Category Archives: Bitcoin News

Report Claims 34,000 Ethereum Smart Contracts Are Vulnerable to Bugs

Report Claims 34,000 Ethereum Smart Contracts Are Vulnerable to Bugs

Report Claims 34,000 Ethereum Smart Contracts Are Vulnerable to Bugs

Technology & Security

Over 34,000 ethereum smart contracts containing $4.4 million in ETH may be vulnerable to exploitation. That’s the conclusion reached by a quintet of researchers hailing from Singapore and the UK. Their technical report, which is currently undergoing peer review, suggests that millions of dollars in ether may be at risk from poorly coded smart contracts that contain a variety of bugs.

Also read: Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year

Smart Contracts Are Only as Smart as Their Creator

Report Claims 34,000 Ethereum Smart Contracts Are Vulnerable to Bugs“Finding The Greedy, Prodigal, and Suicidal Contracts at Scale” is the provocative title of a research paper submitted by British and Singaporean students last week. Its authors have dived deep into ethereum smart contracts, “finding contracts that either lock funds indefinitely, leak them carelessly to arbitrary users, or can be killed by anyone”. This latter flaw is precisely what happened to Parity last November.

The dangers of relying on smart contracts that have not been independently audited are well-documented. In the past year, $500 million has been lost due to bad code, and around half of that figure involved ethereum. The most notorious case was the Parity bug which led to $168 million of ether being rendered permanently inaccessible, though there have been plenty of smaller incidents where inexperienced or inattentive developers have been caught out.

A Small Drop in a Big Ocean

The authors of the report claim to have used a tool to analyze almost one million smart contracts, of which 34,200 were found to be vulnerable, with 2,365 of these stemming from distinct projects. That means that around 3.4% of all smart contracts are potentially vulnerable to being hacked, broken, or otherwise exploited. Of the contracts that the research team flagged as being exploitable, “the maximal amount of Ether that could have been withdrawn…is nearly 4,905 Ether” worth $4.4 million.

The report continues: “In addition, 6,239 Ether (7.5 million US dollars) is locked inside posthumous contracts currently on the blockchain, of which 313 Ether (379,940 US dollars) have been sent to dead contracts after they have been killed.” One thing the report deliberately omits is the identity of the smart contracts flagged as being at risk. But with almost 1 in 20 contracts vulnerable, and a jackpot of over $4.5 million in ether up for grabs, determined attackers have every incentive to put this research to the test.

What do you think can be done to make smart contracts safer? Let us know in the comments section below.


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Published at Fri, 23 Feb 2018 18:04:11 +0000

Technology & Security

Sprechen Sie Deutsch? Cointelegraph Launches German Version

Sprechen Sie Deutsch? Cointelegraph Launches German Version

Cointelegraph proudly unveils the launch of its German version, CT Deutsch today, Feb. 23.

Starting today, both the most important news from our main page as well as local updates from Germany, Austria and Switzerland will be available in German, making for convenient reading for our German-speaking visitors everywhere.

With powerful regional crypto communities, fueled by grassroots effort and government programs alike, the German-speaking world now also benefits from a localized version of CT.

Cointelegraph regularly provides the latest news, price analytics and opinion pieces about the Blockchain and cryptocurrency industries.

Subscribe to our localized social media Facebook and Twitter for the latest updates from the crypto world and visit CT Deutsch to read our full articles in German!

Published at Fri, 23 Feb 2018 17:22:10 +0000

Bitcoin

Georgia Becomes Latest State to Consider Bitcoin for Tax Payments

Georgia Becomes Latest State to Consider Bitcoin for Tax Payments

Two state senators in Georgia have proposed a bill that would allow citizens to pay their tax obligations in bitcoin, marking the second such legislative effort of its kind to emerge this year.

Public records show that the measure submitted on Feb. 21 by senators Michael Williams and Joshua McKoon would tweak the rules governing the state’s Department of Revenue, letting it accept both bitcoin and other as-yet-to-be-defined cryptocurrencies.

