LocalCoinSwap might change how we trade, buy and sell cryptocurrencies

Blockchain technology has slowly creeped into every single aspect of modern business, with the technology rapidly expanding into most elements of our daily lives.

Almost every industry is making plans to embrace this exciting technology to some extent in the future. That being said, outside of bitcoin which has received massive media coverage in the recent years, other cryptocurrencies can still seem a little complex for users new to the space, whether it’s the purchasing, buying or selling.

There are a few platforms designed to make this process easier; for instance, the likes of Paxful and LocalBitcoins allow for the exchange of digital currency, but unfortunately this is restricted to very few assets at the moment.

One company looking to revolutionise this industry is LocalCoinSwap, It has hit on a real pain point and it wants to create a solution. Up until now, the difficulty to directly purchase cryptocurrencies or digital assets outside of an exchange from another individual has been an issue for many. Many people encounter problems with the exchanges who enforce overzealous KYC and AML regulations, high trading fees, breaking customers privacy and various other problems, not forgetting the useless customer support, cough!… CoinBase.

LocalCoinSwap is attempting to solve these common problems, while at the same time avoiding the downfalls of centralized exchanges.

How does it work?

It is a decentralised marketplace, where individual users can buy and sell any any cryptocurrency with any possible payment method. There is no external exchange market here and it is hoping to hit a niche in the market, where users can exchange any cryptocurrency – not just the usual bitcoin.

Its main quality is that it really does cut out the middleman. It allows users to find a match other users on the platform using the LCS as a traditional escrow system, which helps secure the safe transaction of coins.

Its fees aren’t massive either – they will range from three to ten percent.

Who is behind it?

The young and innovative team behind LCS include Economics graduate, Nathan Worsely. He is a bit of a whizz, having already had a series of exciting and successful trading algorithms made and implemented.

He is the founder and CTO of LCS and is also the person behind Digital Assets Management Ltd. Worsely is also an experienced high volume P2P trader on LocalBitcoins.com himself.

The CFO of the team is Thomas Underwood. He is an accounting graduate, with experience as a financial analyst and business development manager, with roles at major Australian and international private companies. He is also the Australian Regional Manager for TradingView.com
Token

LocalCoinSwap practices what it preaches – it has its own token, called LCS. Its an active cryptoshare and for anyone considering it, you should know that the platform wants to distribute literally 100 percent of profits made by their p2p exchange service to the respective shareholders.

Thus, if you get in on the ground level, you could be in for a big chunk of cash as the business grows. LCS holders will also get airdrops of new listed ICO tokens on the LocalCoinSwap platform.

The total supply of LCS tokens is 100 million units, with 70 million of them being distributed through the various crowdsale stages. Meanwhile, there are 20 million reserved for sale at a later date.

Ten million have also been reserved for the platform in order to operate and keep updating their services.

If transparency is important to you, then you’re in luck as LCS will adhere to that in its entirety. Their OpenSource code on GitHub will be accessible by everyone.

The starting price of an LCS is set to 0.0004 ETH, making 1 ETH equal to 2500 LCS.

Investment Details
Type: Cryptoshare
Symbol: LCS
Platform: Ethereum
Pre-Sale: March 2018
Public Sale: Apr. 15, 2018
Hard Cap: $20.000.000 USD
Payments Accepted: ETH, BTC, LTC, BCH, DASH, ETC, USD, EUR, GBP and other fiat currencies (KYC Required)

Website: https://www.localcoinswap.com/

LocalCoinSwap independent review

Peer-to-peer crypto exchanges are hot stuff at the moment with many users preferring them over centralised alternatives, they solve many of the faults and bugbears that currently exist. From our independent research we believe that LocalCoinSwap will rapidly take a large chunk of the P2P trading volume when it launches in August 2018 from its closest competitors due to the multi coin support which will open the platform to millions of new users. The team behind LocalCoinSwap are no strangers to the crypto world, they bring experience from technical, academic and financial backgrounds.

