Adel ICO will begin on May 1 – and be legally compliant

Since the public announcement of Adel on December 06, 2o16, the team behind has been working hard informing people about the project, getting mentions in the media, publishing whitepapers, and even shared their first two Project Proposals by the R&D team.

The Adelphoi token ICO was planned to be kicked off on March 1st, but today, in a press release, Adel’s press contact John McLeod broke the news that the Adel R&D Team has chosen to postpone it for 2 months to get time to first establish a proper legal structure for Adel.

This means that Adel may very well become the first legally compliant ICO. Distributed ledger technology is a new and dynamic sector that is evolving quickly. By establishing a limited liability company in the Isle of Man, along with AML/CTF compliance, Adel makes sure that the Adel community can maintain a secure and long-term viable incubator for blockchain technology innovation. Adel Ecosystem Ltd. will be able to protect both members and address future regulatory requirements as they are introduced.

To me, as potential investor, this is good news, worth a 2 months delay.
Others may disagree and can air their counter opinions in the comments field.

But, we all know it. If cryptocurrency technologies and blockchain ICO’s are to ever gain mainstream adoption, there’s no other way but to leave the grey zone behind, legally register, and comply with all regulatory and legal requirements including KYC/AML policies. I wish Adel good luck with that – many eyes will undoubtedly be on them.

I’m also sure that some hardcore anons and privacy advocates will refrain from investing in Adel due to this, and will stick to other more anonymous investment opportunities on the blockchain. For a project like Adel, this is the only right thing to do. Their mission and visions are simply too big to be accomplished in any other way.

Gabriel Dusil, Co-founder and board member of Adel:

Adel’s vision is to create a decentralized, self-regulated and self-sustaining macroeconomic ecosystem for blockchain innovation with a mission to be a global leader in community-based funding. Adel’s value is in the core principles of its ecosystem. This ecosystem promotes the use of blockchain technology, creating innovative solutions for various industries. By leveraging the expertise of the Board, R&D team, and its community members, Adel establishes a supportive and collaborative environment for state-of-the-art projects.

Travin Keith, member of Nxt Foundation, and Marketing Manager of Adel:

Adel is trying to solve the lack of a platform for blockchain projects that doesn’t just help with launching the project with funds, but also provides support and guidance throughout the whole life of a project. Adel also aims to actively engage its community members in the projects and can also connect the projects with VCs for further funding if necessary.

The Adelphoi token will be initially launched on Nxt’s Asset Exchange and it will act as the fuel for proper operation of Adel. Adel will work with other blockchain solutions as well if they are needed for the projects.


Adel Press Announcement

Adel establishes LLC in the Isle of Man

  • Adel establishes a transparent legal structure
  • One of the first ICOs to comply with Anti-Money Laundering and Counter-Terrorism Financing legislation (AML/CTF)
  • Preparation of the new legal structure will delay the ICO to 1st May

Adel, a community-powered startup incubator focusing on blockchain technology, (https://www.adelphoi.io/) has decided to create a separate limited liability company called Adel Ecosystem Ltd. in the Isle of Man in order to establish a clear legal structure for Adel Services and the Adel community. The decision was made to set up a clear legal and tax regime in connection with crowdfunding that will fuel blockchain innovation.

The new legal entity will be registered as a designated business with the Isle of Man Financial Services Authority. As such, the entity will follow AML/CTF rules stemming from the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015. Part of its compliance will include the implementation of customer due diligence, also known as the Know Your Customer (KYC) process. Therefore, participants in crowdfunding will have their contributions protected from any fraudulent activities by anonymous investors.

Gabriel Dusil, Co-Founder and Board member at Adel: We are very excited to be the first ICO to comply with Anti-Money Laundering and Counter-Terrorism Financing regulations. As distributed ledger technology becomes more accepted by mainstream investors, we hope the legal structure and protection offered by Adel will act as a template for future ICOs. It is our top priority to protect the contributions of our members, protect our staff, and establish a strong brand.

Gabriel further adds: These are positive steps towards maintaining a long-term and stable incubator for blockchain technology, and for legitimizing our ecosystem. Our stance on regulatory compliance will also open our ICO to a much wider audience of interested contributors.

Media Contact:

John McLeod
Founder, JEA Associates Ltd
Tel: +44 7886920436

jeaassociates.com/

▲ Adel is a global cryptocurrency community that is self-regulated, self-sustained, and offers its own economic ecosystem as a community-powered startup incubator via the Adelphoi token. Our community focuses on creating, developing, and implementing use cases involving blockchain technology that covers a wide range of digital and physical industries.

▲ Creating Opportunities for Blockchain Innovation.

The regulatory process: if you’re not at the table, you’re on the menu

On 22 April 2015 The European Securities and Markets Authority (‘ESMA’)1, the equivalent of the US Securities and Exchange Commission, issued a call for evidence regarding ‘Investment using virtual currency or distributed ledger technology’.

Nxt is the example of the digital currency platform ESMA used in its ‘call for evidence’ to illustrate how distributed ledger technology works.

ESMA has now published the 18 responses it received, only two of which were made on behalf of cryptocurrencies: Nxt and FIMK (which is based on the Nxt blockchain). No response was made on behalf of Bitcoin, although one was made in support of it by an exchange called Paymium.

No response to the ESMA call for evidence was made on behalf of (or even in support of) Ethereum, Counterparty, MaidSafe etc.

One can of course understand the lack of engagement on the part of the majority of cryptocurrencies (being, as they mostly are, opportunistic Bitcoin clones), but for Bitcoin itself and other serious players such as those mentioned above not to have responded is surprising.

The cryptocurrency industry needs to fully engage in the regulatory process to make sure that the potential for independent, genuinely decentralised, blockchain technology to democratize financial power is not compromised by a failure to challenge incompleteness or other inaccuracy in the information relied on by regulators.

Some examples of incompleteness and other inaccuracies can be found in the following extract of the ESMA response from Intesa Sanpaolo (a banking group based in Italy):

“We would like to point out that, unlike Bitcoin’s Proof of Work method (which, as stated in O1, we regard as the only effective one, at least at the moment, because of the computational power dedicated to it), other decentralized double-spending prevention algorithms, like NXT’s Proof of Stake (PoS) presented in paragraph n.17, are still not validated from both a theoretical and an empirical point of view:

○ There is an ongoing debate over the “Nothing at Stake” problem affecting every system which doesn’t use any consumption of resources external to the system for the validation;

○ Every single existing PoS scheme, NXT included, is actually relying on some kind of centralization in validation checkpoints, in “currency” ownership or in nodes distribution.”

It would not of course be reasonable to expect a mainstream commercial banking group to argue in favour of a genuinely independent decentralised financial ecosystem.

Rather, it is for the proponents of that technology to correct any inaccuracies and supply any omissions in how others (doubtless unintentionally) represent it, but to do that they need to get involved in the consultation process.

Thus, by way of correcting certain inaccuracies and otherwise filling in the gaps, we shall deal with each of Intesa’s three claims in turn.

Intesa Sanpaolo claims that Bitcoin’s Proof of Work (PoW) method has been empirically and theoretically validated and that Nxt’s Proof of Stake (PoS) method has not.

Theoretically, the PoW and PoS consensus mechanisms are neither better nor worse than each other, merely different. For a description of Nxt’s Proof of Stake model, see pages 5/6 of Nxt’s Response to ESMA.

As regards, the respective theoretical formalizations of PoW and PoS, the following points should be noted:

PoW formalization

The initial Satoshi Nakamoto paper (Bitcoin: A Peer-to-Peer Electronic Cash System) only investigated the consensus algorithm security against private branch attack.

Since then other potential attack vectors, for example selfish mining, have been discovered.

The selfish mining strategy provides unfair profit for the 33+% adversary and that’s dangerous in the long-term, but not critical for consensus itself.

Most recently, in November 2014, the formal model (of a more or less appropriate quality) was published: The Bitcoin Backbone Protocol: Analysis and Applications.

PoS formalization

Whilst Proof-of-Stake formalization is currently still behind that of PoW it’s now developing faster than PoW’s formalization and therefore catching up quickly.

The first implementations of pure PoS appeared in the second half of 2013, with the first investigations started in the first half of 2014 (Math of Nxt Forging by mthcl) following which Consensus Research made simulations2 and wrote articles3 about the few types of known attacks.

Consensus Research are currently in the process of discussing deeper formalization with colleagues from mathematics and theoretical computer science.

Turning next to Intesa Sanpaolo’s claim that Bitcoin’s PoW method has been “empirically validated” and that Nxt’s PoS method has not.

We assume “empirically validated”, as applied to Bitcoin’s PoW and Nxt’s PoS technologies, is intended to mean: proven to work in practice in accordance with their objectives.

Since both technologies demonstrably do work in practice in accordance with their objectives, at least up until now, they can therefore both be said to have been empirically validated: Bitcoin as a payment system and Nxt as a financial ecosystem which includes a payment system (see: Nxt Core Features, as described on pages 15/16 of Nxt’s response to ESMA).

But blockchain technology in general is still in its infancy and faces a number of significant practical challenges, including that of blockchain bloat and scalability – a problem which, at some stage, will have to be addressed and resolved (if they are to remain viable) by all blockchain technologies, including of course Nxt itself.

However, due to the large and (as currently anticipated) increasing number of transactions being processed through its network, Bitcoin now needs to address that problem as a matter of urgency and it is running out of time in which to do so.

According to Bitcoin Foundation Chief Scientist Gavin Andresen speaking in an interview in June 2015, Bitcoin will be reaching its 1 MB block size limit “some time in the next 6 to 12 to 18 months….”. In the interview Mr Andresen goes on to warn of what could happen if the problem isn’t resolved.4

In an apparent attempt to force the pace as regards tackling the block size issue, a patch to the Bitcoin Core was released on August 4 and is now available to download here: https://bitcoinxt.software/

It remains to be seen whether the Bitcoin network as a whole will accept or reject what in effect is a hard fork or indeed whether the network will split, resulting in the creation of two versions of Bitcoin, thereby crashing the value of one, if not both.

What is certainly clear is that the Bitcoin XT debate (whether or not to replace the current hard-coded block size limit of 1mb with a patch that, amongst other things, supports larger blocks) has polarized opinion.5

And it is doing so for the reason explained in this article in The Wall Street Technologist:

“What we have here is an ideological schism in Bitcoin. Most people fail to realize that this is what the block debate is really about. On one hand you have folks who believe Bitcoin should be the new VISA system. They believe that Bitcoin should be able to handle all the transactions on planet earth, from everyone’s daily coffee purchase, to everyone’s house purchase, to how Google cars should be paid for their services.  On the other hand, you have those who believe Bitcoin’s core value is the fact that it is a hedge against fiat currencies, and by extension, governments (in the case they decide to infringe upon your liberties). Bitcoin CANNOT be both. It’s just not possible.”

