This weeks special guest was Kurt Wuckert Jr Co-Founder of Crypto Traders Pro.

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  • It appears to me that one of the biggest drawbacks to the current model of cryptocurrencies is the lack of reversibility in transactions. Historically, third parties such as banks have enabled transactions to be reversed, such as refunds or guaranteeing purchases. I think that if cryptocurrencies want to avoid third parties as much as possible, they should adopt a method for reversing transactions for the purpose of dispute resolution. Thoughts?

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  • In a world of total surveillance, a platform that offers total privacy, security no censorship is a dream. This dream may just come true aided by Utopia – a feature-rich ecosystem platform. The group of networking technology enthusiasts behind Utopia (who call themselves ‘a 1984 Group’ and are keeping their identities hidden) worked hard to develop a product that can bypass online censorship and firewalls. This software is operative now and in beta mode. It took the group more than 5 years to develop the product that is touted to be completely free and dedicated to freedom of self-expression and privacy. The masterminds behind this product included top-notch professionals from almost every IT field, such as cryptographic, software, networking engineers and the likes. Early adopters can help the platform by identifying bugs, promoting it globally, putting forward suggestions about prospective features and help in determining the future direction of the project. Beta Testers, Contributors & Promoters will be rewarded for their enthusiasm, commitment and dedication based on a lucrative reward system where 1 point equals 1USD and the payment will be made in BTC. Utopia’s official date of release is said to be 3rd October 2019 after the testing period of 3 months. How does it work? This platform won’t reveal the physical location of its users. Communication and data are not susceptible to interception. Users are free to communicate with whoever they want whenever they want. It sets users free from the bounds of censorship. Utopian ecosystem guarantees freedom of speech. An encrypted file on the user’s own device stores all account data. A central server is not involved in data transmission or storage; it is a decentralized peer-to-peer network. This is a dream platform for the users that believe privacy is paramount. Once a user logs in to the Utopia platform, they can send and receive instant messages and voice recordings. This communication is secured by Curve25519 high-speed elliptic curve cryptography. The local storage is encrypted by 256-bit AES. The decryption of the data can only be done by the recipient. uMail (Utopia Mail) A secure alternative to email is provided by the ecosystem in the form of uMail. This email service has features like an inbox, a trash folder, filters and searches functionality similar to those provided by mainstream email providers. Mail transmission or storage on it requires no servers. uMail account is created by default when a user first joins the Utopia network. A user’s uMail account cannot be blocked or seized.  Any files, irrespective of type, can be transferred to contacts by the user. A built-in viewer allows access to images. The current limit for attachments is 100 MB but may be increased in the future. A builtin file manager allows a user to access all the files sent and received. uMaps (Utopia Maps) Utopia makes it possible to create group chats and channels, news feeds and conduct a private discussion. Integrated uMaps allow a channel to be geotagged simplifying Utopia channel search and adding an extra security layer. There is no need to use public map services that collect user data. Utopia offers a comprehensive API for users to integrate with their own projects. uWallet (Utopia Wallet) Utopia’s built-in uWallet provides all types of financial functionality like making and accepting payments in its native cryptocurrency Crypton (possible without disclosing the user’s public key), billing other Utopia users for services provided, offering a new payment method on their websites, paying by Crypto Cards without revealing identity. With Crypton, the focus was on cryptographic security so as to ensure that organizations or governments cannot manipulate it. It is meant to be fast and convenient to use. Minimum transaction fees and the freedom to complete transactions from anywhere in the world are some of its advantages. All the network enforced fees can be viewed online and fee structure changes are updated live on the network. It makes it possible to stay updated with the current fee structure. The fees collected will supposedly go towards maintaining the network and is said to be a way of controlling the total amount of Cryptons in circulation. The enforced fees is a way to compensate for the emission of Cryptons through mining, by extracting the Cryptons from circulation. Payments through uWallet are instantaneous and cannot be reversed. The balance of a uWallet cannot be expropriated. Crypton (CRP) is proof-of-stake and can be mined through through the GUI based Utopia application or with terminal-based Mining bot. Users that support the ecosystem through Mining are rewarded by the emission of new Crypton’s. Mining Cryptons is environmentally friendly and does not slow your computer down. The group behind Utopia plans to implement their own built-in exchange and the decision to list Crypton on external crypto exchanges will be at the discretion of the other exchanges. UNS (Utopia Name System ) A decentralized registry of names that is impossible to expropriate, freeze or corrupt by any third party called Utopia Name System (UNS) is included in the Utopia Network. This is independent of the conventional Domain Naming System. It makes it possible to tunnel any kind of data between users in the ecosystem and to host websites inside Utopia network that are accessible with the built-in Idyll browser. There are no expiration dates, suspensions, renewal fees and revocations associated with UNS.  Registration on UNS is not free and must be paid in Crypton. It is possible to register multiple UNS registered names.  Users of UNS are served on a first-come, first-served basis. Final words In-app multiplayer games like chess are supported by Utopia. A user can register as a Beta Tester, Contributor or a Promoter and enjoy the ecosystem with varied rewards. Information about the platform and progress made by the Utopia team is available on a community on Reddit run by Beta Testers at r/Utopia1984. Utopia is built to keep communications confidential and data security so that you can be sure that Big Brother is no longer watching your every move. At a time when users’ identity and privacy are sold to make a profit, the Utopia ecosystem can prove to be a game-changer in secure communication! News Source: TheCoinRepublic