LocalCoinSwap is officially registered in the HongKong jurisdiction under their trading name Digital Assets Management Ltd which was incorporated in 2015 originally operating as a private hedge fund operating by two of the staff members

LocalCoinSwap’s Chief Financial Officer, Thomas Underwood, brings experience from TradingView and holds a Bachelor’s Degree in accounting and Finance from Griffith University.

The firms CTO, Nathan Worsley, brings experience from another crypto project called Webcoin and also holds a Bachelor of Economics degree from The University of Queensland.

Daniel Worsley holds the position of COO at the firm and rightly so, with experience advising the Musards ICO, 1 year as a financial planner and two Bachelor’s degrees in finance and Economics.

The LocalCoinSwap White Paper does not contain any red herrings, its unique and consistent in what it aims to achieve with clear goals for the future. It does not appear to be any plagiarisation from competitors

Unlike many other token sales the legal aspect of carrying out an ICO has been taken seriously by bringing three key advisors into the mix, this includes Mr. David S. LEE, Senior Lecturer in Accounting and Law at Hong Kong University, Dr. Artem Sergeev, Senior Research Fellow at the University of Hong Kong and Frank Zhu who’s currently an analyst at major investment bank based in HK who all advising the LocalCoinSwap ICO on its legal positions.

Another key advisor on the board is former FCA Registered Representative (1993-2012) Mario Innecco, who undoubtedly brings a wealth of financial experience to the project.

We have given LocalCoinSwap a rating of 4.5/5.

Every ICO Needs a Blockchain: How to Compare Developers, Services and Prices

These days, blockchain is creating a lot of buzz and it’s becoming easier than ever before to include it as part of a company’s tech stack, or as a central component to an up and coming ICO.

Buzz aside, blockchain is simply another way that structured data is stored. The key difference is that it has a lot of unique features, compared to other databases. Blockchain is a network of interconnected peer nodes that stores a chain of consecutively connected data blocks. Such architecture is called “peer-to-peer” and it is absolutely essential when one or more of the following elements are present in your product:

  • The solution relies on data entered by several parties — or several hundreds of them.
  • Participants are not known to each other and therefore have not established trust.
  • Third-party interference with transactions must be prevented.
  • The data must be handled in the most secure manner.

The great thing about blockchain is that all of the data in blockchain is accessible to all users simultaneously, yet no one can make modifications without the knowledge of all of the parties involved. This is how blockchain grows trust in the solution and safeguards transaction permissions. All data inside blockchain is also cryptographically protected. What’s more, the process is transparent and fast because the middleman is excluded. It’s clear to see why blockchain is quickly growing in popularity.

Yet, despite all of the increased attention from the media and businesses, blockchain has not proved to be so useful that it has become mainstream. Right now it’s just a tool that has its pros and cons, which you need to remember if you want to create a startup based on blockchain. By 2025, industry analysts expect blockchain to be fully matured and a mainstream component of the capital market ecosystem. Let’s not forget- this is still 7 years and many billions (if not trillios) of dollars in investment away. In 2018, blockchain may not be the most relevant tech solution for your startup.

If you plan to build a solution that relates to finance, insurance, or transaction exchange of any kind based on peer-to-peer architecture, blockchain is the only way to go. The question is no longer whether blockchain can be developed as more than just the foundation for cryptocurrencies, but how development will happen, and by whom.

Choosing the right blockchain development company for your ICO solution is like hiring a crew to build your new house. Finding the right company to develop the blockchain for your ICO project means looking at core competencies, contractual models offered, and services provided. Let’s discuss these important factors to help you identify which company is most suitable for your blockchain project. Some of these factors include:

Technological stack
Blockchains are built using several standard programming languages including C++, C#, JavaScript, Python, Java, Node.JS, Golang, and Perl, among other common languages. Smart contracts that run on Ethereum Virtual Machine (EVM) are written in Solidarity. Blockchain development company such as Krusche & Co also have expertise in cryptography and cryptocurrencies, distributed ledgers, consensus methods, decentralized technologies, Internet of Things (IoT), P2P networks, and online security. Insufficient knowledge of these subjects may compromise the entire success of your ICO.

