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Bitcoin Private [BTCP] developers serve legal notice to HitBTC for delisting BTCP from exchange

Bitcoin private [btcp] developers serve legal notice to hitbtc for delisting btcp from exchange

Bitcoin Private [BTCP] developers serve legal notice to HitBTC for delisting BTCP from exchange

HitBTC, the fifth largest cryptocurrency exchange according to CoinMarketCap, has been accused of the “questionable, unjustifiable reasoning” that went into delisting bitcoin Private [BTCP].

bitcoin Private developers made the information public via their tweet on March 10, 2019. The tweet stated:

“Dear #BTCP community – please read the legal letter below, that uncovers @hitbtc and their questionable, unjustifiable reasoning behind the removal of bitcoin Private from their exchange.”

The legal letter sent via email to HitBTC by Petros Law Group on behalf of BTCP detailed a timeline of events that led to a disagreement between HitBTC and BTCP developers. The disagreement finally concluded with HitBTC delisting BTCP after BTCP devs failed to comply with HitBTC’s request to compensate for the loss of users’ funds.

The letter detailed the alleged claims by BTCP developers that HitBTC failed to heed to BTCP’s coinburn, which was announced weeks prior to the event, but in turn, asked BTCP to compensate for the lost BTCP.

According to the whitepaper by BTCP, users who held bitcoin [BTC] and ZClassic [ZCL] would be provided BTCP in the ratio of 1:1 after the fork. The unclaimed coins after the fork were to be “burned” or deleted. The coinburn by BTCP was supposed to happen on February 16, 2019, but a day prior to the coinburn, HitBTC reached out to BTCP devs for assistance.

The assistance to protect users’ funds turned into a compensation request by HitBTC as it requested a total of 58,920 BTCP for the loss that will be incurred by HitBTC after the coinburn.

Bitcoin private [btcp] developers serve legal notice to hitbtc for delisting btcp from exchange

This legal letter also stated:

“To clarify, no BTCP User, on any exchange which supports bitcoin Private trading, was negatively impacted by the Coinburn… Furthermore, HitBTC knowingly, intentionally, and deceptively misrepresented their falsified claims in their fraudulent plea for BTCP developer assistance when they stated that it was “our users BTCP coins” that were in jeopardy”

HitBTC posted a blog on their official website stating that they have decided to delist BTCP from their platform and announced:

“Never in the history of our platform our users have lost the funds kept in our custody and this is the practice we don’t ever want to disrupt. This situation is a good example of how important it is not to change the rules in existing blockchains if those changes can have a negative impact on the users.”

Crypto_spawn, a Twitter user, commented:

“Well @officialmcafee has been sounding the alarm about hitbtc since last summer. Not sure if their tactics should come as a surprise to anyone paying attention. I refuse to touch hitbtc anymore.”

@privatematters101, another Twitter user, commented:

“Good luck taking @hitbtc to court, there must be a long line going by their reddit sub of people who have had their accounts locked up or assets stolen by this scam exchange @bitcoinprivate is a dead project anyway, cut your losses and walk away its not coming back from the this”

The post Bitcoin Private [BTCP] developers serve legal notice to HitBTC for delisting BTCP from exchange appeared first on AMBCrypto.

Published at Tue, 12 Mar 2019 05:52:56 +0000

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Cardano Blockchain's First Use Case: Proof of University Diplomas in Greece

cardano use case

Greek graduates may soon be able to prove their qualifications by way of a blockchain.

GRNET, the national research and education network of Greece, is working on a pilot project with blockchain research and development company IOHK to verify student diplomas on Cardano, a blockchain that launched in September.

The project is notable because it is the first official use case of Cardano, a proof-of-stake-based cryptocurrency and soon-to-be smart contract platform currently under development by IOHK.

The GRNET app will be built on Enterprise Cardano, a private or permissioned ledger version of Cardano. Unlike a public blockchain, where anyone can join in and participate, a private blockchain allows only a restricted set of users to validate block transactions.

So far, three Greek universities are participating in the project. While IOHK is providing the decentralized database, GRNET is providing the web front end and support and will bring together other universities participating beyond the pilot.

Funding for the project comes in part from Horizon 2020, a European program for research and innovation. Development of the prototype is already under way, Aggelos Kiayias, IOHK’s chief scientist, told bitcoin Magazine.    

Why Diplomas?

Given IOHK’s deep ties with academia, it is no surprise to find the company working on a project that involves universities. But why diplomas?

Putting diplomas on a blockchain takes the paperwork out of the process and makes it easy and simple to check if someone holds a degree.

Typically, when a student graduates, they receive a paper copy of a diploma signed by the dean and co-signed the university’s registrar. All of the students’ transcripts and records are stored in the university’s centralized database.

To confirm that a graduate has the degree they claim to have, an employer has to check the official diploma or call the university. The labor-intensive process makes it too easy for unqualified applicants to slip under the radar.

Putting documents and records on the blockchain eliminates opportunity for fraud in that it allows graduates and universities to “issue a proof that a qualification exists that is undeniable,” said Kiayias. “This is a point of reference that can be agreed [on] by everyone.”

Cryptographic Proof

But to protect student privacy, instead of putting an entire diploma on the blockchain, GRNET plans to put only a cryptographic hash of a diploma on the blockchain.

Digital documents are easy to alter in ways that are undetectable to the human eye. But as long as the digital version shown to an employer hashes to the same output as what is stored on the blockchain, that proves the document is the original, unaltered version.

“We cannot put any plaintext on the blockchain, as diplomas and transcripts are personal information. We only put hashes; we may put entire diplomas and transcripts, but they will always be encrypted,” Panos Louridas, GRNET consultant and associate professor at Athens University of Economics and Business, explained to bitcoin Magazine in an email.

This is not the first effort to store diplomas on the blockchain. In October, MIT announced its own pilot project to verify digital diplomas using the blockchain.   

But Louridas claims the GRNET pilot is different from prior projects in that it stores the entire chain of verification steps on the blockchain. Each step would be recorded as its own immutable transaction on a separate block in the blockchain.  

“You don’t really need a blockchain to store diplomas: a simple system with some digital signatures by the host institution would do,” he said. “We want to be able to record that somebody has asked for proof of a degree, that the proof has been granted, that the proof has been forwarded to a verifier, and that the verifier can verify that the degree is valid, and nobody can dispute any of the above steps.”

The three Greek universities taking part in the pilot include Aristotle University of Thessaloniki, Democritus University of Thrace and Athens University of Economics and Business.


The post Cardano Blockchain's First Use Case: Proof of University Diplomas in Greece appeared first on Bitcoin Magazine.

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