Whilst, as already mentioned, the scalability problem is common to all blockchain technologies, the following empirically observed problems are exclusive to Bitcoin and should also be borne in mind when reassessing the accuracy of any claim that Bitcoin is empirically valid:

  • the inherent tendency of the underlying economics of the Bitcoin network to create a vicious circle whereby increasingly sophisticated mining rigs generate increased hash output resulting in increased difficulty which in turn drives the need for evermore powerful rigs thereby making it uneconomic for any but the biggest miners and pools to operate. The end result: increasing centralisation of mining power; i.e. a shrinking network of nodes, making it less secure.6
  • over-dependency on a few manufacturers of the prohibitively expensive ASIC mining equipment.
  • high energy consumption involved in miners competing for blocks to validate, making the process environmentally very unfriendly.

Intesa Sanpaolo claims that “there is an ongoing debate over the “Nothing at Stake” problem affecting every system which doesn’t use any consumption of resources external to the system for the validation.”

The unqualified use of the word “problem” might suggest to the uninformed reader that Nxt, as a PoS system, has actually been subjected to a Nothing-at-Stake attack. In fact, it has not.

Like Bitcoin’s PoW, the Nxt PoS consensus algorithm is a work in progress; the current state of thinking and research regarding any theoretical vulnerability to a N@S attack can be summarised as follows:

A. The first more or less formal definition (at least in the form of computer code) has been produced by Consensus Research:

PoS forging algorithms: multi-strategy forging and related security issues.

B. The number of possible forks grows exponentially over time. A Nothing-at-Stake attack could therefore only be made by a multi-branch forger contributing to N best forks and since it’s impossible to predict whether 2 forks will be within N best forks from the exponentially growing set for k confirmations (a significant imponderable), this attack vector is inherently unpredictable making it very difficult to enforce in theory, let alone in practice.

C. The correlation with stake size is still the open question but, contrary to what has been stated by Vitalik Buterin,7  it’s nearly impossible to attack a proof-of-stake currency with “1% stake even”.

D. A solution to make the PoS consensus algorithmically enforced (as in PoW) is theoretically possible.

E. The N@S simulation tool is published here: https://github.com/ConsensusResearch/MultiBranch  for people to carry out their own experiments. Unfortunately, there is not currently any easy-to-understand (i.e. non-technical) visualization of the non-feasibility of a Nothing-at-Stake attack.

In practice, the Nxt forging algorithm provides a defence against a Nothing-at-Stake attack in the form of what has been termed Transparent Forging (TF), the main feature of which is the ability to predict which account will generate the next block.

Other TF aspects of the Nxt forging algorithm are:

  • account balance having to be older than 1440 blocks;
  • the ability to lease account balance for forging;
  • requiring the forging account to have had its public key announced for 1440 blocks before being able to forge; and,
  • not accepting a forged block if its timestamp is more than 1 second after the predicted time to forge.

Improvements to take effect in release 1.7 are a minimum effective balance requirement of 1000 NXT for an account to be eligible to forge, and preventing very long blocks by an improved base target adjustment algorithm.

Elements of the TF concept which have not yet been implemented include: achieving higher transaction processing speeds by sending transactions directly to the node expected to generate the next block, and reducing the time interval between blocks based on the knowledge of the next few predicted block generator accounts.

Further protection against any ‘Nothing at Stake’ attack can be achieved by temporarily reducing to zero the forging power of accounts which should have generated a block but skipped their turn.

At present though, the currently implemented components of TF are considered sufficient to protect against such an attack.

Those TF elements mentioned above which are designed to increase the possible transaction throughput will only be implemented once the need for it appears, and certainly not until blockchain pruning has first been implemented.

Intesa Sanpaolo claims that “Every single existing PoS scheme, NXT included, is actually relying on some kind of centralization in validation checkpoints, in “currency” ownership or in nodes distribution.”

At their current level of technological development, no blockchain (arguably Bitcoin least of all) is 100% decentralised.

Nxt validation checkpoints

The Nxt protocol includes a rolling checkpoint whereby any block submitted at a height more than 720 blocks behind the current block height is automatically rejected. This in effect limits chain reorganization to the most recent 720 blocks.

The Nxt protocol also includes some hard-coded checkpoints (e.g. at Block 333,000). Their purpose is to prevent any possibility of a so-called “history rewriting attack” in which somebody buys redundant early stakeholder accounts in order to try to build a complete alternative blockchain.

Another reason for the hard-coded checkpoints is performance optimization, specifically: improved blockchain download speeds for peers downloading the blockchain from scratch, the improved speed being due to the fact that they don’t need to check with multiple peers in respect of the blockchain before the latest hard-coded checkpoint whether or not the current fork they are on is the best one.

Most importantly, such hard-coded checkpoints are only added at blocks more than 720 blocks before the current (at the time of adding the checkpoint) last block. At this point, the consensus has already been reached and set in stone by the rolling 720 block checkpoint limit, therefore the hardcoded checkpoint does not influence the decentralized consensus.

Whether or not these validation features can be regarded as  “centralised” is debatable and in any case neither are critically needed for blockchain survival.

Bitcoin, of course, has its own hard-coded checkpoints (see further: https://github.com/bitcoin/bitcoin/blob/master/src/chainparams.cpp )

Nxt currency ownership and node distribution

Nxt does not rely, as a matter of technical design, on centralisation of currency ownership or node distribution and the authors of this article are unaware of any PoS model (or indeed any other blockchain consensus mechanism) that does.

Proof-of-stake must have a way of defining the next valid block in any blockchain. Selection by account balance would result in (undesirable) centralization, as the single richest member would have a permanent advantage. Instead, several different methods of selection have been devised.

Randomized Block Selection

Nxt uses a pseudo-random algorithm to predict the next block generator i.e. forger, by calculating a hash value which should be lower than a target value using the combination of the account stake, time since last block, signature of the previous block and the forger account public key. Since all these parameters are publicly available, each node can predict, with reasonable accuracy which account will forge the next block.

It might be that what Intesa Sanpaolo meant to say in its ESMA response was that in certain PoS models a relatively small number of accounts are in practice currently responsible for the majority of the work of validating blocks and earning the transaction fees for doing so.

In the case of Nxt the original distribution of the currency was made to the 73 subscribers who participated at the start and as a continuing, albeit slowly improving, legacy effect of that relatively small distribution, it is true to say that a large percentage of the Nxt currency has been owned by a relatively small number of account-holders.

Nxt critics have long sought to portray this as an inherent irremediable weakness of the system. It is not and over time, as more people get involved in Nxt, the number of accounts will continue to increase and ownership become more diffuse.

In the meantime, having a large percentage of the currency concentrated in a relatively few hands has had some advantages for the system, not least of which is the relative absence of speculative manipulation (i.e. pump and dump) and the funding of development and marketing that would not have happened but for the generous bounties made available by large Nxt account holders.

Meanwhile, Proof of Stake blockchain technology, of which Nxt is the leading example, continues to innovate and improve.

The features planned for the next hard fork (Release 1.7) are coin shuffling, account control for phased transactions (whereby an account is only allowed to submit phased transactions that require the approval of one or more other accounts), more stable block times and various usability enhancements. A security enhancement, 2FA using hash chains, will be added in Release 1.8.

Nxt core developers will also be adding features that make it easier to use the platform in regulated financial environments, for example “account properties” which can be used to endorse accounts as having been verified or authorized by third parties (to be implemented in Release 1.7) and “controllable assets”, designed to satisfy legal requirements that only authorized accounts can purchase certain types of asset (planned for Release 1.8).

Update: Since this article was published, a new version of The Nxt NRS client software has been released: NRS v.1.7.0e

This is an experimental release for testing only. Source code is not provided.

—————————

Acknowledgments

Many thanks to kushti, Jean-Luc, Riker, mthcl and ChuckOne who all reviewed and variously commented on and contributed wording to the article.

re-esma-nxt-cryptocurrency

Footnotes

1. ESMA states on its website that it:

‘…is interested in how different virtual currencies and the associated blockchain, or distributed ledger, can be used in investments. There are now facilities available to use the blockchain infrastructure as a means of issuing, transacting in and transferring ownership of securities in a way that bypasses the traditional infrastructure for public offer and issuance of securities, trading venues like exchanges and central securities depositaries or other typical means of recording ownership. ESMA would like to find out more about these market developments and in particular to know to what extent the use of the blockchain could enter the financial mainstream, and how it could be used.’

2. https://github.com/ConsensusResearch/ForgingSimulation.

3. https://github.com/ConsensusResearch/articles-papers.

Kushti is currently discussing joint papers possibilities with colleagues and preparing a paper to be published in a peer-reviewed journal.

4. In the interview (at 6:43 mins), Bitcoin Foundation Chief Scientist Mr Andresen, who has a less apocalyptic vision than his colleague Mike Hearn as to what might happen to Bitcoin in a worst case scenario, nevertheless warns that:

“…people will just stop sending transactions if they notice that their transactions are not getting confirmed in a day or two or three or a week. The nature of transaction confirmation and the nature of how blocks are found softens that a little bit so every once in a while we’ll get a period of time when transactions really pile up because blocks are found more slowly than normal and every once in a while we’ll have a period of time where lots of transactions get confirmed because we’re finding lots of blocks.

It’s just the nature of the randomness of mining that we get this natural variation in how many transactions are confirmed in any given period of time and so I think that that natural variation plus people react so if you’re sending transactions with very low fees that aren’t getting confirmed well then you’ll bump up your fees if you can and if you can’t bump up your fees because transactions get more expensive then you find some alternative and that alternative may be: well I won’t use Bitcoin, I’ll find some other way of doing what I want to do.

So I don’t think we’ll have a crash. It won’t be a disaster. I think what we will see is people turning away from Bitcoin and using other things and I think we’ll see transaction fees rising. Both of these things I think are bad.”

5. Bitcoin XT vs Core, Blocksize limit, the schism that divides us all.

“The news recently is all abuzz about the Gavin Andresen and Mike Hearn’s fork of Bitcoin called Bitcoin XT.  For the first time in the history of Bitcoin, its very existence has been put into peril by way of what is termed a ‘Hard Fork’ of the protocol.  I have watched the situation develop, and I feel that I must comment on this topic as the amount of FUD coming from both sides of the camps is reaching alarming levels, and frankly I think this is hurting Bitcoin.”

As at 24 November 2015, there were 410 Bitcoin XT nodes (supporting bigger blocks) out of a total of 5018 nodes in the Bitcoin network. Source: http://www.xtnodes.com/ Accessed 24.11.2015.

6. “As a Proof of Work network becomes stronger, there is less incentive for an individual peer to support the network, because their potential reward is split among a greater number of peers. In search of profitability, miners keep adding resources in the form of specialized, proprietary hardware that requires significant capital investment and high ongoing energy demands. As time progresses, the network becomes more and more centralized as smaller peers (those who can do less work) drop out or combine their resources into pools.”

http://wiki.nxtcrypto.org/wiki/Whitepaper:Nxt#Proof_of_Stake_Attacks.

