Bitfinex will survive, just like its name ‘Finex’ [Phoenix] implies, claims shareholder Zhao Dong
The entire Bitfinex-Tether fiasco had pushed the collective cryptocurrency market into chaos last week. Since the allegations first came to light, a significant chunk of the crypto-space’s market cap has also been lost, with several altcoins falling in its wake. However, a noted BTC influencer and Bitfinex shareholder believes that all is not over. In a recent Weibo post, Zhao Dong commented that Bitfinex will survive.
Bitfinex and Tether [USDT] were in the news after New York State’s Attorney General accused the crypto-exchange of using Tether’s reserves to cover up its loss of funds worth $850 million.
Dong wrote that he was “fortunate to become a Bitfinex shareholder” and that results for him have been very happy. Commenting on the issue, he added,
“I believe this time too, Bitfinex will not be a problem.”
Dong was in the news after he revealed that Bitfinex’s Chief Financial Officer, Giancarlo Devasini had assured him that the situation was fixable and that the exchange’s frozen funds would be unfrozen in a few weeks. The aforementioned funds were frozen in several banks across the US, Poland, and Portugal. Dong had also previously dismissed any concerns regarding the crypto-exchange’s solvency in the future.
Dong also cited the Wells Fargo incident, claiming that the exchange “was forced to create a USDT solution to solve the problems of deposits and withdrawals” after Wells Fargo froze Bitfinex’s funds worth $140 million. The exchange later sued Wells Fargo for unfreezing those funds, he added.
In the same Weibo post, Zhao Dong also commented that despite its latest suffering, Bitfinex would survive, just like its name ‘Finex’ (Phoenix) implied. Dong ended his Weibo post with a cryptic statement, which said,
“I believe this time too, Bitfinex will not be a problem. Because, What doesn’t kill you makes you stronger !”
Dong is one of the many Chinese crypto-enthusiasts who are unconcerned about the episode and its implications for the stablecoin market. In fact, many Chinese traders are counting on the FUD surrounding Tether [USDT] pushing traders to dump their USDT reserves in the hopes of buying them at a very low price. Some outside the Asian continent have looked at the bright side of the episode too, with BitGo’s CEO, Mike Belshe claiming,
“The @Tether_to and @bitfinex death will ultimately be a massive boon to digital assets and cryptocurrency. Whatever the short term impact, this will help digital assets move to the next level.”
In his book “,” author Tim Lea
highlights the evolution of smart contracts and their use ensuing from the
blockchain.
“The term smart contract was first coined by a
computer scientist Nick Szabo,” Lea writes. “In his 1996 article in the
magazine Extrophy, he broadly described a smart contract as the
ability to bring refined legal practices of contract law to the e-commerce
protocols between strangers and the internet.”
In their most basic form, smart contracts are
self-executing contracts that function within mutually agreed upon terms
between two or more parties. These agreements, which are written into lines of
computer code, exist as part of a distributed, decentralized blockchain network facilitating the
automatic execution of contractual terms with no further involvement from any
of the parties involved, including external third-party intermediaries.
This disruptive approach runs counter to the prevailing tradition of
drafting and enforcing deals through involvement with external players like
banks, lawyers and escrows. This practice is both time consuming and costly,
especially in cases involving overseas deals. While smart contract
technology helps to overcome these and other administrative and legal
roadblocks, a complex set of programming skills are required to draft
blockchain-based digital contracts.
Enter Confideal
One company that’s making major inroads in this new
age of smart contracts is , a platform for
managing and enforcing smart contracts. Based in Ireland, a hub for crypto
adoption in Europe, Confideal is forging a path toward the removal of barriers
to digital transactions throughout the world. The company champions
transparency, opening up essential business tools to those without legal or
coding skills.
“Confideal is a service designed for a wide audience
from individuals to business owners, and available for everyone,” said Petr Belousov, Confideal’s founder and
CEO.
“Our ultimate goal is mass adoption of blockchain among real sector businesses worldwide.”
Because Confideal’s data is encrypted and
protected by the Ethereum blockchain, the immutability of the agreement terms
is assured. In addition, Confideal offers the following value propositions:
• An internal arbitration module with top-rated arbiters
and unbiased ratings. Arbiters selected to resolve a dispute on the Confideal
platform are either a qualified third-party legal firm or a professional.
• A smart contract management option that provides
full control over transactions (e. g. close deals, end them, set up fines and
down payments).
• Cryptocurrencies are utilized to eliminate all
payment barriers. No need for intermediaries which results in lower costs.
With the groundbreaking advancements of blockchain
technology, Confideal is on a
steady path to bridge the gap between the smaller circle of computer
programmers and coders who understand the inner workings of the technology and
the larger population of average, everyday users. With efforts to move smart
contracts toward mainstream adoption, efficient models of user interface become
vital. With Confideal’s efforts as a visual smart contract builder, it’s clear
that momentum in this space is heading in the right direction. Of course,
Confideal is not only about the builder itself. The three main features of
Confideal are: smart contracts, built-in arbitration, and CDL tokens. There are
tons of projects out there that offer only one feature and often they don’t
even have a ready to use product. Confideal, on the other hand, does have a
product and the project created a complete ecosystem that comes together into a
harmonious product. The built-in arbitration module is used in case of a dispute and basically it means that a
third party arbitrator will help you resolve or mediate the dispute.
Confideal’s initial coin offering (ICO) will commence on November 2,
2017, under the token name “Confideal” or “CDL.” The total supply of CDL tokens
will be 100,000,000 with a price breakdown of 1,000 CDL to 1 ETH. The total
supply will never increase and no additional tokens will ever be released.
CDL tokens are the internal, native currency for the Confideal
platform. For all transactions made in CDL, 1 percent of the contract fee is
exempted. Moreover, token users can participate in voting for arbiters.
Of the total ICO supply, 74 percent of the tokens will be sold via the
ICO. The remainder will be distributed as follows: 6 percent were sold during
the pre-ICO; 10 percent have been set aside for the team behind the platform; 4
percent for promotional activities; 4 percent for advisors; and 2 percent for a
bounty campaign.
“Following our ICO, we have a detailed roadmap
planned for developing the product,” Belousov said. “It includes the launch
of the arbitration module, API and widget, implementation of multiple smart
contract templates for various purposes, multi-language support, integration
with other technologies and blockchains. It is with this that we are excited
about the future of smart contracts.”
You can reach out for more on Confideal through .
Note: Trading and investing in digital assets is speculative. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.
JournalduCoin.com La directrice exécutive de J.P. Morgan lance sa propre entreprise Peut-être que ce nom ne vous dit rien mais Amber Baldet est une des personnalités les plus importantes de l’industrie bancaire face à la […]