“The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to bitcoin, that uses an electronic peer-to-peer system,” the bill states.

The proposed law largely tracks with one that is currently moving through the Arizona legislature. That measure, filed in January, has thus far attracted support by lawmakers in the state, setting up the possibility that Arizona could become the first U.S. state to accept bitcoin for tax payments.

Like Arizona’s bill, the one submitted in Georgia also mandates that tax officials convert those payments into U.S. dollars within a day of receiving them.

“The commissioner shall convert payments made in cryptocurrency to United States dollars at the prevailing rate within 24 hours of his or her receipt of such a payment and shall credit the payor’s account with such converted dollar amount,” it explains.

Despite the encouraging signs out of Arizona, there’s no guarantee that the measure in Georgia will succeed given past opposition to such proposals in other states. As CoinDesk previously reported, a New Hampshire lawmaker advanced a bill that would allow cryptocurrency payments, but the state’s House of Representatives ultimately shot it down in a January 2016 vote.

Bitcoin and dollars image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Published at Fri, 23 Feb 2018 15:45:31 +0000

News

Sneak Peek: Mexico’s Regulations for Crypto Exchanges Expected in ‘Weeks’

Sneak Peek: Mexico’s Regulations for Crypto Exchanges Expected in ‘Weeks’

Sneak Peek: Mexico's Regulations for Crypto Exchanges Expected in 'Weeks'

Regulation

Mexico’s bill to regulate fintech institutions including cryptocurrency exchanges is expected to become law within “weeks,” according to local crypto exchange ISBIT. Daniel Luévano, the exchange’s director of operations, shared with news.Bitcoin.com what to expect from the new law, citing a leaked document he obtained from the recent meeting of regulators.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

Changing Mexico’s Crypto Landscape

Sneak Peek: Mexico's Regulations for Crypto Exchanges Expected in 'Weeks'Mexico’s Chamber of Deputies will soon vote on the bill to regulate the country’s fintech institutions including cryptocurrency exchanges, which the Senate has already approved.

The bill “establishes a regulatory framework that regulates the platforms (called Financial Technology Institutions or ITFs)” which includes crypto exchanges, the document states. “The bill recognizes two types of ITFs: collective financing institutions and electronic payment fund institutions.”

Sneak Peek: Mexico's Regulations for Crypto Exchanges Expected in 'Weeks'News.Bitcoin.com (BC): Does the bill legalize bitcoin and other cryptocurrencies?
Daniel Luévano (DL): Bitcoin and other cryptos will not be legal tender. However, ITFs that the Bank of Mexico gives consent [to] will be allowed to operate with them.

BC: Can people legally use cryptocurrencies to pay for goods and services?
DL: Yes, they can!

BC: What are the most important changes brought about by the bill?
DL: Financial institutions will be able to operate with virtual assets, but also, they are allowed to invest in ITFs. ITFs will be constantly audited; everything must be transparent to regulators and consumers. AML/CFT [anti-money laundering/combating the financing of terrorism] practices will be a really important requirement for exchanges.

BC: What major changes to the existing Mexican crypto ecosystem will result from the bill?
DL: Changes in the Mexican financial ecosystem? Huge ones.

ITFs will be considered just as important as banks. All trade finance companies will be operating with them.

Only 44% of people in Mexico have a bank account, while the rest only use cash. The amount of money and transactions that can migrate to crypto and its technology is huge.

Licensing & Approved Crypto

Sneak Peek: Mexico's Regulations for Crypto Exchanges Expected in 'Weeks'BC: What is the role of the Bank of Mexico with respect to the crypto market going forward?
DL: They are more than open to keep new technologies [and] strengthen the Mexican financial ecosystem. They don’t want to lose control of things they still don’t understand widely, that’s why the Bank of Mexico will decide which virtual assets can be operated in the Mexican territory.

BC: Are crypto exchanges now required to get a license from the Bank of Mexico? What kind of authorization do they need?
DL:

Yes, now we will have an authorization as an ITF. But this is positive, because now all the financial institutions have permission to work with the now-called ITFs. Mainly, the authorization depends on how strong your security is, and several KYC [know your customer] and AML/CFT practices an exchange should have.