See also:

“The risk is that the trend will claim too much obsolete hardware and put many miners out of business, resulting in even more centralisation and fewer incentives to invest in the mining space.” http://www.coindesk.com/bitcoin-mining-can-longer-ignore-moores-law/

And:

“The problem is that there is little incentive to run a node anymore. That’s because powerful machines built specifically for bitcoin’s SHA-256 proof-of-work algorithm have changed its decentralized and more open nature.” http://www.coindesk.com/five-biggest-threats-facing-bitcoin/

7. Vitalik Buterin is one of the original authors of a cryptocurrency platform called Ethereum. A version of Ethereum, called Serenity, currently in development “…is meant to move from consensus through Proof-of-work to Proof-of-Stake.”

The “Nothing at Stake” attack is described by Vitalik Buterin here:

“However, this algorithm has one important flaw: there is ”nothing at stake”. In the event of a fork, whether the fork is accidental or a malicious attempt to rewrite history and reverse a transaction, the optimal strategy for any miner is to mine on every chain, so that the miner gets their reward no matter which fork wins. Thus, assuming a large number of economically interested miners, an attacker may be able to send a transaction in exchange for some digital good (usually another cryptocurrency), receive the good, then start a fork of the blockchain from one block behind the transaction and send the money to themselves instead, and even with 1% of the total stake the attacker’s fork would win because everyone else is mining on both.” Extract from Proof of Stake: How I Learned to Love Weak Subjectivity

In the following two papers, the authors also seek to prove the feasibility of a “Nothing at Stake” attack

It Will Cost You Nothing to ‘Kill’ a Proof-of-Stake Crypto-Currency     Nicolas Houy, University of Lyon, January 2014.

On Stake and Consensus, Andrew Polesta, March 2015

By contrast, here’s a detailed description, written in layman’s terms, on the practical impossibility of N@S attack by JordanLee

http://www.peercointalk.org/index.php?topic=2976.msg27303#msg27303

Discussion threads regarding the theoretical possibility of a Nothing-at-Stake attack include:

BitCoin Talk: Nothing-at-Stake & Long Range Attack on Proof-of-Stake (Consensus Research).

Nxt Forum: The Paper on Long-Range attack & Nothing-at-Stake.

NXT Sub-Forum: Consensus Research.

The Sound Key – helping you stay financially sound!

Whatever method of storing and transferring monetary value you use (cash and cheques; digital fiat money or cryptocurrency) there will always be someone trying to steal from you. How to stop them succeeding is a constant battle and each technology has its particular inherent vulnerability or vulnerabilities.

In the case of cryptocurrency, or more specifically the blockchain technology on which it is based, one such vulnerability has, until now, been how the “private key” is stored.

The private (or secret) key is a sort of password that is used to digitally sign transactions that are then entered onto the blockchain. If a private key gets stolen, the thief can sign on behalf of the original owner and post irreversible transactions in the blockchain in his own favour.

No matter how securely you store your private key on your computer or smartphone, it always has to be exposed in the device’s memory when it’s used (to digitally sign something). That’s the inherent vulnerability and it just takes a virus with some malware or spyware to sniff the memory at the right moment, and the damage is done.

This is where the Sound Key comes in. It is a device, very similar to banks’ OTP devices, to store your private key outside your computer or smartphone’s memory, and to digitally sign documents or blockchain transactions offline and therefore safely.

How the Sound Key works:

  • The Sound Key connects to computers or cellphones through the headset port.
  • The transaction data, as yet unsigned, are sent to the Sound Key via the audio port on your computer or smartphone.
  • Having verified that the unsigned data in the Sound Key display is correct, type your password in the device to safely digitally sign the transaction.
  • That’s it. Your transaction is signed, sealed, and ready to be delivered.
  • The Sound Key will then transmit the signature back to your device through the audio or speaker port.
  • At no stage does your secret key ever leave its safe place inside the Sound Key.

It’s anticipated that within a few years this kind of device will become widespread and popularly regarded as a necessity.

The Sound Key is currently a prototype, and we want to bring you the best of what it can do. We are therefore working not only on the device itself, but also on the accompanying software development kit, to be backed by good customer support, so that innovators and users alike can benefit from it as much as possible.

10 Reasons to support the Sound Key:

  • It’s the first device of its kind.
  • It’s backed by private investors, so even if we don’t reach our pre-order goal, you will get your Sound Key when we start shipping.
  • You can brand it with your own logo thanks to our whitebox option (minimum order applies).
  • It comes with a development kit, to integrate its features into any app and website!
  • It can be used with any cryptocurrency and other digital signatures (more signature algorithms will be implemented with time).
  • It can encrypt and decrypt any kind of data (size limit applies based on model).
  • It keeps your private key physically out of reach of malicious programs and people, as it NEVER leaves the device (the signature and encryption/decryption take place IN the device).
  • The top model of the Sound Key can encrypt voice messages, without supplementary software, to be decrypted by a specific public key, and thanks to the audio connections, the encrypted messages can be sent via email, IM, or other apps.
  • It can be used to identify users on websites or over the phone.
  • Oh, and it talks 🙂

If you want to see this idea come to life, come and give us a hand with our crowdfunding campaign.

——————

You can learn more about the Sound Key project at: www.TheSoundKey.com.

And here!

Like us on Facebook.

Follow us on Twitter.

Launch of NXTinfo.org

Launch of NXTinfo

We are happy to announce the official launch of NXTinfo.org version 1.

NXTinfo provides a number of crucial services for NXT Asset Exchange traders and investors, including an average price calculator, a performance calculator and an asset evaluator. The latter two services  are linked to our ‘historic Nxt dividend database’ which should certainly help to guarantee added value for users of our ecosystem.

To attract newcomers to the site, we will also be hosting a NXT faucet.

Who are we?

Dee22: a member of the Nxt community since July 2015 and responsible for the server infrastructure and the (further) development of the website.

KarlKarlsson: a long-time member of the Nxt community, is in charge of the business management and PR.

More about our tools

We aim to provide you with the toolkit you need to become an asset expert. Our first version includes the following, already mentioned, services:

Average Price Calculator: Compute the average price at which you have traded an asset. This feature is needed when a position has been accumulated or sold over successive trading periods and has therefore been traded at different prices.

Performance Calculator: Calculate the exact return you made with a certain asset. What makes our calculator unique is the fact that it includes dividend payments in the computation. We are aiming to include as many dividend-paying assets and their respective payouts into our database as possible.

Asset Evaluator: Compare different assets with each other based on multiple parameters. Be it the dividend periodicity, the dividend return or the trading volume. At the time of launch, this feature is in its most basic form and will be further developed based on community feedback and our own vision.

Nxt Faucet: The Nxt community is missing a faucet, which is why we have included one in NXTinfo. Get yourself some NXT (4 NXT per payout) and use it to get started with Nxt or to simply pay your Nxt transactions. Note that currently each e-mail address is only eligible for one payout.

Plans for the next version

We already have plans for the next release of NXTinfo with new tools, for instance a Nxt portfolio tracker with which you can follow your assets and their respective performance, again including dividend payments.

In the meantime however we will be working to further develop the current tools and their usability based on feedback from the community.

Donations

We are always happy to receive donations, not only as appreciation for our work, but to also make NXTinfo a better service. If you wish to donate, there are two possibilities:

  • Support our Nxt faucet (NXT-7YPL-9SRG-7BYX-GHBV9) by donating directly to it!
  • Help us to finance our server/hosting expenditures or just as an appreciation for our work by donating to NXTinfo (NXT-3FV3-LS6S-WFTF-H6S2Y)

Advertise on NXTinfo

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NXT to power a full economic ecosystem

nxt-nautuluscoin-greece-cryptocurrency

Today a press release from Nautiluscoin announces the launch of a full economic ecosystem, built on the Nxt blockchain. The launch event of the Drachmae Ecosystem will take place on September 26, 2015.  Furthermore, Brian Kelly Capital (BKCM LLC) will be making a seed investment in a new entity that will deploy this ecosystem globally, first targeting developing micro-economies in Latin America and Africa.

“We are pleased to announce that we have formally joined forces with the Drachmae Project and have developed a full economic ecosystem for the island of Agistri”, Nautiluscoin writes. “This ecosystem includes a fully functional mobile banking system, a B2B ecommerce platform, and a travel-booking site, all fueled by Nautiluscoin. This ecosystem will be rolled out on the Greek island of Agistri on September 26, 2015.

We are providing the tools for the municipality and businesses of Agistri to investigate ways of generating new revenue via our blockchain-based ecosystem. Businesses will be able to save money via the B2B platform by connecting directly with suppliers, while at the same time offering discounts to travellers via the travel platform. Powered by Nautiluscoin, the ecosystem will offer efficiency and simplicity, providing tourists with a simple one-stop shop for all aspects of booking a holiday.

We are focused on the end users of the currency – the businesses, citizens and visitors – this is our community. This proof of concept will illustrate how digital currencies and blockchain technology can benefit a community. To that end, the communtity in Agistri will be actively involved in the project and will share ownership and revenue from the Drachmae Project.

The mission of the Nautiluscoin project is to use digital currency and blockchain technology to bring money into an economy. While digital currencies have been successful at providing a means to remove capital from an economy, few have successfully shown that adoption and use can drive economic growth – the Nautiluscoin project is about to change this.[sharing tagline=”” tagline_color=”” title=”” link=”http://test.nxter.org/?p=11118″ description=”” pinterest_image=”http://test.nxter.org/wp-content/uploads/2015/09/nxt-nautuluscoin-greece-cryptocurrency.png” icons_boxed=”” icons_boxed_radius=”4px” box_colors=”” icon_colors=”” tooltip_placement=”” backgroundcolor=”” class=”” id=””][/sharing]

 

Coin Swap

The Drachmae Ecosystem has been built using the NXT Platform and Nautiluscoin will soon be swapped onto the NXT monetary system. We have chosen NXT because of its superior technical capabilities, security and community support. The business orientation of the NXT community will be the foundation on which we build our ecosystem.

The NXT Foundation will be assisting with the coin swap that will commence on September 18, 2015. We will post the coin swap instructions on Bitcoin Talk on Wednesday, September 16, 2015 and the offical commencement will be announced via Nautilsucoin’s Twitter account.

The NXT Foundation will also be assisting with the structure and the operation of the Nautiluscoin community, which includes the businesses and citizens of Agistri who wish to join the project. This project would not have been possible without the expertise and support of the NXT Foundation. The NXT team and Foundation have been integral to realizing this opportunity to utilise the power of blockchain technology.

The Launch Event

The September 26, 2015 launch of the Drachmae Ecosystem will include a community barbecue where the Nautiluscoin airdrop will formally take place. Each citizen that attends will be given €100worth of Nautiluscoin to spend at the barbecue and local businesses. As well, members of the press will be given €100 worth of Nautiluscoin.

We will also be hosting a Hackathon event for developers to explore our blockchain ecosystem and create apps. We encourage anyone with an interest in blockchain technology to develop apps that can solve real world problems for the community. We will be hosting up to 40 developers to join in this first of its kind Hackathon in Greece. We are also extending an open invitation to companies and government organisations to visit and observe the event.

The launch event will be capped off with a televised fashion show featuring professional models wearing GetNauti gear. We have hired a camera crew to be on island for the launch event to capture this historic moment. This fashion show is a pre-shooting for the Athena Model TV Show that will be hosted on Agistri in 2016.