Scope of services
Picking the right software firm for your project means picking one that has experience in writing the kind of software you need. Some companies specialize in writing applications and point-of-sale interfaces for Bitcoin. Others only write smart contracts that will run on Ethereum. Starting prices also depend on the depth of their expertise.

Some firms work on various web and software development projects and only occasionally on blockchain projects, so their minimum project price can be around $5000.

Some development companies specialize in cloud, web, AI and blockchain working both with startups and established enterprises. The minimum size of a project they will undertake is $10,000.

At the other end of the spectrum, companies with lots of experience in blockchain technologies focus solely on ICOs and cryptocurrency technologies. They may build advanced applications for healthcare, banking, finance, eCommerce, education, telecom and will likely start working on a project with a minimum starting price of $25,000.

Proven track record
Ask the companies that you are reviewing for recommendations; look for reviews online on websites such as Clutch, Facebook, and Google+. Look at LinkedIn and which of your contacts have the founders of the company in their network and ask them for opinions. Check reviews to get a more holistic understanding of the company.

Geography
Language barriers may not be a problem since English is commonly used, but cultural and time zone differences may affect communication. Besides, you want to have a software development company as your partner and problem solver, so they can advise you, not only to write the code. One of the clear advantages of Krusche & Co is that the company has offices in most of the global development centers and we pride ourselves on our customer-first focus.

Being clever with modern tech only goes so far for businesses. ICO entrepreneurs can benefit from partnering with developers with a proven record of success. If you’ve reached this point and you still think that blockchain is right for your ICO, then it’s essential to set your project up for success. If you’re ready, then come and talk to experienced blockchain professionals to decide the best course of action.

About the author: Michael Krusche is the CEO and founder of Krusche Company. With more than 20 years of experience in IT industry, Michael has both a passion and reputation for helping grow businesses through digital transformation. He is especially passionate about blockchain development.

Celebrate Bitcoin Pizza day with a limited edition Ledger Nano S Pizza Day

Ledger releases limited edition Nano S to mark Bitcoin Pizza day

Everyone has been talking about the upcoming Bitcoin Pizza Day, marking the anniversary of the first documented real-world Bitcoin transaction. Well, the big day is finally here, each year thousands of crypto-enthusiasts celebrate this historic event that took place eight years ago today which seen programmer Laszlo Hanyecz purchase two pizzas for a cool 10,000 Bitcoin, worth only $41 dollars at the time, today that would be more than $80 million dollars.

Grab a limited edition Ledger Nano S Pizza Day from the official Ledger store: https://www.ledgerwallet.com/.

There are plenty of ways to celebrate the occasion from making your own Pizza, this frying pan recipe is super easy, if you live in Manchester, UK, Papa John’s accepts Bitcoin! If you’re not feeling cheesy then hardware wallet firm Ledger, have released a limited edition device called the “Nano S Pizza Day” which comes with all the same features as the original Nano S but Pizza’d up with a cool red body and chrome finish, each box is customised and signed by an employee.

ledger nano s pizza day

The Ledger Nano S Pizza Day units are flying out the oven, with only 1,337 units available to order.

Grab a Ledger Nano S Pizza Day from the official Ledger store here.

The device is priced at €142.80 including tax and free shipping.

Britain’s Crypto task force meets for the first time

Earlier this year Philip Hammond, the UK’s Finance Minister announced the formation of a special task force with a key goal in mind, to ensure Britain remains at the cutting edge of the digital revolution by harnessing the potential benefits of the underlying technology that powers cryptocurrencies.

Her Majesty’s Treasury (HM Treasury) has announced that the first meeting of the Cryptoassets Taskforce took place today on 21st of May 2018, subsequently agreeing on various objectives. These included the potential benefits and challenges of the application of distributed ledger technology in financial services, and assessing what, if any, regulation is required in response.

The Taskforce will consider existing analysis by the government and regulators and will also seek external views from trade bodies, academics, consumer groups and investor representatives. It is unclear as to whether businesses in the blockchain sector are to be consulted, although this would make sense as they have years of experience working in this rapidly growing environment.

