the local hydropower station had cut the electricity provided to many miners – with Li Yang’s being among those to lose power.

At 10 am, on the 26th of June, Li Yang recounts that the water level quickly soared, resulting in the destruction of tens of thousands of mining rigs situated at low altitude – including those belonging to Li Yang. With each of Li Yang’s 2,000 mining rigs estimated to have cost 5,000 yuan each, the floods caused a total loss of 10 million yuan (approximately $1.5 million USD).

Li Yang also recounts that cloud mining companies flocked to Sichuan in the wake of the devastation, “offering 50 yuan a unit” to miners for scrap rigs.

Sichuan Attracts Li Yang

Li Yang is a former Apple employee who moved to Sichuan from Chengdu in 2017, quickly opening a cryptocurrency mine next to a hydropower station in Aba, Sichuan. Li Yang was attracted to the simplicity of the business model underpinning mining, stating “This business is very simple. Many people want to mine, but the cost of operation of a single mining pool is too high. Customers pay for the mining machine and then host it. We use the APP to check the status of the mining machine at any time.”

The entrepreneur had calculated that each small crypto mine hosting 1,000 rigs should be able to generate 1 million yuan (approximately $150,000) in profits each year after expenses. At present, Li Yang owns 5 mines.

Sichuan as Global Hydropower Capital

According to Jeimian, Sichuan is home to the most abundant hydropower worldwide, with “20 hydropower stations [located] in the Lancang River Basin. During the peak of the wet season, the media outlet estimates that “the cost of electricity in Sichuan can be as low as 0.08 yuan” – less than one-third of the price of thermal power in the region.

An anonymous mine operator from Chengdu attested that “Electricity is directly pulled from the hydropower station,” adding that “The hydropower station over there has too much electricity, and it can’t be used.”

Sichuan is estimated to be home to approximately 600 medium and large sized cryptocurrency mines hosting more than 2,000 machines each.

Do you think that the devastation caused by the recent Sichuan floods will lead to more miners spreading their operations across multiple locations? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Post-Flood Reflections Reveal Insights Into Lives of Sichuan Miners appeared first on Bitcoin News.

Omni Layer Fork Called ‘Wormhole’ Debuts for Bitcoin Cash

Omni Layer Fork Called 'Wormhole' Debuts for Bitcoin Cash

According to a report on the social media platform Yours.org, software developers associated with the mining giant Bitmain plan on launching a smart contract protocol for the Bitcoin Cash (BCH) network. The project called ‘Wormhole’ will utilize the increased data-carrier-size and OP_Return transactions alongside a protocol based on the Omni Layer project.

Also read: Group or Tokeda? A Look at the BCH Color Coin Debate

Bitmain Developers Debut the Omni Layer-Forked Wormhole Protocol for Bitcoin Cash

Omni Layer Fork Called 'Wormhole' Debuts for Bitcoin Cash On July 16 a report written on the platform Yours.org detailed that Bitmain developers are in the midst of creating a smart contract system for the Bitcoin Cash (BCH) network. The article written by the China-based, Cindy Daily, explained that Bitmain programmers introduced a token proposal called “Wormhole” in Chinese Wechat groups on Monday. The reporter explained that her news was roughly translated and said that Bitmain would officially reveal the concept in the coming days.

Within the Chinese Wechat conversations, the developers state that innovation requires a “permissionless community” and they have been studying ways to implement smart contract solutions on the BCH chain without utilizing a consensus upgrade.  

“After tremendous research effort, we have paid attention to the Omni Layer protocol, a scheme to realize token issuance through the OP_Return opcode — It is the technical basis for daily distribution and circulation of USDT (Tether),” explains the report.  

The Omni Layer runs on top of Bitcoin blockchain — Since the Omni Layer protocol uses the MIT license (open source), we forked the Omni Layer protocol and implemented the tech feature on Bitcoin Cash blockchain to achieve token issuance. We named this technical solution Wormhole protocol, and the original token in the protocol is named Wormhole Cash.

Omni Layer Fork Called 'Wormhole' Debuts for Bitcoin Cash

Two-Layer Security Approach

The reporter’s account also explains that Wormhole will utilize Bitcoind nodes and consensus will not need to be changed. Wormhole Cash (WHC) will use a two-layer security approach and the first layer will be BCH transaction security. The second layer run on Bitcoind will consist of nodes that won’t process data that doesn’t meet the Wormhole protocol requirements.

Another tokenization project news.Bitcoin.com reported on this past February is Counterparty Cash which is different from Omni layer but has similarities. It will be interesting to see an attempt to deploy a token creation mechanism for BCH alongside smart contract capabilities. A few members of the BCH community has been asking developers to create a fork of Omni Layer for quite some time now. Reportedly the Chinese-based mining firm will reveal the full details of this project soon.

What do you think about an Omni Layer-like idea for the Bitcoin Cash network and the Wormhole Cash currency? Let us know your thoughts on the Bitmain developer’s new idea in the comment section below.


Images via Shutterstock, and Cindy Daily. 


Want to get a few bits of BCH to test out this awesome technology check out our Bitcoin Cash Faucet today!

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Coinbase Additions, Enterprise Patents, and Massive Hacks: This Week in Crypto

Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this weeks edition of The Bitcoin Podcast by CCN on iTunes or wherever you get your podcasts. Price Watch: Bitcoin fell nearly 8% this week after jumping above $6,800 early this week. The market

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