We are excited to bring this revolutionary technology to Agistri and are grateful for the foresight of the Mayor, local businesses and citizens. This will be the first time an entire economic ecosystem has been experimented and deployed and we are looking forward to this historic event.

Brian Kelly Capital Investment

The ecosystem that will be deployed is both scalable and efficient, making it suitable for multiple use cases. In parallel with the Drachmae launch on Agistri, Brian Kelly Capital (BKCM LLC) will be making a seed investment in a new entity that will deploy this ecosystem globally. The new entity will license and implement new blockchain based economic ecosystems similar to the Drachmae Project. Currently, the entity anticipates targeting developing micro-economies in Latin America and Africa.

Commenting on the investment, Brian Kelly said, “With this technology we can deploy a fully functioning economic ecosystem which includes a banking system, a commerce platform and a currency. We are excited to be a part of this revolution.”

The new entity will be focused on deploying this technology to other countries, municipalities or organizations that need a fully functioning micro-economy.”

Also read: Nxt – the economy platform for everybody

Cryptoasset.fund Launch: 12.00 GMT, 15 Sept.

cryptoasset

Coinomat (the instant cryptocurrency exchange, Nxt asset issuer, SuperNET service partner and Bitcoin Foundation Member) has just released its Cryptoasset.fund asset on the Nxt Asset Exchange. The asset is to be made available via a Dutch auction.

Cryptoasset.fund is the first “classical” venture fund to be launched on the Nxt platform. Inspired in part by innovative jl777’s SuperNET asset, which itself is a revolutionary asset both in the technology it represents and in helping to lead the way in launching investment funds on the Nxt platform, Cryptoasset.fund is focused on investing in projects which are close to the Coinomat.com team, and also any other promising cryptocurrency projects.

The launch of Ethereum is further evidence of segmentation taking place in the crypto economy. It’s now clear that in order to survive and prosper cryptocurrencies must focus on what they do best. In the case of Nxt, of course, this is decentralized crowdfunding on the asset exchange. One of the fund’s future projects will be the creation of a fully-compliant crowdfunding platform based on blockchain-issued assets which we hope will help make NXT platform the go-to place for decentralized crowdfunding.

At its launch cryptoasset.fund will hold shares in several assets in which the Coinomat team is involved, including Coinomat.com, MMNXT.com and EIX.fund, which will make the Net Asset Value of the fund around 3 million NXT. During the coming months several new projects will be launched with cryptoasset.fund participation, including:

forkpay.net – a merchant platform and plug-in for e-shops that wish to accept cryptocurrencies in addition to Bitcoin. Based on the Coinomat API it offers a way to accept all Coinomat supported e-currencies in one interface. The service will charge a transaction fee, from which it will derive its revenue.

bitnames.io – Blockchain-based domain names. We believe that blockchain technology should become the cornerstone of the DNS industry. Bitnames.io is going to provide an easy way to register and manage .bit, .nxt and other domains on various blockchains, and offer custom DNS servers and browser plugins to resolve them.

morze.us – secure communication for open channels. A messaging application with integrated value transfer, based on the Coinomat API. On top of the messaging app which enables encryption of any web-traffic (email, facebook, any other social networks) Morzeus software will allow the creation, transfer and redemption of BTC and fiat denominated vouchers.

cryptojoin.com – social network for cryptocommunity with integrated reputation system and escrow service.

The range of the projects is diverse: we will not simply be focusing on stand-alone applications of Blockchain technology, but instead aim to start projects which are in synergy with each other. For example, all payment transactions in all the fund’s projects will be realized using Coinomat’s API. Several other projects are currently being discussed; we plan to launch 6 to 7 projects within the next year.

The Cryptoasset.fund ICO is planned for 12.00 GMT, September 15, 2015. Currently it is possible to place bids to secure a share in cryptoassets.fund.

Asset ID at Asset Exchange: 5562590132594876791.

ICO minimum price is 10 NXT. If the total bid amount exceeds the number of available shares the sell price will increase.

The initial portfolio has been transferred to the issuing account and can be seen in the blockchain (Nxt acct ID NXT-Y8FL-UJCB-R25H-23BT2). It’s 240K Coinomat1, 90K MMBCD, 40K EIX ,700K MMNXT, upon which the Cryptoasset.fund will be built. It will provide the dividends for the shareholders right after the fund’s launch. Also more of the core fund assets will be bought from AE after launch.

UPDATE:

Coinomat writes,

New project in our portfolio is shylock.io! It is being launched together with Twinwinnerd who has extensive experience with p2p lending at Bitcointalk. This is going to be a fully automated crypto pawnshop, where you will be able to borrow funds providing crypto assets as collateral.

For example, you hold SuperNET asset and expect it to rise soon. You spot a promising new coin and want to invest in it, but have no BTC. You can get a collateralized loan, by depositing your SuperNET asset with shylock.io and receiving BTC in exchange. When, hopefully, you make profits with the coin you return the BTC with interest and get your SuperNET asset back. The monthly interest will be in the range of 3-5%, and that’s where the profits of the project will come from.

NXT is the best, we’ll do the rest!

This article is for general information and news purposes only. It does not take into account readers’ personal circumstances or investment objectives. As with any investment, readers should carry out their own due diligence research before making (or refraining from making) any investment decision.

PICISI to release Nxt MS currency ‘Pi’ on August 31st

picisi

Promising Crowdfunding Site Set To Release New Cryptocurrency August 31st

In an effort to raise startup funds to develop what promises to be an innovative crowdfunding site (PICISI.com), PICISI is launching a new cryptocurrency today to coincide with the start of their 15 day crowdfunding effort.

PICISI (Philanthropic Investments and Charity for Inventions, Startups, and Ideas) is a crowdfunding project that has been in development for a number of months.

Pi (PICISI issued currency) is the common name given to the cryptocurrency (currency code: NUMUS) PICISI created 4 months ago that is now ready to be released to the public.

Pi/NUMUS (Latin for currency) was created using the NXT Monetary System. NXT is one of a handful of highly advanced cryptocurrency platforms often referred to as ‘Bitcoin 2.0’ platforms.

Pi was designed to play an integral role in the long-term business development of PICISI in the following 3 specific ways: initially, like all national currencies, to raise startup funds; secondly to use in the day-to-day operations of PICISI; and finally to provide a funding resource for major capital expenditures, e.g. Money Services Business licenses for all 50 US states, which could amount to $1M.

PICISI’s mantra is ‘Promotion, Promotion, Promotion’ – this is primarily how Pi will enter the marketplace. Promotion Contractors are self-employed individuals from all around the world who do PICISI assignments. They are primarily writers, but also video producers, graphic artists, marketing professionals, and social media experts. Once registered, Promotion Contractors are able to work on various PICISI assignments to earn Pi.

Knowing that cryptocurrencies are notorious for being volatile investment instruments, PICISI plans to provide Pi with a level of stability by instituting a value adding ‘rebuy’ plan – as PICISI earns fiat, it rebuys Pi on the open market.

As a crowdfunding site PICISI expects to earn revenue primarily through fees charged to campaigns, and through various sponsorship opportunities. Under the rebuy plan, earnings in the form of fiat (USD, GBP, CAD, or any other national currency) will be used to buy Pi at public cryptocurrency exchanges. PICISI also indicates that if an official exchange sponsor is in place, all Pi purchases made by it will take place at that exchange.

PICISI sees Pi as an international currency that will fund global entrepreneurship; you can purchase Pi (currency code NUMUS) at the rate of 117.75 NXT per Pi here: https://nxtportal.org/currencies/1350076970661039300, or via any NXT wallet by clicking “Monetary System”, “Currencies”, “NUMUS”, and “Exchange”.

To learn more about Pi, contact PICISI at Pi@PICISI.com

———————-

This article is for general information and news purposes only. It does not take into account readers’ personal circumstances or investment objectives. As with any investment, readers should carry out their own due diligence research before making (or refraining from making) any investment decision.

FinTech Asia trend vote on the Nxt Blockchain

The 29th July was Demo Day for FinTech Startups in Singapore. The biggest event in Asia of its kind!

[fusion_youtube id=”-qa1fIQi_SY?” width=”” height=”” autoplay=”false” api_params=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=””][/fusion_youtube]

During the course of the day Roberto Capodieci of DeBuNe gave a number of presentations  and organised, through Open Trade Docs, a survey of the audience via the Nxt blockchain.

Survey Results:

Q. Which 2 areas should be next in FinTech?

A. Blockchain (25 votes) and Wealth Management (21 votes).

Q. What is missing in the FinTech ecosystems in South East Asia?

A. [Top 2 answers] Cultural change in large institutions to allow innovation (34 votes); improved regulatory frameworks (24 votes).

And here’s the most important result of all from the survey: the number of first time blockchain users (specifically Nxt blockchain users) in the world has increased!

Roberto writes:

As it would have been impossible on the day to have arranged for the participants each to have their own funded and activated Nxt accounts so that they could cast their vote using the Nxt voting system, we instead created a wrapper with a PHP application, and used a single account that sent the votes as messages to itself, and another app that counted the votes.

Users accessed the app either via mobile by scanning a QR code or simply by going to http://demoday.live.otdocs.com

It really wasn’t meant to demonstrate a secure method of voting, but rather to take people who had never used a blockchain before for a micro ride into this world, to trigger their curiosity and desire to learn, and maybe kill the “fear of the unknown” that stops so many from getting started with crypto platforms.

The results of the votes can be seen here: http://demoday.live.otdocs.com/#/results

And the last transactions (so people could see the votes recorded on the blockchain as they happened) are visible here: http://demoday.live.otdocs.com/#/transactions

FINtech.bootcamp.july2015

Fun fact supplied by m19 of Nxt Forum:

The guy in the front [2nd from left – click pic to enlarge] is Sajid Javid, Secretary of State for Business, Innovation and Skills from the UK.

Hopefully, Mr Javid will have attended one of Roberto’s presentations and learned for himself how the OTDocs system can remove the potential for international trade finance documentation to be misused in fraudulent schemes that cost businesses around the world billions every year.

……………………………………..

Further Information

‘OTDocs is a license fee free Open Source software tool that provides a platform for certification and compliance to online identities and documents as a mean to facilitate document management and process, respect privacy, and prevent international trade finance frauds.’

Press Kit

Newsletter

The Viral Exchange joins SuperNET

viral.exchange.large

The Viral Exchange (TVE), project-led by Killakem (founder of Fibre coin and also project leader of Blitz), has just been announced as a SuperNET official partner.

TVE enables users to promote their websites and social media presence whilst earning NXT, Bitcoin and Blitz for their social interactions on all the major social networks.

TVE is the first social exchange platform that allows users to cash out points to digital currencies.

Killakem writes:

The Viral Exchange (TVE) is a next generation social exchange with the goal of monetising social network activity via the blockchain.

TVE is a free social exchange network which helps businesses increase their social network presence and drive users to their websites. The exchange system is very simple: every time a user likes, follows, or views another member’s social media page they receive Viral Points which can then be used to get more followers, likes, views or visitors to their own website or social media pages. The Viral Exchange is the first social exchange platform that allows users to cash out points to digital currencies. Users can earn Bitcoin, NXT and Blitz with their Facebook, Twitter, Google+, YouTube plus many more.