Senior leaders from the UK government and other the financial regulators were present, including Katharine Braddick, Director General of Financial Services at HM Treasury, Andrew Bailey, Chief Executive of the FCA, and Dave Ramsden, Deputy Governor of the Bank of England.

Andrew Bailey, FCA Chief Executive said:

“Cryptoassets have been an area of increasing interest for markets and regulators globally including the FCA. We look forward to working with our counterparts at the Bank of England and the Treasury as part of the taskforce to develop thinking and policy on cryptoassets.”

Dave Ramsden, Deputy Governor of the Bank of England said:

“The technologies that underpin cryptoassets have the potential to deliver benefits both to the financial system and to the economy it serves. This taskforce will enable us to work closely with the Treasury and the FCA to explore how the opportunities posed by these technologies can be realised, while also tackling the risks arising from cryptoassets.”

A roundtable will be hosted by the Cryptoassets Taskforce in July with a report set to be published later this year.

Although somewhat supportive the UK government has been concerned with cryptocurrencies and their possible links with criminals and terrorists that use the technology for money laundering,.British Prime Minister Theresa May shared her concerns on the subject when speaking at the World Economic Forum in January 2018.

Britain’s remains a global fintech powerhouse and today’s meeting is an re-assuring sign of continued prowess. The technology sector alone enjoyed a record year in 2017, with 1.3 billion pounds invested and over half the funding from outside of the UK.

The City of London Corporation and Innovate Finance also launched a FinTech Strategy Group earlier this year.

Blockchain For Private Messaging?

Invasion of privacy has become a commonplace occurrence due to the greater amount of technology that is being utilized in our everyday lives. People are economically dependent upon the global central-banking system and reluctantly trust their Government to keep life fair. Most of us have forgotten what true independence feels like, due to the economic pressure that has been forced into our lives. Technology is advancing rapidly, and most are reluctant to keep up, let alone take the time to understand if it’s causing harm to us. We all have the right to keep certain things about ourselves private, so stop and think before you install that next cool application onto your smartphone. Read the permissions and ask yourself if it’s worth it.

Technology does have its purpose, we are beginning to see the dawn of a new era of technological breakthrough that is bound to change the playing field. It’s called the “Blockchain”. The Blockchain has introduced a means that can implement fairness and democracy once again. For the first time in history there has never been an opportunity of this sort that could impact our desire to achieve individual freedom, independence, or even convert the world into unprecedented unity. For eons we have been led and misled for the purpose of entertaining the elite few that are in charge. Let me introduce you to a genuine example of how this technology is being utilized today. This is only a small step into the vast sea of solutions that will become available in the near future due to the creation of blockchain technology, but it is one that you can utilize today.

The ADAMANT Messenger is a brilliant conception. ADAMANT deploys cryptography into this blockchain-based application to achieve a totally anonymous messaging service that is sure to change the Crypto world. The ADAMANT team has developed a messenger that serves as a private wallet for its unique encrypted currency. The attraction for utilizing this as a web-based application allows accessibility on any device. When a message is created, it is only visible on the device being used, then fully encrypted when sent, and decrypted on the consensual receiving end only. The message is totally hidden within the blockchain.

There are some huge advantages and perks for using ADAMANT Messenger. There is no access to the users location information, no user identification can be acquired (not even their address book), and no accessibility to the users private key or mnemonic phrase. ADAMANT accounts can not be closed, blocked or limited by anyone, including the developers. The only trace of any message written can only be seen, when the user of the message (protected by a highly encrypted mnemonic phrase) decides to view it. Not even the developers have the capacity to view messages. The program code for the ADAMANT Messenger and blockchain are open-source; the prospect for future development is realistic. Certified authenticity for the message sender and its recipient, “MITM-attack protection” (this kind of attack will be detected, because the sender identificator will be changed); The security provided by the following encryption schemes already exist: Ed25519 EdDSA, Curve25519, Salsa20, и Poly1305.

Go to https://msg.adamant.im, create your wallet and receive .49 in ADM tokens for free to begin messaging.