BC: Are there restrictions on what cryptocurrencies are approved in the bill?
DL: The Bank of Mexico will decide which ones [cryptocurrencies] are allowed to be listed on the exchanges.

They will decide according to Article 30 [which states that] “Bank of Mexico will take into account, among other characteristics, the public acceptance (its use, the trade of it, the storage, and the volume of transaction), other jurisdictions’ acceptance, other agreements, mechanisms, rules or protocols that allow to create, identify, partition, and control the replication of these assets.”

Penalties

BC: What are the penalties for non-compliance?
DL: The penalties are applicable only for the ITFs in case they don’t comply or they don’t follow the law. If you don’t have the authorization, the penalty is from 30k UMA to 150k UMA, according to Article 104 I. 1 UMA (Unit of Measurement and Update) = 80.6 MXN = 4.27 USD.

BC: When will this bill become law? And how long do exchanges have to comply?
DL: The bill will become law in the following weeks, as soon as the Chamber of Deputies votes for it.

Exchanges will have one year to comply.

What do you think of Mexico’s regulations for crypto exchanges? Let us know in the comments section below.


Images courtesy of Shutterstock and Isbit.


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Published at Fri, 23 Feb 2018 14:58:02 +0000

Regulation

Tezos Head & Board Member Step Down, Platform Prepares ‘Timely Launch’

Tezos Head & Board Member Step Down, Platform Prepares ‘Timely Launch’

The Tezos blockchain project may finally get underway after two board members of the Tezos Foundation, including its founder and president Johann Gevers, voluntarily stepped down and were replaced by Tezos community members, according to a press release published Feb. 22.

Newly appointed Ryan Jesperson and Michel Mauny join Lars Haussmann, appointed to the board on Jan. 31, right as the foundation prepares to launch the Tezos network.

To serve the best interests of the Tezos Project, Johann Gevers and Diego Olivier Fernandez Pons have voluntarily offered to resign from the Foundation Board. They are committed to the success of the Tezos project and will continue to support its development towards a bright future. We thank both of them for their service”, stated Jesperson in the press release.

Michel Mauny is a dedicated member of the community as well. In addition to serving on the board at Tezos, he is a senior researcher at the French science and technology institution Inria in the field of programming languages.

In July 2017, Tezos’ initial coin offering (ICO) gained extreme popularity among crypto investors excited about the project and the coin’s potential. They donated BTC and ETH in exchange for the platform’s native tokens, called “Tezzies”.

However, following the wildly successful $232 mln ICO, one of the largest ICO’s to date, a dispute arose between Arthur and Kathleen Breitman, the creators of the project who own Tezos’ intellectual property rights, and Gevers, who controlled the raised funds. This led to an indefinite delay of the platform launch and a series of lawsuits against the company.

Jesperson supported the Breitmans in their dispute with Gevers and helped form the T2 Foundation,  which intends to breath new life into the project, obtain control from the original foundation, and finally launch the Tezos network.

Earlier this month, the U.S. Securities and Exchange Commission (SEC) declined to provide information on Tezos when it was requested by attorney David Silver via the Freedom of Information Act (FOIA). Silver represents plaintiffs in a lawsuit filed against the company in November, 2017.

During a conference at UCLA Feb. 17-18, Kathleen Breitman announced the platform and tokens would be launched “in the next few weeks”.

Published at Fri, 23 Feb 2018 12:22:53 +0000

Blockchain

‘Turkcoin’: Turkish Politician Endorses Launching a National Cryptocurrency

‘Turkcoin’: Turkish Politician Endorses Launching a National Cryptocurrency

Turkcoin
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A Turkish lawmaker affiliated with the political party partnering the country’s ruling party has proposed a national cryptocurrency. On bitcoin, the politician suggested the government open its own bitcoin exchange(!).