The Viral Exchange is now a SuperNET official partner! TVE will be helping to raise awareness of SuperNET inside and outside of crypto, while also providing free marketing on the platform and exposure through our press releases. TVE will also utilize InstantDEX for automated user withdrawals once its ready and we will be integrating SuperNETs innovative technology with TVE wherever possible.

Version 2 of TVE is currently in beta testing and 100 Blitz is being offered for every new bug found (cosmetic bugs not included).

To find out more, join the Bitalize channel on Slack.

TVE is being redeveloped from scratch, the new platform will utilize an MVC Architecture providing an extensive API. Moreover, the NXT Monetary system will be used as part of our Proof Of Reserve system, this will give users, marketers and asset holders complete visibility of the purchases and withdrawals on The Viral Exchange. Asset holders will not need to rely on the information we give them: all deposits and withdrawals will be publicly available on the blockchain.

[Source: TVE Business Plan]

Working closely with NXtInspect, TVE has recently relaunched its Nxt Asset. ID: 10848741160900045194.

The NxtHacks Hackathon 2015

NxtHacks

Fame and fortune awaits!

This is an all-comers challenge issued by Jones.

Using any programming language or library you like, can you build a fully functioning App using the Nxt API in just 48 hours?

To sign up for the competition and to join the NxtHacks’ mailing list: http://jnxt.org/nxthacks.

Nxt is the fastest developing, open source, second-generation cryptocurrency platform.

For a complete listing of all available Nxt API calls: http://jnxt.org:7876/test

To find out the latest news and views about the NxtHacks Hackathon and to contact Jones himself, join the #nxthacks channel on Supernet Slack

Competition Rules

1.   Entrants may use any programming language or library they wish (e.g. C, Javascript, Node.js, PhP, Python, Java) to build an App for whatever purpose using the Nxt Api.

2.   Entries will be judged by the Nxt community on:

 

  • Completeness (i.e. is the App fully functional?)
  • Style.
  • Usefulness.

3.   The App programming work should only take place between midnight Friday 31 July and midnight Sunday 2 August.

4.   Developers may submit as many entries as they wish but in practice, given the 48 hour time limit, it’s not expected that anyone will submit more than one…

5.   …especially since no team working is allowed – each App submitted must be the exclusive work of a developer working on their own!

Prizes

1st place: 40’000 NXT
2nd place: 20’000 NXT
3rd place: 10’000 NXT

And a place in Nxt history as the winners of the inaugural NxtHacks Hackathon!

———————-

Further information:

http://www.peerexplorer.com/

(‘PeerExplorer is your gateway for Nxt infrastructure. Be a part of building the world’s most advanced decentralised open-source platform. Feel free to use the API. Don’t know what Nxt is? Take a look here!‘)

http://www.thenxtwiki.org/wiki/For_Programmers

http://nxtinside.org/whats-nxt/

Nxt Source Code

BTCOR Group Investment

BTCOR  – Utilizing the NXT Monetary System and Asset Exchange to generate dividends on stored wealth and support SuperNET in alignment with a profit-for-change paradigm

BTCOR-nxt-asset-exchange

SuperNET, Cyberspace – BTCOR Group Investment, the first NXT asset to utilize NXT’s revolutionary Monetary System technology, has announced the members of its diversely talented and respected team and also its business plan, which details the asset’s complex structure and core principles.

A modified excerpt from the business plan https://www.btcor.co/btcor-group-investment/ :

BTCOR and its SERIES VENTURE wealth storage facilities allow for holding/storing value in the form of ASSETS, GOLD, SILVER, BITCOIN and the US DOLLAR.

BTCOR is the parent asset and is the simplest choice for investment. Funds received through sales of the BTCOR asset will be used to generate value for shareholders by investing primarily in SuperNET’s technology, core coins, and assets and by seizing any other opportunities the Executive Board may deem advantageous. Any dividends received by assets held in the BTCOR Treasury will be redistributed proportionately to BTCOR shareholders on a monthly basis.

The SERIES VENTURES https://www.btcor.co/btcor-assets/ are a group of assets subsidiary to BTCOR that provides storage of wealth for shareholders. As investors purchase shares in a SERIES VENTURE asset, the investment is converted into its respective class while maintaining the best available current exchange rate.

  • GDCAR is the investment vehicle for gold
  • BTCAR is the investment vehicle for bitcoin
  • SVCAR is the investment vehicle for silver
  • FIATX is the investment vehicle for US$

All of these balances are held in the BTCOR Treasury and represent the inherent wealth of BTCOR and SERIES VENTURE shareholders. The SERIES VENTURE portion of the Treasury is never used, transferred or manipulated in any way and these holdings remain stationary until shareholders vote otherwise.

Working alongside these wealth storage facilities are interest-generating vehicles fueled by profit-driven speculation.

We have deployed a number of vehicles that enable the speculator to make a speculative investment on the current markets of gold, silver, bitcoin, and foreign exchange (FOREX) using the NXT Monetary System.

A skilled Operator is responsible for trading with funds obtained monthly via the NXT Monetary System and makes puts and calls at the Operator’s sole discretion. The Operator is constantly under review by the Executive Board and subject to redundancy at any time. The Operator must have a minimum of one (1) BTC stake in each trading vehicle to ensure honest and well-planned trading is practiced.

Profits from these activities are distributed to BTCOR and SERIES VENTURE shareholders on a monthly basis. This dynamic provides an incentive to save via the SERIES VENTURE facilities, while limiting the exposure of the saver to the inherent risks.

BTCOR promotes a profit-for-change paradigm.

In the face of today’s economic, social, and environmental inequality, we at BTCOR believe it is imperative that revenue should not only lead to increased financial independence, but that it should also be used to promote access to truthful information, conscious acts of philanthropy and charity. By working smarter, not harder, we can leverage our funds to promote and embody the change we’d like to see in the world.

A certain percentage of monthly revenues are already being allocated towards a charity fund. As we grow and succeed, we will continue to implement projects and programs that function to manifest this paradigm.

The BTCOR team consists of thoughtfully appointed shareholders and community members that collectively represent the talents and abilities required of the Group’s Senior Executives and Executive Board, which oversee and manage BTCOR operations such that shareholder profit is maximized in adherence to the Group’s mission statement and core principles.

SENIOR EXECUTIVES

  • CEO – house
  • Chairman – eth
  • Secretary – mxxxxxx
  • Chief Systems Engineer – shack4
  • Finance Committee Chair – gambleh

EXECUTIVE BOARD

  • infinitechaos (Public Relations Committee Chair)
  • pnoch (Lead Developer)
  • futurist
  • damon
  • 3rdStryker
  • lootz
  • nippybrit

Detailed descriptions of the various roles and responsibilities required of each of the Executives as well as their asset allocation packages are available here https://www.btcor.co/btcor-team/

Of particular significance is the appointment of pnoch as Lead Developer. He is a very talented and respected developer who is already working with the Chief Systems Engineer to develop proprietary technology designed to enhance efficiency and transparency of BTCOR operations for its shareholders. The Lead Developer may also be tasked with creating or implementing advanced automated trading software designed to trade FOREX markets and maximize shareholder revenues.

For more information on the BTCOR Group Investment, please visit btcor.co, follow @BTCORsupport on Twitter, and join the #btcor channel at SuperNET Slack.

Tiptap Tipping NXT

NxtHaus, a London based NXT and Bitcoin wallet and exchange, has recently announced, what they call ‘one of the key applications in increasing the adoption of Nxt: TipTap.’

wetiptap-tip-NXT-on-twitter-reddit-slack

NxtHaus is a Nxt and Bitcoin wallet that makes it possible for you to safely store your coins in order to make them available to you at all times, anywhere on any device. In addition to that, you will be able to easily acquire Nxt and Bitcoin within 10 minutes with your Euros and Dollars.

There are several ways through which you can acquire Nxt or Bitcoin at NxtHaus. The simplest option is Sofort Banking which takes less than 10 minutes and directly connects with your Bank Account. The other option is a SEPA Wire Transfer to our Banking Connection which takes 24 – 48 hours. If you are in the right location you can also send an International Wire Transfer.

Tip NXT on social media

NxtHaus writes,

TipTap is a tipping application that makes it possible for you to tip anyone on social media and thus show your support, appreciation or even your affection to someone simply by tipping them. In the recent months tipping people on social media has become increasingly more important, and we at TipTap treat it as the single most powerful networking tool that drives attention. The best of all: The service is completely free of charge. Forever.

Unlike other tipping services, TipTap uses the Nxt blockchain to facilitate the tipping micro-transactions, thus it doesn’t rely on any centralized ledger. Currently TipTap is compatible with Reddit, Slack and Twitter; 3 of the largest and most used platforms today.

TipTap Tipping Contest

Tip NXT on Twitter, reddit or Slack – and win $235 each week

To get this moving, an official Tipping Fund of more than $2200 (200.000 NXT) is paying weekly prizes to tippers who join @ http://www.wetiptap.com and use the service to spread NXT:

Each week more than $235 (20.000 NXT) is paid out in 2 categories:

  • Most Tips (amounts) tipped this week
  • Most Tips (value) tipped this week

Additionally, $6 (500 Nxt) is paid to 20 randomly chosen users that have tipped in a given week. Making it a total of 30000 ($325) Nxt that can be claimed by Nxters each week!

Read more:
https://nxtforum.org/general-discussion/tiptap-tipping-contest-30000-nxt-in-weekly-prizes!-(plus-weekly-lottery)/msg183324/

Fiat is failing. Let ‘battle’ commence?

This is the first in a series of articles examining the problems of the fiat monetary system and comparing the various possible solutions, with particular reference to the 2nd generation cryptocurrency: Nxt.

———————

Cryptocurrency (which is a decentralised form of digital currency)1 has now reached such an advanced stage of technological development that it would be remarkable if there was a national government anywhere in the world that was still not yet paying it serious attention; at the same time, the debt based fiat monetary system, following the ‘global’ financial crisis of 2007/8,2 remains in a critical condition.3

What exactly the world’s financial and monetary systems will look like beyond the short time horizon of the foreseeable future is impossible to know but we can at least be sure that the powerful private vested interests (primarily the commercial banks) who support the fiat monetary system in its present form will seek to preserve it substantially unchanged as far as possible and for as long as possible (a subject which is discussed in more detail in the forthcoming second article in the series: ‘Is fiat a fraud? From false commodity to false economy’).

fiat-printing-nxt-crypto-currency

Has war been declared and, if so, where are the battle lines?