Utilizing ADAMANT (the ADM token) as a legitimate form of payment provides anonymity unlike no other Cryptocurrency, because ADAMANT operates completely-independent from all other services and blockchains. ADAMANT is built as a self-sufficient system, along with a fast and efficient transaction speed with a 5-second block time. ADM is used as a transfer fee for messaging, direct payments and other additional system functions in order to maintain the entire network infrastructure. It makes sense that ADAMANT can become one of the most trusted and reliable Cryptocurrencies found today.

Get ADM tokens while the Project still in the Initial Coin Offering (ICO) stage. Begin using the ADAMANT Messenger today, with no commitment, or verification needed.

Sean Kirtz, CEO of ICO Services Inc. Calls for A More Decentralized World

Someone, somewhere back in 2008 decided to publish a whitepaper with the intent of building a disruptive and innovative technology way ahead of it’s time. 10 years later, this revolutionary technology is on the headlines of every major newspaper in the world, and now serves as the backbone technology powering Bitcoin and most other digital currencies, needless to say, we’re talking about block-chain technology, sometimes also called the distributed ledger technology.

And of course, we should never fail to remember the man, the myth, and the legend Satoshi Nakamoto, I’m sure you know who that is, right? (oh wait, no one really does!) — The mysterious creator of Bitcoin, as well as Vitalik Buterin, Ethereum’s co-founder, are two of the most prominent and industry-recognized figures in the cryptocurrency and blockchain space.

But you may or may not have heard of Sean Kirtz—the 33-year old ambitious entrepreneur, blockchain specialist, and software engineer by profession from San Juan, Puerto Rico — is also among the most influential people in the blockchain and cryptocurrency sphere.

While he may not be as famous and well-known as Satoshi Nakamoto or Vitalik Buterin, Sean Kirtz is beyond any doubt one of the most influential people in the blockchain space having made great contributions to the industry by helping startups and everyday people better navigate this perplexing and tech-savvy space.

From crypto trading and advising blockchain projects to creating his own ICO and ICO marketing agency, Sean Kirtz have done it all in this space and is still determined to continue his way to reaching new levels of success and progress towards his mission of helping blockchain projects decentralize everything and give the power back to the people.

Sean Kirtz is also the owner of a large Facebook group of cryptocurrency enthusiasts called Bitcoin Day Traders (Whale’s Club) created to help crypto traders and investors connect with other like-minded people. In addition, Sean Kirtz was also the founder of CloutNetwork, a blockchain-based user-generated content platform.

But currently, Sean Kirtz is more focused on his new company ICO Services, a full-service blockchain marketing and consulting agency created to help ICO startups to develop, market, and raise funds to fulfill their goals and visions.

With the growing number of new ICO projects coming out everyday, Sean Kirtz believes that not all of them are prepared and have the necessary planning and strategies to raise the necessary funding for their business.

‘’I think that it’s getting very diluted and majority of the ideas are not well thought out’’, says Sean Kirtz, CEO of ICO Services, Inc.

For this reason, Sean Kirtz believes the days where an ICO project could raise 10 million dollars in less than 60 seconds with a fancy website and whitepaper are long gone.

In other words, blockchain entrepreneurs looking to launch their ICO nowadays need a much more efficient token structure, marketing strategy, and community building skills, as well as solid connections and advisors to make it in today’s super competitive and increasingly-sophisticated ICO space.

Fortunately, Sean Kirtz’s ICO Services have thought about that beforehand and are now working with numerous game-changing ICO projects to help them advertise their idea, raise funds and building a strong, supportive community to realize their business objectives and decentralize their respective industry.

Sean Kirtz, who was an ICO advisor to Patron, the blockchain-based Japanese influencer marketing platform that raised $40 million USD Dollars, is now offering his consulting services and in-depth industry knowledge and experience to help ICO startups to properly launch their ICO and raise funding to transform their ideas into million-dollar businesses.