Turkey’s former industry minister and deputy chair of the Nationalist Movement Party (MHP), Ahmet Kenan Tanrikulu, has reportedly drafted a ‘detailed report’ calling for the issuance of a state-controlled cryptocurrency. A “national bitcoin”, the Al Monitor reports, called “Turkcoin.”

The politician said missing out on decentralized blockchain technology would mean a grave error on the government’s part, stating:

“The world is advancing toward a new digital system. Turkey should create its own digital system and currency before it’s too late.”

Details remain scarce as the 22-page draft has not seen a public release but the news report reveals the proposed Turkcoin would resemble asset-backed securities from Turkey’s Wealth Fund that includes large public assets including Turkish Airlines, the Istanbul Stock Exchange, Turk Telekom, the National Lottery and the Ziraat Bank, among others. The politician argued reliance on public assets would bring low risk and volatility to the proposed cryptocurrency with profits higher than those offered by sovereign bond yields.

The proposal follows a noteworthy revelation by Turkey’s deputy prime minister Mehmet Simsek on February 7, who said the government would begin work toward launching a national cryptocurrency. “We are planning to start our own work on digital currencies,” the political official, who also sees Turkey’s economy under his purview, said in an interview with CNNTurk. “We place high importance on digitalization.”

The 22-page report also presented an overview on the current cryptocurrency space in Turkey, calling for attention on the unregulated space. The trading of cryptocurrencies and creating revenues through bitcoin mining aren’t deemed criminal activity, Tanrikulu said in his report, calling for regulations at a time when “many enterprises accept payment in cryptocurrencies and the number of customers using those currencies is rapidly increasing.”

Notably, he went on to urge the government to install its own state-controlled bitcoin exchange.

An excerpt from the report read:

“The introduction of encouraging regulations after assessing all kinds of risks would enable us to generate revenues from the cryptocurrency market, especially from bitcoin. In this context, the country needs a bitcoin bourse and legislation to regulate this realm.”

Turkey’s foray into exploring and developing its own cryptocurrency follows similar efforts taking shape in a number of countries around the world. A notable example is that of Venezuela’s ‘petro’, an oil-backed cryptocurrency pedaled by controversial Venezuelan president Nicolas Maduro which recently netted $735 million in the first day of its token pre-sale.

Featured image from Shutterstock.

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Published at Fri, 23 Feb 2018 11:13:46 +0000

Altcoin News

Bitcoin Fees Are Down Big: Why It's Happening and What It Means

Bitcoin Fees Are Down Big: Why It's Happening and What It Means

$26 down to $3.

The average cost of sending a bitcoin transaction is cheaper than it’s been in a year and a half, showing that the price isn’t the cryptocurrency’s only unpredictable metric these days.

But with all the debate about growing fees, this might come as a surprise. After all, it wasn’t so long ago that fees were so high a group of prominent investors and miners created a whole new version of bitcoin mostly to keep fees lower.

Backing up a bit, much of the conflict centerd on the fact that while called “fees,” these expenses are best considered as transaction costs that are necessary to the network, as necessary as paying for someone to deliver a protocol service, be it SMS, VoIP or email, or even a pizza.

This is because bitcoin is a software that requires all of the many thousands of computers that run it to stay in sync. To do so easily, there’s a limit on how much data the network can process at intervals, and users need to pay more to get their transactions in at times of congestion.

So, as bitcoin grew more popular in the last year, fees skyrocketed to over $25, according to a graph from data website Bitinfocharts.

Bitcoin users, those who truly rely on the protocol for essentials, have been affected by this, as were those who believed bitcoin could be competitive with legacy payment systems.

But, bitcoin fees have fizzled out, declining since the end of December.

So, why did fees take a nosedive? The simple answer is users are making fewer transactions right now. In December, there were roughly 400,000 transactions per day, while today bitcoin is seeing only 200,000, according to data from Blockchain.info.

“I think its really simple,” BitGo engineer Mike Belshe told CoinDesk. “There is substantially less transaction demand.”

The question, he added, is why has there been a decrease in transactions?