As yet there has been no internationally co-ordinated government level response to the disruptive potential of decentralised ledger technology (i.e. cryptocurrency 1.0 and 2.0),  although work is currently being carried out which will ultimately lead to a response at the European Union level specifically regarding investments.4

In the meantime there has, to date, been a number of responses from individual countries, either specifically in respect of bitcoin or otherwise regarding all forms of digital currency, including for example:

  • declaring the use of bitcoin as a parallel currency to be illegal (Russia).
  • (whilst allowing citizens to buy or sell bitcoins amongst themselves), banning the country’s banks from processing transactions involving bitcoin (China).
  • stating (or at least intimating) that they do not recognise digital currencies as legal tender and therefore do not regulate them (Ireland).
  • treating bitcoin as a commodity and banning its use as a currency (Japan).
  • treating bitcoin as a foreign currency and banning its exchange with the national currency (Iceland).
  • announcing the creation of a national digital currency and banning all others (Ecuador).
  • regulating digital currencies to the extent of requiring ‘digital currency businesses’ to comply with anti-money laundering laws (Isle of Man).5
  • announcing proposals to consult on how best to regulate digital currencies and in the meantime issuing guidance regarding their status/treatment for tax purposes (the US and UK).

So, whilst some governments apparently see digital currencies as constituting an immediate, existential threat to their financial and monetary systems (even their national sovereignty)6 others are for the time being more welcoming, at least as regards the potential for blockchain technology to confer a competitive advantage on their economies.7

Financial and monetary stability is, quite rightly, of paramount importance to governments but, despite the growing body of evidence to the contrary, they still regard that stability as best being achieved by the continuation of a debt based, fiat money creation and allocation system run by profit-maximising private banks, ostensibly subject to central bank control.

Happily, there are signs that this inter-governmental consensus may perhaps finally be starting to break down:

For more than half a century, Iceland has suffered from serious monetary problems including inflation, hyperinflation, devaluations, an asset bubble and ultimately the collapse of its banking sector in 2008.
Other countries have faced similar problems. Since 1970, bank crises have occurred 147 times in 114 countries causing serious reductions in output and increases in debt. Despite its frequent failures, the banking system has remained essentially unchanged and homogenous around the world….[a] necessary step toward monetary reform is to increase awareness of the drawbacks and risks of the present system and why reform is needed.
This report will hopefully serve as a useful source of information for the coming debate on the money creation process in Iceland and how it could be reformed to serve society better in the future.

Extract from the Preface to ‘Monetary Reform – a Better Monetary System for Iceland’ (March 2015)

The solution to the debt based fiat money problem being proposed for Iceland is the Sovereign Money System.8 How this potential solution, which is also being advocated by the Positive Money campaign, compares with Nxt will be discussed in the third article in the series (‘Comparing the potential of sovereign/positive money and Nxt to solve the debt-based fiat money problem’).

Regardless of the success or otherwise of the Positive Money campaign or the Icelandic initiative, the existing fiat monetary system looks set to continue, fundamentally unchanged, in the rest of the world indefinitely, thanks partly to the entrenched network effect that the existing system enjoys, partly to the commercial vested interest of the disproportionately powerful commercial banks9 and partly also to:

  • the collective bureaucratic inertia of the ‘four pillars’ of global economic governance (the International Monetary Fund,10 the World Bank, the World Trade Organization, the Financial Stability Board of the G2011) and of the Bank for International Settlement;
  • large parts of the financial press; and last, but by no means least,
  • mainstream economic theorists.12

To be as effective as possible in getting our message listened to with attention it’s not enough for cryptocurrency advocates only to refer to the fact that the current fiat monetary creation and allocation system leads to socially and economically damaging results and that it remains in a critical condition, we must also demonstrate that we understand why it does so (topics which are examined in more detail in the next article in the series: ‘Is fiat a fraud? From false commodity to false economy’).

Six years after the launch of blockchain technology (in the initial form of Bitcoin), the commercial banks are becoming increasingly aware of the competitive threat which this rapidly developing technology poses to their business.13

They understand that their long-established centralised system of financial networks based, as they are, on restricted access to the APIs14 on which they run is now being challenged by a rapidly developing and expanding decentralised system of financial networks based on open API access which, in effect, makes possible the democratisation of financial power worldwide.

The banks also understand that cryptocurrency technology does not just represent a competitive threat to their dominant position in the provision of financial services in general it also represents (at least in theory) an existential threat to their virtual monopoly position as money creators and allocators which came about purely as an accident of history.

It’s hardly surprising therefore that most of the major banks are now working on blockchain solutions/strategies albeit that, under the mantra of Bitcoin is bad, blockchain is good they seem to be currently focusing their attention on trying to adopt/adapt the capacity of bitcoin’s blockchain technology to store data and execute financial contracts without needing to use the reward mechanism of the bitcoin currency to secure the integrity of the ledger. Their objective appears to be the creation of a private, federated blockchain in which every hashing institution is known and trusted.

Whether that would work and, assuming it did, what effect, if any, it would have on the continuing development, implementation and rate of adoption of genuinely decentralised, trustless, mathematically secure, blockchain technologies, such as Nxt, remains to be seen.

Much more promising than private, federated blockchains (technologically speaking and also in terms of social utility) is the idea of hybrid systems that, in effect, bridge the gap between the banks’ existing infrastructure and blockchain technology. A prime example being 44 Phones’ hybrid cash and cryptocurrency platform15 which has been developed as a mobile banking application using the Nxt blockchain technology to deliver mobile money via SMS, mobile app and the web.

Systems such as these may well prove to be the salvation of the fiat monetary system which otherwise left to its own devices seems set to go that one step further than it did in 2007/8 and irretrievably implode.

In the meantime, many cryptocurrency enthusiasts appear to welcome the prospect of a mainstream financial collapse believing that it would clear the way for cryptocurrency to take its rightful place in the world.

In practice, though, it is much more likely that in the event of such a collapse national governments would take emergency powers 16 and impose a top down solution designed in collaboration with, and therefore favouring, the banking industry rather than adopting a solution from the genuinely free market, unless that solution had already achieved such widespread acceptance that public and commercial pressure to adopt it was irresistible (an unlikely scenario admittedly, but anything is possible).

Are we ready for war?

The short answer is no, we’re not. At least not one against a common enemy. Instead, the cryptocurrency industry appears to be engaged in its own permanent civil war. Have a quick read of some of the discussion threads on bitcointalk.org and it soon becomes obvious that many, perhaps most, people involved in cryptocurrency seem to regard the only enemy as being the developers, owners and promoters of any cryptocurrency they don’t currently own which is doing better than the ones they do.

Although some people do genuinely invest in cryptocurrency for the long term, most seem to be looking to make as much ‘fiat money’ as quickly as possible. Moreover, whilst all of us (long and short term investors alike) say that we welcome competition as a force for catalysing innovation and improvement, which it undoubtedly does, competition also inevitably has the effect of engaging our instincts for survival and dominance, hence the feeling of despair that some may feel when a crypto in which they decided not to invest suddenly increases significantly in value and then the feeling of relief if, as they had been fervently hoping, it subsequently collapses.

What we must always bear in mind however is that the cryptocurrency industry is still in its infancy and until the various (competing) blockchain technologies become established and their real value gets priced by the market, the price and purchasing power of their native currencies will continue to be subject to much greater potential volatility than that of fiat currencies. In the longer term, of course, the reverse may well eventually turn out be the case.

Can war be avoided?

Answer: it depends if you listen to your heart or your head.

Emotionally speaking, war is inevitable and the ‘enemy’ is either other cryptos or fiat money or both (including their respective providers, users, supporters and fellow travellers), depending on what your unmediated instinct for self-preservation tells you.

Strategically speaking, yes, war can be avoided as there shouldn’t, in reality, be any enemy to fight, at least not as far as cryptocurrency is concerned.

To acknowledge someone as an ‘enemy’ is to acknowledge that instead of merely competing with them one wants, if possible, to destroy them in a ‘zero-sum’ fight to the death where the winner takes all and the loser ceases to exist.

However, there seems little possibility of blockchain technology on its own destroying the fiat based monetary system and absolutely no advantage to be gained by claiming that it could.

Moreover, other cryptocurrencies aren’t the enemy either; no one single coin, not even Bitcoin itself, will be able to monopolize what will inevitably become an ever-expanding and diversifying market.

Every cryptocurrency that gains a foothold in the mainstream (in particular, it must be said, when one of those cryptos is part of SuperNET 17) will help to educate the wider population about the benefits of the technology, thereby opening up the market for cryptocurrency usage more generally.

In my opinion, the language of war is not the most appropriate category of discourse to use in the ongoing struggle to establish cryptocurrency. Instead we should be more inclined to use the language of diplomacy in recognition of the fact that whatever ‘best case’ scenarios we might imagine for cryptocurrency, the financial landscape in which cryptocurrencies will be operating in the future will, in the absence of a complete and irretrievable global financial collapse, almost certainly continue to be dominated by the existing debt based fiat monetary system.

It may even be that cryptocurrencies, by strengthening local economies and thereby building greater resilience into national economies and ultimately the global economy, will actually help the existing fiat monetary system to survive and traditional banks to continue in business.

Seen in that light, it would actually be in the banks’ own best interests to be more accommodating in their attitude towards independent cryptocurrencies and, for our part, perhaps we should be thinking of making a virtue out of the fact that cryptocurrency usage in the mainstream economy, if sufficiently widespread, could have the unintended consequence of actually bolstering the fiat monetary system.

The non-crypto, potential solutions to the fiat problem include:

  • a fundamental reform of the debt based fiat system as advocated by, for example, the positive money campaign, which argues that money creation should only be used in the public interest.
  • Abandonment of the debt based fiat system and a return to the gold standard.

In articles 4 to 6 in the series each of the above solutions is examined in turn and the case is made for why the blockchain based, financial platform known as Nxt is the better solution.

——————

Notes:

1. ‘Cryptocurrencies [which are a type of digital currency] typically feature decentralized control (as opposed to a centralized electronic money system, such as PayPal) and a public ledger (such as bitcoin’s block chain) which records transactions.’ http://en.wikipedia.org/wiki/Cryptocurrency

‘Cryptocurrencies are designed to be capable of replacing cash…No central power has arbitrary control over the money supply.’ https://bitcoinmagazine.com/15862/digital-vs-virtual-currencies/

cryptocurrency 1.0: decentralised, P2P, cryptographically secured, digital payment systems.

cryptocurrency 2.0: ‘…is the application of block chain or distributed ledger technology to things other than digital currency. The block chain offers the ability to facilitate decentralized ownership and store, transfer and process information in a decentralized, programmable way. Many consider that innovation to be the true value of this technology.’ http://www.coindesk.com/crypto-2-0-roundup-bitcoins-revolution-moves-beyond-currency/.

2. ‘While the housing and credit bubbles [the immediate causes of the financial crisis] were building, a series of factors caused the financial system to both expand and become increasingly fragile, a process called financialization.’ http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%9308

3. Is the debt based fiat monetary creation and allocation system sufficiently robust to be able to respond adequately to the ‘extraordinary’ demands that are being placed on it?

‘…extraordinary central bank action has become the new normal in the developed world. Faced with the twins threats of deflation and economic stagnation, monetary policymakers are reaching for their interest rate levers and digital money-printing tools in a bid to stave off recessions and debt deflationary dynamics.’ http://www.telegraph.co.uk/finance/economics/11378193/How-central-banks-have-lost-control-of-the-world.html

4. On 22 April 2015, The European Securities and Markets Authority (equivalent to the Securities and Exchange Commission in the US) issued a call for evidence regarding ‘Investment using virtual [sic] currency or distributed ledger technology’.