Links:

https://www.linkedin.com/in/icoservices/

Gana – Motivated Investors Get 100 Gana Tokens For Free

GANA is the blockchain company providing personal assistant services and business intelligence to the cannabis industry. The team that successfully combines AI and сannabis industry gives everyone an opportunity to take part in token public sale from May, 21 till July 20th, 2018.

Moreover, now investors can get 100 GANA tokens for free if they register for the white list! To get listed, you need to go through KYC (Know Your Customer) procedure.

Cannabis and AI

Cannabis is one of the most fast-growing industry in the North America, and definitely one of the most exciting to invest into. Artificial intelligence (AI) implementation has also been a highly popular trend – and GANA combines these two in a perfect mix.

GANA uses AI as the base for its recommendation system. How many times have you seen the phrase “Customers who bought this item also bought…”. This feature works as a recommendation system that understands your taste better than anyone else. Amazon, Youtube, Netflix and Facebook all use similar methods to recommend media content, and to provide it, they use the data they collected from their customers.

“The cannabis industry has faced many changes in the course of its fast legalization around the globe. The market is growing exponentially, and we believe that the number of cannabis users will also increase,” – says Gapseong Noh, CEO of the project. “More products and more content will be created for them. Digitizing cannabis user activities will provide us with data to create a relevant systems of recommendations.”

About Gana
GANA aims to become the first – and the biggest contributor in this field. Such information as media contents and munchiz is collected and processed by the AI to provide the best possible experience, services and products for the cannabis users as the industry grows.

For more information on how to do KYC, please follow the link.

About Gana Token
GANA will issue 2,400,000,000 tokens. Half of this amount will be sold during the public sale, with the token rate of 1 ETH = 20,000 GANA tokens.

8.3% of tokens have already been distributed in the course of the private sale.
Another 41.7% will be available during the mainsale.

Digital Insurance Provider on Blockchain, Black Insurance Ropes in Professor Alex Norta as the Scientific Advisor – Black Insurance

Fintech expert, scientist, and blockchain visionary Professor Alex Norta has joined forces with the upcoming digital insurance company on blockchain named Black Insurance, helping them with their technical whitepaper. The goal of this platform is to empower the insurance brokers by connecting them directly with capital, allowing them to launch their own virtual insurance companies.

Tallinn, Estonia May 17, 2018

Black Insurance is delighted to announce that the company has recently engaged the renowned scientist and technology expert Professor Alex Norta as the Scientific Advisor for their upcoming blockchain venture. As part of the team, Prof. Norta will help Black Insurance write their scientific whitepaper. Black promises to be a gamechanger in the world of digital insurance by using the blockchain to transfer risk directly from clients to financial backers.

In spite of its immense potential, the global insurance industry faces several serious challenges. The products are created by insurance companies, allowing many different parties in the system such as the re-insurers, insurers, MGA’s, agents, brokers, third parties and wholesale brokers. Therefore, launching an insurance product takes a lot of time. As a result, the insurance brokers with a thorough understanding of the market fail to deliver the desired product fast enough. The involvement of too many parties also results in high costs and barriers in entry.

As a licensed insurance company, Black proposes to solve the current inadequacies of the insurance industry by providing insurance capacity to agents, brokers and MGAs, enabling them to launch their own virtual insurance companies.  The platform will eliminate the traditional overheads of an insurance company while using blockchain as the main platform to get rid of the centralized insurance companies.

Some of the key benefits of Black Insurance include

  • Minimizing all inefficiencies
  • Secure storage of data in blockchains
  • Business operations using smart contracts
  • Faster innovation by platform members

The new Scientific Advisor for Black Insurance, Professor Alex Norta is the owner of Norta & Partners, offering holistic consultation and software development service in the field of blockchain technology. He has advised and written whitepapers for many successful blockchain projects such as: Neo, Qtum, Cedex, Datawallet, Cashaa and many more. In the past, he has worked as a post-doctorial researcher on the SOAMeS project at the computer-science department of Helsinki University. His research on a PhD about dynamic inter-organizational business process collaboration was featured in an FP6-EU research project called CrossWork.

