July 16, 2018

Binance and KuCoin Commence Quarterly Burns of BNB and KCS Tokens

International, multi-language cryptocurrency exchange behemoth Binance has officially announced the fourth quarterly coin burn of its in-house Binance Coin token (BNB).

The announcement comes via Binance’s founder and CEO, Changpeng Zhao, on Twitter — where the business executive wrote:

@binance is doing a final tally on the numbers, and will announce our 4th quarterly burn in the next day or so, and finish the burn within a couple days after that. Thank you for your patience and support!

@binance is doing a final tally on the numbers, and will announce our 4th quarterly burn in the next day or so, and finish the burn within a couple days after that. Thank you for your patience and support! pic.twitter.com/ulWfHeUGbb

— CZ (not giving crypto away) (@cz_binance) July 16, 2018

The quarterly coin burn comes in accordance with the company’s white paper, which states:

Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.

The first coin burn took place on October 18, 2017, and removed 986,000 BNB from the total supply, while the second took place in January 2018 and removed a more significant 1,821,586 BNB. Binance’s last quarterly coin burn took place in mid-April when the exchange destroyed 2,220,314 BNB (roughly $30MM USD equivalent) for the company’s third quarter of operation.

Immediately preceding and immediately following April’s burn announcement, the valuation of BNB 00 took a hit as profit-taking traders who bought the rumors decided to sell the news. At that time, Binance’s token fell nearly 9 percent against bitcoin.

KuCoin’s Third Fiscal Burn

Today also marks popular alternative exchange KuCoin’s third fiscal burn of its in-house KuCoin Shares token.

KuCoin’s fiscal coin burns function essentially the same as Binance’s, with the former exchange noting:

In accordance with our whitepaper, we have used 10% of profits from the 3rd fiscal quarter (Q2 2018) to buy back KCS from the market and burned 396,211 KCS

Following the burn, the current total supply of KCS 00 is 180,334,365 KCS, while the current circulation supply is 90,334,365 KCS.

What do you think about Binance’s and KuCoin’s coin burns? Let us know in the comments below!

Images courtesy of Shutterstock.

[Full Disclosure: The author of this article is a holder of Binance Coin (BNB).]

Published at Mon, 16 Jul 2018 13:00:27 +0000

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September 8, 2017

GreenAddress Is Now the First Mobile Wallet to Offer SegWit Transactions

GreenAddress (and its reimplementation GreenBits), the bitcoin wallet that was acquired by blockchain infrastructure company Blockstream last year, is the first mobile wallet to offer Segregated Witness (SegWit) transactions. This means that GreenAddress users are among the first to benefit from lower fees and faster transaction times enabled by the long-awaited protocol upgrade.

“The bitcoin network is currently not being spammed, so transactions with low fees are getting confirmed — however, with SegWit the required fees are even lower; they’re almost cut in half,” GreenAddress developer Lawrence Nahum told bitcoin Magazine.

Once upgraded, all new addresses generated by the GreenAddress wallet will be SegWit addresses (though wrapped in a P2SH address, so they still look the same as before). Receiving payments on these addresses does not differ from typical addresses in any way, nor does spending bitcoins from different addresses. But when users spend the bitcoins from the SegWit addresses later on, the protocol upgrade is utilized. This outgoing transaction that requires lower fees will be included in a block more quickly.

GreenAddress is not the first wallet to enable SegWit: hardware wallets Ledger and Trezor introduced the new feature last week. But in both cases, of course, using the new feature requires owning such hardware devices. GreenAddress, on the other hand, is available to anyone with a smartphone or a computer; if the fees on competing wallets are too high, users can easily switch to GreenAddress.

“We are now the first mobile wallet to implement the solution, but I feel the ecosystem, unlike with previous soft fork upgrades, is moving really fast,” Nahum said. “Hardware wallets are leading, Armory also has support, bitcoin Core will have it in the 0.15.1 release, and I’m sure the others will move fast as they have strong incentives: In GreenAddress transaction fees are pretty much halved.”

Interestingly, the malleability fix that Segregated Witness provides will be utilized by GreenAddress as well. Due to malleability — the ability to change the appearance of unconfirmed transactions — spending bitcoins from unconfirmed transactions could fail due to meddling of third parties. While this will not lead to a loss of funds, it could make for a bad user experience, which is why it wasn’t available to most users. With the malleability fix, this issue will now be resolved, and GreenAddress users can re-spend unconfirmed bitcoin balances straight away.

Over the years, GreenAddress has made a name itself by pioneering new features enabled by bitcoin protocol upgrades. The wallet was, for example, the first to offer opt-in replace-by-fee, which allows users to bump the fee of an outgoing transaction. It was also among the first wallets to offer modern multisig addresses, the first wallet to include fee estimation instead of static fees, the first mobile wallet to support hardware wallets, and more.

The post GreenAddress Is Now the First Mobile Wallet to Offer SegWit Transactions appeared first on Bitcoin Magazine.