ESMA states on its website that it:

‘…is interested in how different virtual currencies and the associated blockchain, or distributed ledger, can be used in investments. There are now facilities available to use the blockchain infrastructure as a means of issuing, transacting in and transferring ownership of securities in a way that bypasses the traditional infrastructure for public offer and issuance of securities, trading venues like exchanges and central securities depositaries or other typical means of recording ownership. ESMA would like to find out more about these market developments and in particular to know to what extent the use of the blockchain could enter the financial mainstream, and how it could be used.’

Nxt is the example of the digital currency platform ESMA uses in its ‘call for evidence’ to illustrate how distributed ledger technology works.

The NXT Foundation will be submitting a ‘NXT Community Response To ESMA’s Inquiry  On Investments Using Virtual Currency Or Distributed Ledger Technology’ a week before the July 21, 2015 ESMA deadline. For more information visit the related discussion on the Nxt forum.

5. ‘Digital currency businesses [as defined below] will have to comply with the Isle of Man’s anti-money laundering (AML) laws from 1st April [2015] and will likely fall under the remit of the Financial Services Commission from the Summer.’

‘[Those in] the business of issuing, transmitting, transferring, providing safe custody or storage of, administering, managing, lending, buying, selling, exchanging or otherwise trading or intermediating convertible virtual currencies, including crypto-currencies or similar concepts where the concept is accepted by persons as a means of payment for goods or services, a unit of account, a store of value or a commodity.’ http://www.coindesk.com/isle-of-man-introduces-regulation-for-bitcoin-businesses/

6. A senior Central Bank [of Ireland] official has warned that virtual and digital currencies have the potential to challenge the sovereignty of states.

7. ‘Osborne looks to virtual currencies in bid to make UK world fintech capital’.

Further details regarding the UK government’s attitude towards ‘digital’ currency is contained in two recently published reports: Digital Currencies – response to the call for information
and Banking for the 21st Century – driving competition and choice.

See also:

‘Virtual Currency Schemes – a further analysis’, European Central Bank, February 2015.

‘Cryptotechnologies, a major IT innovation and catalyst for change’. European Banking Authority, 11 May 2015.

8. Sovereign Money System: this, in effect, nationalises money by giving the central bank the exclusive power to create money and parliament the power to allocate how the money is used; the government then spends/invests it into circulation.

9.The network of global corporate control’ Stefania Vitali, James B. Glattfelder, and Stefano Battiston published in the New Scientist Magazine 22 October 2011 (Issue no. 2835) An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.

10. But see: IMF report from 2012 by Jaromir Benes and Michael Kumhof. The focus of the study is the so-called Chicago plan of the 1930s which the authors have updated to fit into today’s economy. The basic idea is that banks should be required to have full coverage for money they lend. Under this proposal, banks would no longer be allowed to create new money in the form of credit in connection with their lending activities. Instead, the central bank should be solely responsible for all the creation of all forms of money, not just paper money and coins. The advantages of such a system, according to the authors, are a more balanced economy without the booms and busts of the current system, the elimination of bank runs, and a drastic reduction of both public and private debt. The authors rely on both economic theory and historical examples, and state that inflation, according to their calculations, would be very low.’

http://en.wikipedia.org/wiki/The_Chicago_Plan_Revisited

11. It should be noted however that the chair of the policy development committee of the Financial Stability Board, Adair Turner, wrote in his foreword to Monetary Reform – a Better Monetary System for Iceland’ (March 2015) that the efforts to make the existing financial system more stable: have still failed to address the fundamental issue – the ability of banks to create credit, money and purchasing power, and the instability which inevitably follows. As a result, the reforms agreed to date still leave the world dangerously vulnerable to future financial and economic instability.’

12. ‘Mainstream economists’, those who subscribe to ‘…neoclassical equilibrium theory and assimilated Neokeynesianism, or to put it differently, American textbook standard economics…Mainstream economics for the most part rests on the assumption of neutrality of money…If one believes in neutrality of money, then of course dysfunctions of the money system are not an obvious subject of concern, despite all financial crises. As a consequence, most mainstream economists find it difficult to see why monetary reform might be of relevance.’ Joseph Huber http://www.sovereignmoney.eu/sovereign-money-in-critical-context/

13. The banking industry is now organising conferences to consider questions such as:

What is the future of money?

Do you know what cryptocurrencies mean for your business and for the future of financial services? Are you leveraging [the] blockchain? Are these developments an opportunity or a threat for traditional financial services providers?

SWIFT Business Forum London, 23 April 2015

14. An example of an API (Application Programming Interface) in the mainstream financial system is the VISA network’s merchant API which only the merchant, as a trusted party, is allowed to program. Examples of APIs in cryptocurrency based systems include: the transaction scripting language, the P2P network protocol and the ‘Northbound’ client, all of which are open source and are therefore available for anyone to program.

15. ‘UK’s 44 Phones Building Blockchain-Based International Mobile Network, Mobile Money Service.’

16. For example (in the UK) the Civil Contingencies Act 2004, Part 2 Emergency Powers, S. 22 (2) (h) http://www.legislation.gov.uk/ukpga/2004/36/pdfs/ukpga_20040036_en.pdf

17. SuperNET is an association of the most reliable blockchain technologies. Giving you access to all their innovation from one place.

Nxt: The original Bitcoin 2.0 Platform

Bitcoin Press Release: With over 18 months of development, The non-profit Nxt Foundation is pleased to announce many disruptive business and financial applications of Nxt’s blockchain technology: including trustless smart contracts, decentralized crowdfunding, a strong open source ethos and more.

Nxt is different. While there are many players in the cryptocurrency 2.0 field, Nxt has several key elements that set it apart from the others.

First and foremost, Nxt is a self-sufficient system. Many other projects depend on a blockchain implemented and maintained by an external party, usually Bitcoin. Nxt is a complete and self-contained system in itself. As any business owner knows, being dependent on a third party for an essential part of their business model introduces unnecessary risk.

This is why Nxt chose not to piggyback on an external blockchain over which it has no control, but has built all of its features onto its own blockchain. This also means that Nxt developers can quickly and easily create new features while maintaining a coherent system, without needing to consult with an external blockchain provider.

Secondly, Nxt has a solid and secure track record. The Nxt blockchain has been in continuous operation and use for 18 months, proving to be a stable system that can scale to handle an increasing load. Additionally, new features have been added on an incremental release basis after thorough evaluation on Nxt’s testnet. Many applications have already been built on top of Nxt, using its diverse features to create decentralised companies and software and to leverage the benefits of its strong community and network.

Thirdly, Nxt is open source and free! Nxt is not under development by a central authority. This may at first appear to be a weakness, but a glance at the extremely successful operating system Linux shows that central development is not needed to create a valuable and working architecture. Nxt has seen fast and dedicated development since its inception and is continuing to evolve with the input of many talented coders. As there is no barrier to entry to the Nxt ecosystem, it is a perfect environment for blue-sky crypto developments.

Just plug it in

The Nxt Cryptocurrency platform is modular by design. Nxt uses a variety of different transaction types that can be combined to perform more complex functions. In order to take full advantage of Nxt’s versatility, its developers have created a plug-in system that allows people to build applications and to share them with other Nxt users.

The plug-in system will go live with the release of version 1.5 of the Nxt Reference Software (NRS), Nxt’s native client. This release will also introduce blockchain Voting and Enhanced Multisignature Transactions (Phasing) to the Nxt core functionality. Developers on the Nxt Testnet are already experimenting with use cases, such as a crowdfunding plug-in, an e-commerce plug-in and several others.

The plug-in system is an example of the philosophy of flexibility and versatility that is at the heart of Nxt.

What it means for Nxt users

Nxt is eminently suitable for both business and non-commercial use. All of Nxt’s features can be accessed separately or in combination, using a simple but comprehensive API structure.

Nxt is fast, with an average block time of around 90 seconds. It is powerful, giving users access to such diverse features as asset creation and trading, separate currencies, data transfer and storage, blockchain voting and multisignature transactions.

Nxt is easy to build for, and those who want more information about how to use Nxt, or who need support on the more technical aspects of the Nxt systems, can contact the Nxt Foundation.

The Nxt Foundation is a non-profit organisation which can answer questions on Nxt, offer support, and connect businesses with the developers and advisors they need to take advantage of the unprecedented opportunities offered by the Nxt platform. Contact Nxt Foundation today at info@nxtfoundation.org.

For more information please go to: www.nxt.org

To trade Nxt with Bitcoin please go to: https://poloniex.com/exchange#btc_nxt

Media Contact:

Name: Bas Wisselink, Nxt Foundation Director

Email: bas@nxtfoundation.org

Phone: +31 (0)6 13937762

PICISI crowdfunding project will use Nxt Monetary System

picisi-nxt-ms

PICISI, a pre-launch start-up, is a crowdfunding site designed to accept national currency (USD, EUR, GBP, etc …) and crypto currency (CC). It is being positioned as an influential player in the CC space. Recently it quietly issued its currency (Pi) on NXT’s Monetary System.

The currency affectionately name Pi, short for PICISI, has a currency code NUMUS, which is latin for currency.  Pi was designed with a specific supply, demand, and value in mind.

The total supply is fixed at 500,000 units approximately 5x the anticipated average monthly use volume,

Primary demand for Pi will come as a:

• short-term debt instrument to raise funds for site development and multiple licenses,
• day-to-day means of paying for global services rendered,
• CC option for campaign organizers, and
• CC payment option for PICISI sponsors

Major factors that will determine Pi’s value are the prices PICISI will pay for global services rendered to it by the various Promotion Contractors that complete various assignments and subsequently paid with Pi; and the rate at which PICISI will buy Pi on the open market.  PICISI uses fiat derived from earned fees to purchase Pi at the exchanges where Pi is listed.  If an official exchange sponsor is present PICISI will purchase Pi exclusively at that exchange.

NXT developers have indicated that NXT’s MS currencies are not designed for ‘off the shell’ integration into any exchange platform. However according to jl777, an influential CC developer and high performing NXT Asset manager: ‘for the exchanges that already support NXT assets, they would simply change “transferAsset” API calls to “transferCurrency”. since they use nearly the identical syntax’.

Pi is viewed as an ideal test subject because PICISI is in pre-launch mode and it has a small community of supply-side and demand-side participants: investors, sponsors, admins, and Promotion Contractors.   An undisclosed number of CC exchanges are being approached to test Pi at their respective exchanges.

Will Pi live up to the expectations place on it, will it find a place among NXT’s proven high performing instruments, only time will tell for sure, but my guess is ABSOLUTELY.

NXT has grown from an innovative CC to a financial ecosystem. As a currency NXT performs at the upper levels of all ranking charts, as an asset platform NXT has a stable of high performers burning up the charts; and now with NXT’s new Monetary System more high performance is expected.

Read more about Nxt Monetary System

nxt_monetary_system

NXT Version 1.5: The Complete Toolkit For Business

With the upcoming release of Nxt software version 1.5 – which will include voting functionality, ability to use enhanced multisig account control, and improved data storage and transfer capabilities – Nxt has reached a new milestone as the next generation blockchain platform.