“The insurance industry today is slow with bringing products to market because of excessive bureaucracy that distorts free-market mechanisms to the detriment of customers,” explains Prof. Norta.  “Blockchain technology is a means to replace this excessive bureaucracy with a novel control mechanism that is much cheaper, faster and more trustable. Thus, the insurance industry can start to meet the markets needs quick and in a cost effective way.”

The concept derived by the team Black Insurance has already gained momentum in the global blockchain community. Earlier this year, the company participated in a panel discussion about regulations on blockchain in EU and Estonia at the Tallinn Blockchain Conference. The team also secured the second place at the recently held d10e Tokyo ICO Pitch Competition, with their idea and vision receiving great feedback from the eminent participants. In the days to come, Black Insurance will take part in numerous poplar blockchain events and conferences across the globe.

Highlighting the potential of Black Insurance, the company’s founder Risto Rossar said, “I have been in the insurance industry for over eighteen years and I realized that I don’t care about insurance. In fact, no one should care about insurance. It should be as simple as breathing and work without customers having to worry about it. We can solve a lot of inefficiencies through technology and will disrupt the insurance industry from the inside, building a seamless process that customers don’t have to deal with.”

To find out more, please visit https://www.black.insure/

About Black Insurance: Black is a digital insurance company on blockchain. The platform connects insurance brokers directly with capital, enabling them to launch their own virtual insurance companies. Black looks to make the global insurance industry more efficient by removing the third parties from the value chain.

 

Contact: Liina Laas-Billson

Website: https://www.black.insure/

Email: [email protected]

Counterfeiters in Asia to face challenges from Artificial Intelligence technology

16 May, 2018. Tallinn, Estonia 

Neuromation strengthens its position in the Asian market and announces the start of cooperation with Linfinity.

Under the partnership, Neuromation will process and analyze data for Linfinity’s blockchain and IoT-driven supply chain solutions. Neuromation will also produce large-scale synthetic datasets for further development of AI-powered production management and consumer behavior solutions for use by Linfinity.

The partnership’s first product will focus on one of Asia’s most notorious problems – counterfeits. According to a 2016 joint report by OECD & EUIPO, the global counterfeit goods market accounts for nearly half a trillion dollars annually. Most of the fakes, over 85% according to the report, come from Asia.

“Counterfeit products are a problem not only for manufacturers and distributors, but for consumers as well. We all pay the price for fake goods. With Neuromation’s expertise in data and AI, and Linfinity’s expertise in blockchain-based supply chain systems, we will provide the technology needed to identify and remove counterfeit goods, at scale.”

The primary solution will collect, record and analyze data at every link in the chain, from raw material suppliers, manufacturing facilities, carriers, distribution centers, points of sale – and from consumers themselves. The net result is an immediate recognition of authentic products for all participants, and material increases in efficiencies throughout the supply chain.

The partnership will develop solutions for Linfinity’s entire client base that includes large and medium-sized enterprises in logistics, tobacco and alcohol production and distribution, fruit distribution and cosmetics, with combined annual revenues of over $3.5 billion.

“Our partnership with Linfinity is part of our strategic development of the Asian market. Linfinity’s customer base in China, Korea and Singapore strengthens our position across the region. This project is a prime example of Neuromation’s AI Platform and synthetic datasets solving real-world problems for industry. This is a major driver of demand on the NeuroPlatform and we look forward to working closely with Linfinity,” highlighted Maxim Prasolov, President of Neuromation Digital Economy.

Linfinity CEO Xiaotong Wang: “Linfinity is pleased to strengthen its relationship with Neuromation. We are committed to a long-term partnership to develop industry solutions throughout Asia, and beyond.”