SegWit and beyond

If Twitter and Reddit are any indication, sentiment on the matter tends to be influenced by personal politics, in this case, where users stand in bitcoin’s long-standing block size debate, which, at its core, was about network economics.

Popular Twitter figure “Armin van Bitcoin” cheered that the low fees mean the “scaling debates are now a thing of the past,” pinning the development partly on growing adoption of Segregated Witness, a scaling feature at the center of bitcoin’s long-raging fee debate.

And there is truth to the claims. SegWit reduces transaction fees and adds more space to the blockchain, but it still isn’t widely adopted, so it’s hard to say how much it actually helped. There hasn’t been much of a recent increase in SegWit use either. For the past several months, only about 10-14 percent of transactions, according to SegWit tracking site SegWit Party.

Plus, SegWit doesn’t reduce the number of transactions, it makes each one cheaper.

Another possibility, according to Belshe, is that fee prices “finally forced” some large transaction processors to implement a technology called “batching,” rolling many transactions into one, to leave more space on the blockchain.

Indeed, exchanges like Coinbase have said they were working on implementing the feature in the past. And Thursday, cryptocurrency exchange ShapeShift announced it now batches transactions, making a point that it makes up 2 percent of all the transfers that occur on the bitcoin blockchain.

However, it’s a theory that’s difficult to get hard data on, unless an exchange were to formally announce that they were using this technique. “This is hard to confirm with 100 percent certainty,” Belshe said.

Still, he argued that even if just one large exchange started batching transactions, it could have a huge impact on the overall transaction load.

These sorts of technical theories add to the idea that developers and those building services on top of bitcoin can make optimizations in order to free up space on the blockchain, without compromising on some of its core features.

“This is why Bitcoin Core worked so hard to get ‘layer-two solutions’ working, and why they focus so much on optimization of the size of transaction through various things like Schnorr and Bulletproofs,” XO Media CEO John Carvalho said.

“They are doing everything to minimize the footprint of every type of transaction attached to bitcoin because they are all stored forever,” he added.

Ditching bitcoin

Others, especially those critical of how bitcoin developers favor a smaller blockchain and limited transaction space, argue the lower fees are a consequence of people that are sick and tired of the high fees leaving bitcoin.

“Bitcoin isn’t useful for anything that involves low fees so people are migrating to alternatives. this has the consequence of lowering the fees on bitcoin,” said Ryan X. Charles, founder of Yours, a media startup building on bitcoin cash.

Charles notably moved his startup off of the bitcoin blockchain last year, migrating to alternatives before building on bitcoin cash.

It’s possible that some users are doing the same. Payment processor Stripe stopped accepting bitcoin in January payments due to the high fees, and BitPay, a startup that offers payment services over bitcoin has differentiated into supporting multiple protocols for its merchants.

Yet, if they are pushing users elsewhere, it’s not clear where they’re going. Bitcoin cash, the cryptocurrency created as a cheaper alternative to bitcoin, still has about 10 percent the number of transactions bitcoin currently does.

“Apparently [high fees] don’t incentivize folks to switch to bcash,” BitGo engineer Jameson Lopp said.

Bitcoin developer Meni Rosenfeld doesn’t think so either. In fact, he disagrees with both of the above theories.

“The main reason for the drop in [bitcoin transaction] fees is not SegWit adoption, and it’s not people moving to [bitcoin cash]. It’s simply that the craze for buying cryptocurrencies in general has calmed down,” he tweeted.

Indeed, there’s been a downtick in outside interest in bitcoin. A lower price has less new investors searching for bitcoin on Google and coming in to buy and trade the cryptocurrency.

This view seems supported by the fact that the second most valuable blockchain by market cap, ethereum, has also seen a dramatic drop in fees in recent months. The same goes for litecoin, clocking in at number five, and XRP, at third place.

Charles also argued it’s possible crypto’s waning hype cycle has contributed to lower fees.

“I wouldn’t be surprised if ethereum is also lower due to the decline in market value. There may simply be less demand for sending transactions across all blockchains. We went through a hype cycle,” he told CoinDesk.