From its inception in late 2013 Nxt has been designed to be a multipurpose toolkit, to be used either directly from the NRS client software or to be incorporated into third party applications.

With account authorisation via the issue of secure tokens, enhanced data transfer and storage (with the ability to remove data when required), voting, multisignature transactions and much, much more, Nxt has now developed into a mature and complete next generation blockchain system for business use.

Nxt Modularity

Nxt is designed and built to be a modular system. It features several different transaction types, which can be used on their own or in combination. The current feature set, after the version 1.5 implementation of Voting and Phasing (enhanced multisig/account control) will include:

  • Send Transactions (sending the NXT currency or tokens to accounts
  • Data Transactions (send and store up to 40 kb of data)
  • Coloured Coins Transactions (create and trade Asset tokens)
  • Alias Creation Transactions (enabling the assignment of strings, such as a DNS entry, to Nxt accounts)
  • Sales Transactions (create and manage digital sales via a native marketplace)
  • Signature Transactions (provide proof of account via single-use token authentication)
  • Voting Transactions (fully customised polling system based on the Nxt blockchain)
  • Multisig Transactions
  • Custom Currencies Transactions (create customisable currencies on top of the Nxt blockchain)

More in-depth information about these transaction types can be found in the Nxt Wiki or on the resource site, NxtInside.org.

The perfect tool for DAOs

Nxt is the perfect tool for the creation of Decentralised Autonomous Organisations (DAOs). A business or developer can issue their own tokens representing their organisational structure, handle a transaction stream, and keep their finance records in a fully transparent and auditable manner on the blockchain. Building new tools to enhance the core Nxt functionality for a business’s own requirements is always possible, and the Nxt developer community will be happy to provide support for custom solutions where required.

There is no absolute need to use the provided Nxt client software (the NRS client) if users do not want to, since Nxt can be utilised directly from within other applications by using the Nxt API, which currently has around 150 function calls. Full documentation for Nxt API can be found on the Nxt Wiki.

Examples of projects that have been or are being built with Nxt include MyNxt.info, a browser wallet that supports plugins; DeBuNe, a company building business tools with Nxt; and Pangea Poker, a fully decentralised poker application.

Nxt Foundation and PayExpo

Last month, the Nxt Foundation was incorporated as a portal organisation to act as a point of contact for the Nxt community and anyone interested in the possibilities offered by Nxt – either from the cryptocurrency world or from the wider mainstream business community. The Nxt Foundation can also connect anyone with project ideas involving Nxt, such as entrepreneurs and business owners, with developers who can support or implement ideas and projects.

The people within the Nxt Foundation have a background in sales, marketing and software development, and are happy to help people explore the possibilities of using Nxt.

The NXT Foundation will be the official Cryptocurrency Sponsor of the upcoming PayExpo event, to be held in London on the 9th and 10th June 2015.

Anyone is welcome to contact the Nxt Foundation at bas@nxtfoundation.org should they have any questions or require any assistance with Nxt, or a project involving Nxt.

NXT in Space!

Nxt is also a sponsor of the Low Orbit Helium Assisted Navigator (LOHAN) project: a private UK-based initiative to launch an autonomous 3d-printed drone to the edge of space. This mission will carry a copy of the Nxt client software on its flight control computer, taking Nxt to new heights.

For more information please go to: www.nxt.org

Media Contact:

Name: Bas Wisselink, Nxt Foundation Director

Email: bas@nxtfoundation.org

Phone: +31 (0)6 13937762

Buy NXT and BTC with NETELLER

European Bitcoin and cryptocurrency gateway Coinimal is adding NETELLER as a payment option. The move represents the first time a crypto business has ever worked with NETELLER, which offers instant deposits and withdrawals to millions of customers around the world.

coinimal-welcome-neteller

Coinimal, a new Bitcoin and cryptocurrency merchant based in Vienna, Austria, has announced a ground-breaking partnership with NETELLER. Coinimal was launched in December 2014 with the aim of addressing the difficulties of obtaining Bitcoin in Europe and has since become one of the foremost options for both buying and selling crypto coins, including NXT and Litecoin.

NETELLER: a global partner

The development is a natural one for Coinimal, enabling customers to buy bitcoin with the speed and security of an established global partner. NETELLER has a series of payment options including credit cards, prepaid cards and bank transfers, and accepts bitcoin payments as a way to fund cash accounts – making all of these available to Coinimal’s customers via their fully-automated platform.

For NETELLER – which is currently planning to acquire its biggest competitor, Skrill, in a €1.1 billion deal – the partnership is a first foray into the crypto space and comes after several months of negotiations with Coinimal led by CEO Eric Demuth. ‘In my opinion NETELLER decided to do this pilot project with us because they feel that we are the most sophisticated, serious bitcoin gateway in the world, and our compliance is stellar,’ commented Coinimal CEO Paul Klanschek. ‘We are extremely proud to be the first crypto merchant in the world to accept NETELLER officially.’

Growing fast

Coinimal is well positioned to expand in the fast growing European market and will announce new features and partnerships over the coming weeks. Customers can currently buy €25 worth of Bitcoin without full verification of their account, allowing them to test the platform easily.

coinimal-nxt-btc-buying-options

Read more news from Coinimal @ https://www.coinimal.com/news/

 

Use Coinimal to sell NXT for Euro

coinomal-nxt-eur-exchange

Cashing out from NXT to Fiat has always been somewhat of a hassle. The demise of BTER coupled with hacks on EUR/NXT markets like CCEDK have not helped this situation. But have no fear, as things are looking up again thanks to the new NXT-Sell feature from Coinimal.

Coinimal (https://www.coinimal.com) is an Austria-based Bitcoin startup with one simple goal: simplifying the Bitcoin/NXT buying/selling process in order to make it more appealing and accessible to novice users. Buying Bitcoin and other digital currencies is only part of Coinimal’s services though, as the platform also lets users sell their digital currencies in exchange for fiat currency.

Buying NXT on Coinimal has been possible ever since its launch in December 2014 but until today selling NXT wasn’t. Thanks to a partnership with NXTCS (http://nxtcs.com) Coinimal is happy to announce that selling NXT on Coinimal is available as of today.

The daily limit for selling NXT to Coinimal is 500€ for unverified accounts and 5000€ for fully verified accounts. The SEPA order to your EUR-Bank account will be sent the same day!

Check Coinimal (https://www.coinimal.com) out today to buy/sell NXT instantly!

 

This article is also available in : French

Bitcoin Alternative Jetcoin to be “Powered by Nxt technology”

Bitcoin Press Release: Singapore, 8th April 2015 – Bringing Wall Street and blockchain technology to the world of sports and entertainment, Jetcoin Institute is pleased to announce the Jetcoin presale. Jetcoin is backed by gold bullion allowing anyone to own IP rights of promising athletes and talents.

Jetcoin, the new digital fuel for the world of sports and entertainment, gives fans and supporters a unique opportunity to benefit directly from the success of their favourite athletes and stars. It disrupts traditional fan-athlete/talent relationships by enabling anyone to launch and support the careers of tomorrow’s stars.

Using block chain technology, Jetcoin decentralises the world of sports and entertainment, ruled today by powerful agents and corporations. Jetcoin tilts the power balance by establishing the first platform where anyone can own IP rights of promising athletes and talents. Also the first digital currency to be backed by precious metal collateral (gold) via a partnership with XNF, Jetcoin is tradeable across 3 continents through DXMarkets.

Uniquely backed by physical assets, Jetcoin is issued by the Jetcoin Institute, which has gathered a team of first-class advisors led by world famous currency expert, Prof. Bernard Lietaer. The Jetcoin Platform will be built with NXT technology to deliver a unique and decentralised financial platform. Jetcoin holders are able to earn revenues through Jetcoin Contracts and its social media rewards system, P.O.S.E. (Proof Of Social Engagement) as well as access unique lifestyle experiences.

In August 2014, in a bid to both establish the branding of Jetcoin internationally as well as to secure a testing ground for a myriad of innovative tech applications and crowd funding concepts customised for sports and entertainment, Jetcoin became the first digital currency to become the main sponsor of a Serie A football team, A.C. ChievoVerona. In developing the Jetcoin ecosystem of partnerships, deals have been made with top service providers like Samsung Sportsflow and Pogoseat to optimise fan experience and engagement in sport entertainment. Jetcoin Institute has also recently developed and launched Stadia, a free sport app aimed at increasing fan interaction and engagement during live football.

For a limited time period, jetcoins are available at a promotional price of US$ 0.02 at the official website implementation by https://jetcoininstitute.com. Compared to the Bitcoin, whose rise from its initial sale price of less than US$0.01 to its peak of US$1250, Jetcoin – backed by physical assets – is poised to track an interesting trajectory.

About Jetcoin

Main sponsor of Serie A football team, A.C. ChievoVerona, ‘jetcoin’ is a new digital fuel issued by the Jetcoin Institute. It gives fans and supporters in the world of sports and entertainment a unique opportunity to benefit directly from the success of their favourite athletes and stars, both financially and also through unique lifestyle experiences such as seat upgrades, access to VIP boxes, exclusive events, behind-the-scenes and/or after-parties etc. Jetcoin Institute continues to work with partner teams, brands and service providers to offer exclusive deals to jetcoin holders. Visit https://jetcoininstitute.com

About Prof. Bernard Lietaer

Prof. Lietaer is the author of The Future of Money (translated in 18 languages), and is an international expert in the design and implementation of currency systems. He co-designed and implemented the convergence mechanism to the Euro. Visit http://www.lietaer.com

About A.C. ChievoVerona

A.C. Chievo Verona is a professional Serie A Italian Football club named after and based in Chievo, Verona, in the Veneto region. Visit http://chievoverona.tv

About Samsung Sportsflow

SportsFlow delivers the latest sports news, photos and videos from around the world via one single app. Visit http://www.sportsflow.me

About XNF

XNF is a digital currency with a physical collateral in GOLD. XNF Trading provides the easiest way to acquire virtual currencies (Jetcoin – XNF) in exchange for traditional currencies (USD and EUR) and bitcoins. Visit http://www.nofiatcoin.com

About DXMarkets

DXMarkets is a cutting-edge trading platform for digital currencies. The platform offers a fully customisable dashboard that caters for beginners and experienced traders. DXMarkets aims to position itself as the preferred choice for financial institutions wanting to integrate digital currencies into their product portfolio. Visit https://dxmarkets.com

About NXT

NXT is an open source cryptocurrency and payment network, using proof-of-stake to reach consensus for transactions. As such there is a static money supply and no mining as with Bitcoin. NXT is specifically conceived as flexible platform to build applications and financial services around. Visit http://www.nxt.org

About Pogoseat

Pogoseat is an enterprise solution for sports teams and concert venues that enables their fans to upgrade seats and purchase unique VIP upgrades. Pogoseat currently works with clients across the NBA, MLB, NHL, AFL, The Football League and NCAA all over America. Visit https://www.pogoseat.com

About Stadia

Stadia is a free app powered by Jetcoin that optimises fan experience during live football, available for download on Android and IOS. Visit http://www.stadia.club