Linfinity  is a pan-Asian technology company, providing end-to-end supply chain solutions. Founded in 2017, the company covers markets in Singapore, China and Korea. With a team of over 50 engineers, manufacturing and retail specialists, the company provides services in 5 languages. Linfinity’s mission is to decrease the pervasive friction of pan-Asian supply chains through the implementation of applied blockchain, IoT and AI technologies. Linfinity is dedicated to materially decreasing counterfeit products, delivery times and intercompany costs for the supply of high-quality products. Linfinity seeks to improve relationships between businesses and consumers through the collection and analysis of datasets from every link in the chain, from raw material suppliers and manufacturers, to distributors and end-customers

With 2% Market share, Blox Launches “QuickBooks for Crypto”

Blox.io, a blockchain startup located in Tel Aviv, has recently launched their new Blox Business platform, a system which will help crypto based companies record, manage, and allocate crypto assets. Analogous to the Quickbooks program but for crypto, the Blox platform seeks to resolve some of the more pressing issues in the world of crypto finance. The company was founded in June 201 by Alon Muroch and has reputable companies like Wings, eToro, and CIVIC as clients. To date, the company helps other businesses manage over $2 billion in crypto assets.

Is There a Need for Crypto Accounting Systems?

It’s an undeniable fact that the crypto industry has grown massively since it began in January 2009 with bitcoin’s release. As documented by CoinMarketCap, there are currently over 1,600 cryptocurrencies in circulation, putting the year over year increase at well over 50 percent. The increase in blockchain related companies–in addition to traditional industry giants like Microsoft, IBM, and JPMorgan Chase who are all exploring blockchain initiatives–has led to some incredible developments in the field.

The growth in crypto related businesses has also transferred over to the asset management world. For example, there are 226 hedge funds who trade cryptocurrencies, an increase of over 100 percent since October 2017. This remarkable growth has come about even though cryptocurrencies still haven’t reached levels last seen in January earlier this year. In fact, volatility, while not good for the average investor, is something that crypto hedge funds thrive on. At the individual level, crypto investing is still very popular, though the mania phase of Decembre 2017 has thankfully passed.

Yet with the growth in crypto comes an increasing need to properly account for crypto assets. This is true at both the corporate and individual level. It’s no surprise that governments are intent on examining blockchain based companies and their ICOs. The U.S. Securities and Exchange Commission, for example has repeatedly taken a tough stance against crypto, leading some to urge companies to “work with the SEC to attempt to tailor existing registration, reporting, trading and exchange rules to better reflect the nature of tokens and token platforms.”

From a tax perspective, government agencies are also beginning to crack down on tax evaders and other shady players. The SEC will soon examine about 100 crypto hedge funds, digging into financial records and examining “whether fund managers have bought the type of assets they advertised to investors in disclosure documents.”  Regulators are also concerned about investor protections and possible security breaches “because hackers often attempt to breach exchanges where cryptocurrencies are kept.” This upcoming examination is entirely separate from another SEC initiative targeting crypto funds and ICOs.

In such a strict regulatory environment, it’s no wonder that companies like Blox are seeking to create platforms that specialize in crypto asset tracking and data management. Because cryptocurrencies and tokens are such a new phenomenon (relative to other monies and assets), it is vital for companies, funds, and individuals to properly account for all their crypto assets. This context helps explain why crypto accounting solutions are so vital–they could (or the lack thereof) make or break the entire industry.

What’s Going on in the Crypto Accounting Industry?

At this point in the game, platforms like Blox are relatively novel. The crypto accounting industry is still largely in the “advice” stage, that is, issuing advice to corporations and individuals, but not necessarily providing the tools to make this easier. It’s not uncommon to see a CPAs and accountants offer crypto tax prep services, or financial advisors offering advice on crypto assets. Still others argue that traditional platforms like Quickbooks are the best way to track digital assets. In this case, the onus is on the individual or corporation to track and record data, thereby creating a database to reference for tax, financial, and accounting purposes.

The Blox platform differs from the above options because it is a crypto specific system designed to facilitate crypto-denominated accounting functions. The Blox Business platform allows organizations to customize tracking and reporting tools so that managing crypto assets can be done through a single interface. It also offers automated integrations for multiple exchanges and wallets, so users don’t have to manually track down data from different sources. Instead, the platform automatically syncs and aggregates data so users can view all of their crypto assets on one screen. Blox runs as a web platform and can also be accessed through iOS and Android applications.