Renowned businessman and security analyst John McAfee has partnered with and will sit on the advisory board of BitIndia, an open source blockchain wallet and exchange for the streets of India.
With less than 0.5% of indians currently utilising Bitcoin, the company aims to educate and promote cryptocurrencies to directly take on the very real and growing issue of high banking rates that currently plague over 1.2 billion of the country’s people.
This is to be achieved through an easy to use cryptocurrency platform that takes away the complexities of cryptocurrencies and replace them with an intuitive system which not only allows the average layman to store and use Bitcoin, Ethereum and Ripple currencies but to also trade them against the national currency, the Indian Rupee.
Plans also include for seamless integration on a local level allowing users to access terminals that allow for everyday and recurring purchases such as groceries, bills and dining out.
Given the size of the Indian population and its urgent need for a decentralised and fairer economic system if executed properly BitIndia is in a prime position to spearhead and develop the Indian Cryptocurrency space into a major global player, one that will shortly rival China and South Korea.
John Mcafee’s no stranger to business, his role at Bitindia will bring a great deal of unparalleled expertise and guidance.
This year we’ve seen the launch of many ICO’s, with the majority just being blatant scams or just down right useless.
That said every so often a project comes along that not only only has a genuine purpose but also thrives in a blockchain environment. This week that project is Upfiring, a blockchain company aiming to revolutionise the P2P file sharing industry as we know it.
Utilising the Ethereum Blockchain, Upfiring has created a decentralised autonomous P2P network that allows anyone to easily share files regardless of if they are on a desktop computer or smartphone.
File-sharing is currently seen as an unrewarding process for both seeders (due to little to no return for sharing) and frustrating for downloaders (due to the lack of seeders and slow speeds).
Upfiring has a solution to address this. The company has developed technology which solves many of the current problems we see today with P2P file sharing such as seeding, searching, downloading, ratings, and peer evaluation.
In layman’s terms the Upfiring process is as follows:
A seeder shares a file through the Upfiring network
The file is encrypted by the platform
A downloader requests access to the seeded file but can only download once they have paid using the currency of the network which is UFR tokens.
Once downloaded and paid for in full the file can be decrypted.
The above is a seamless process that requires no technical; knowhow on the user’s part. Given that UFR is also a tradable currency allows both seeders and downloaders to utilise exchanges to buy and sell the tokens as and when required.
Despite file sharing existing since the early days of the internet recent statistics show that the industry has continually grown over fifty percent since 2008. With no sign of this slowing down the industry has long been overdue a technology overhaul to speed up and improve efficiency.
Some of the Issues with current file sharing platforms:
Lack of seeders
No benefit to seeders
Risk for seeders
Snooping/ privacy concerns
Massive disparity between file download and availability ratio.
Benefits of incentivised file sharing:
Seeders are compensated (resulting in more high quality seeds)
Larger variety of seeds
Seeds can be rated more effectively
Faster access and downloads
A self sufficient system that settles payment publicly
Upfiring is currently running an initial crowd offering where anyone can invest in the technology in exchange for Upfiring tokens. You can find out more about the project and support it at: https://upfiring.com/
Their whitepaper can be accessed here: https://upfiring.com/Upfiring_Whitepaper.pdf
After a laborious nine-week search Uber’s management board has voted to appoint crypto-friendly Dara Khosrowshahi as their new chief executive – a potential win for Bitcoin Ethereum.
Under Dara’s 12 year run, Expedia was one of the first major organisations to accept Bitcoin as a form of payment (back in 2014) and subsequently legitimising it. So much so that both Microsoft and Dell followed suit shortly after. Dara is also a personal investor in Bitcoin startup 21 inc and has been an influential promoter of blockchain technology and its uses in real world projects.
With Bitcoin dominating the early days it made sense for Expedia to start accepting the cryptocurrency, however three years down the line it would seem Ethereum would be a better all round solution.
Bitcoin has also encountered a number of issues of late, many of which have stemmed from its slow confirmation times and increased transaction fee’s. With neither of these issues being appropriately addressed it is impossible to use this currency in any time critical use cases. Ethereum however with its lightening fast conformations (which are soon to get even faster) and low transaction fees would be a well equipped contender. It only takes around 15 seconds for a transaction to be confirmed on the Ethereum network making it easy to pay as you pop out of the cab, as opposed to Bitcoin which would require you to… well we’re not quite sure how that would work.
Rumours around Uber accepting cryptocurrencies have long circulated but until now they been nothing more than internet chatter, with Dara’s appointment however it may well become a reality. These are exciting times for the cryptosphere.
Despite reaching all time highs of around $400 in mid June, Ethereum has been slowly declining. It hits its lowest price of $130 last Sunday. The coin has seen a lot of volatility and panic although this now looks to be abating.
Its steady incline over the last 48 hour period looks promising as it hits $190 at the time of writing. This trend is expected to continue with the price breaching $200 by the end of the week.
There is no one reason for Ethereum’s recent decline but the biggest culprit seems to be the Bitcoin split. This has caused panic and uncertainty for many traders across all altcoins resulting in a sea of red.
Also the millions of ETH being raised and dumped for fiat through the recent ICO frenzy has also fueled investor uncertainty and driven down the price.
Even now the recent Tezo Initial Coin Offering (ICO) is worrying many traders with the fear that the project will dump the $200 million equivalent raised on the market in the very near future.
The market cap has dropped from $36 billion to $14 billion. That’s a $22 billion loss with a two-month period.