And it’s always possible the low fees were caused by a mix of the factors described above.

Fees forever

What do lower fees mean for users? In short, it shows that under the current setup, fees might fluctuate over time.

The hope is that – eventually – fees will always be “low,” with the word low having somewhat of a relative definition. After all, a low-cost airline flight may be better than an expensive bus ride.

In this way, supporters hope that bitcoin will one day offer the best of both worlds, supporting high demand and “low” fees that reflect the quality of service, while also supporting miners, computer operators who devote real-world costs to securing transactions.

“The fee market is necessary as a counterweight to market price. [Theoretically,] demand for blockspace is infinite, so there must be levers to manage it,” Carvalho said.

In the meantime, fees could continue to decline, creating a new standard of “low” that might be friendlier to today’s internet users. Carvalho and Rosenfeld, for instance, think the much-touted Lightning Network will help get bitcoin to that point, as it moves more transactions off of the main bitcoin blockchain.

If Lightning really takes off, then low fees may become another problem, as they might not be enough to defray mining costs when the network finally produces all 21 million bitcoin.

For this reason, developer Greg Slepak had an almost ominous-sounding view of the future, arguing that users should “take the opportunity” of today’s lows fees, adding:

“It might not come again.”

Fence locks image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Interested in offering your expertise or insights to our reporting? Contact us at news@coindesk.com.

Published at Fri, 23 Feb 2018 01:30:16 +0000

Features

Nasdaq Believes Publicly-Traded Long Blockchain Misled Investors

Nasdaq Believes Publicly-Traded Long Blockchain Misled Investors

Long Blockchain is appealing a delisting decision from stock exchange operator Nasdaq which, according to a letter, believes the publicly-traded company misled its investors.

In a Feb. 21 letter, Long Blockchain – one of a number of firms with public securities to ride the recent wave of investor hype around blockchain – wrote that Nasdaq ” had determined to delist the Company’s securities.” The reason: Nasdaq, according to the note, is crying foul in light of recent statements issued by the company.

“The notification letter stated that the Staff believed that the Company made a series of public statements designed to mislead investors and to take advantage of general investor interest in bitcoin and blockchain technology, thereby raising concerns about the Company’s suitability for exchange listing,” the firm wrote, going on to add:

“The Company strongly disagrees with the Staff’s determination and, accordingly, has appealed to a Hearings Panel. As a result, the Staff’s notification has no effect at this time on the listing of the Company’s common stock, and the stock will continue to trade uninterrupted under the symbol ‘LBCC.'”

However, the company remains out of compliance with Nasdaq’s rules for market value requirements, and so even if it wins the appeal, it runs the risk of being delisted anyway, as previously reported.

To maintain its listing, Long Blockchain’s market cap must remain at or above $35 million for at least 10 consecutive business days, though a note on the most recent SEC filing states that Nasdaq can extend this time period up to 20 consecutive business days. The company has until April 9 to maintain this level.

As of press time, Long Blockchain’s market cap remained around $31.6 million, according to data from Nasdaq, down some $2 million from earlier in the week. At its height, the price of the company’s stock rose to nearly $7 – as of today, it’s hovering around $3.

The public filing comes just days after the company announced Shamyl Malik, a board member, was taking over as the company’s chief executive after former CEO Philip Thomas stepped down.

Stock chart image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Published at Thu, 22 Feb 2018 19:15:17 +0000

News

Learning Automated Crypto Trading Strategy: 4 Steps to Earning

Learning Automated Crypto Trading Strategy: 4 Steps to Earning

In February, Cryptense, a full-stack Blockchain company, introduced a new decentralized platform for creating and executing cryptocurrency trading strategies automatically: Kryll.io. The company has also came up with an explainer on how you can earn big using its solution.

Drag ‘n’ drop strategy blocks

The first step to earning online with Kryll platform is to create a strategy depending on your preferable markets, the cryptocurrencies you are interested in, and your level of involvement. The strategy can be very simple or extremely advanced – it’s up to you to decide.

Kryll offers functional blocks that can help you. One of them, Market Trends, provides market information including price fluctuations, demand versus supply analysis, machine learning based market predictions and other options. In your strategy you can also include your preferable trading actions, such as buying, selling, splitting amounts into subsets, and many others.

Kryll’s most interesting feature is Signals, a combination of recent tips coming from professional traders, Telegram channels or social networks. Notifications by text messages or emails will inform you on the latest market developments, for example, if BTC, Ripple, ETH or other currencies are growing and receiving positive feedback on Twitter.

Proof-test your strategy

How can you test the strategy that you have built to see if it is right for you and your purposes? The best way to do so is testing your strategy against the market. Kryll allows you to safely execute your strategy before using it in the real world. Using the test environment in the platform, you’ll be able to test over the previous six months of recorded data.

Another option is to test the strategy as it was actually running on the market. This option will show how your brainchild performs in the real-time trading environment and, at the same time, will protect you from real world losses in case of mistakes.

As soon as you are confident enough with your chosen strategy, you can start implementing it to build some confidence. For example, you can buy a new coin at a market price and then optimize it using the tools Kryll provides.

Trading 24/7, night or day

If your strategy proves to be successful, the time is right to use the best Krylls feature, which is 24/7 trading. Kryll.io supports exchanges around the globe, including Bittrex, Poloniex, Coinbase, Cryptopia, Binance, HitBTC, and many others. The company also has several dedicated servers in Europe, Asia, and North America.

Cryptocurrencies are bought and sold on many various exchanges and sometimes at different prices. It’s possible to profit from the very tiny fluctuations between buy-price quotations. Kryll founders promise their software will allow to execute trading strategies in the most efficient way.  

There are many risks associated with trading, and you might be worried of cyber security, especially if you are executing your strategy automatically. Luckily, Kryll’s servers are under permanent DDOS protection. The startup founders also plan to have an external security audit every quarter.

Sharing with the community

With Kryll, you can earn while sharing your knowledge and ideas with other people on the platform. “We think collective intelligence is a huge asset that’ll make all of us more successful in the trading market,” the company said in its white paper.

The platform will offer a marketplace section where users can share their strategies for a fee. People with excellent insights can help their fellow traders and generate some profit at the same time.

The marketplace will also feature chats on different strategies, where people are able to interact, collaborate and give advices to each other. Users will rate strategies featured on the marketplace according to their efficiency.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Published at Thu, 22 Feb 2018 18:38:46 +0000

Blockchain

Venezuela Is Talking With Russia About Cryptocurrency

Venezuela Is Talking With Russia About Cryptocurrency

Officials from the Venezuelan and Russian governments discussed the former’s newly-launched cryptocurrency during a meeting in Moscow this week.

Venezuelan Finance Minister Simon Zerpa Delgado was in Moscow on Wednesday discussing collaboration between the two governments, according to tweets published through his official account. According to one missive, the subject of the petro – which was unveiled in December and sparked global headlines with its launch Tuesday – was brought up during the meetings.

Delgado tweeted (according to a translation):

“In this meeting we have reviewed the economic and financial cooperation between the two countries, with emphasis on the new [cryptocurrency] of Venezuela: the Petro. We deliver the Min. Siluánov updated information about our [cryptocurrency].”

“Russia and Venezuela will continue to strengthen their trade balance,” Delgado also wrote. “We will continue advancing in the construction of a multipolar and pluricentric world, free of imperial tensions.”

It’s unclear based on the messages whether Russia’s government will play a role in the development of the petro, which Venezuelan president Nicolas Maduro has pledged will be used to circumvent international sanctions imposed on the country. That said, a Russian company called Aerotrading has been linked to the project, as previously reported.

Venezuelan citizens have had mixed reactions to the launch, with some hailing the currency as part of a “new economic era,” while others have called it a vehicle for corruption.

Simon Zerpa Delgado and Anton Siluanov image via Twitter

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Published at Thu, 22 Feb 2018 17:30:45 +0000

News