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  • One of the most well-known as well as one of its kind platform, Shanghai Wine and Liquor BlockchainAlliance, which was launched in 2018 has once again been in the news. Since there is no denial in the fact that this alliance has undoubtedly ended up enhancing the logistics as well as quality standards for the growing industry. This has also flourished as the middle-class Chinese consumers have gradually started developing a taste for the supple intoxicant. However, the concerning part is the counterfeiting part has equally grown along with the consumption. As per the reports, 65,000 counterfeit Penfolds bottles were seized by the Chinese authorities. COMBATING ILLICIT CHINESE WINE TRADE Well, this unethical Chinese wine trade undoubtedly needed strict action. Therefore, in order to fight with this illicit trade, one of the most renowned importers in the region, Shanghai Waigaoqiao Direct Imported Goods Co (D.I.G.) shook hands with VeChainThor. Together they ended up building a sophisticated as well as effective luxury wine authenticating system. HOW DOES IT AUTHENTICATE? Truth be told, this is indeed a really effective way to authenticate as the chances of illicit wine trade is minimized to a large extent. As per this authenticating technology, the blockchain-strapped bottles are equipped with NFC, i.e., Near-Field Communication chip. This is included so that the vintage’s provenance is tracked with better accuracy. Moreover, the entire process of authentication is even more trustworthy as the entire traceability program is overseen by two governmental bodies as well as the data included in the blockchain is independently verified by auditors like DNV GL. RAY OF HOPE One can never deny the fact that the sales, at one point of time, hit its lowest because of the illicit trades. However, situations are a bit less complex now as D.I.G mentions in a report that there is an overall increase of 10% in sales for vintages tracked by the authenticating program. Therefore since its launch, it has been a bright ray of hope for the market. News Source: TheCoinRepublic

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  • It has come to reports that the prices of Bitcoin have descended below $11,500 this Wednesday. The pattern has taken the shape of the fictional character Bart Simpson’s head. The predominant cryptocurrency had gone past $12000 but there was an abrupt descend only hours later from that. It rose high to $12,145 and slid down to $11,438 in that very afternoon. The unwelcoming pattern of Bart’s head, as so it has been named after the fictional character, Bart Simpson. It has, consequently, driven the crypto market to decay. The crypto industry had to incur a severe market sell-off. It is learned that newly-published research has affirmed that Bitcoin and crypto-currencies have led to the formation of an inverse correlation with the S&P 500. Nevertheless, it is also being noticed that both stock and crypto markets are in risk now. Bitcoin has come down by 0.55%. the Dow Jones industrial average loses 0.53% and the S and P sliding 0.31% for the day. The profits, it is learned, were to relinquish them in a vicious sell-off only hours later to the gains. Structure of Bart’s head wrecks havoc on the crypto domain Bitcoin had to suffer a huge loss by the unwelcoming Bart Simpson technical pattern. This pattern is consistently unwelcoming because the price spikes trade sideways and then swerve low to the point of collapse which is its original level. It has been named the “Bart” formation by the armchair traders as the pattern of lines are reminiscent of the head of Bart Simpson which is analogously spiked. This is a very rare occasion for the crypto traders but whenever it rears it’s head then it is because there are manipulators striving to exploit the market at the expense of retail traders. This pattern is heavily detrimental to the crypto market and hence intimidating to the operators of the market. The crypto market is operated under strict vigils and therefore, such forebodings are hard to sense and fortunately rare for this very reason. However, the stalwartz associated with the industry are devising ways to have riddance of such havocs, keeping in mind that no more losses or taints are caused to the market. It is also learned that preventive measures would be taken so that they can out-maneuver every kind of prospective threats. Speculatively, the security on technological terms would be strengthened even more. News Source: TheCoinRepublic  

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  • On the 1st of August 2019, Walmart (the world’s largest company with the most revenue and employees) has filed a patent application for its own digital currency. This move follows the Facebook cryptocurrency initiative in the form of Libra. The ‘Walmart Coin’ specifications are similar to what Facebook has proposed for its Libra. Walmart’s cryptocurrency may have demographic appeal to legislators involved in the efforts of devising an alternative financial structure for people who are not regular users of banks or find banking costly. This new digital currency may not face the same regulatory trouble as Facebook’s Libra as there is a difference of scale between the two. Walmart’s cryptocurrency and Libra are different from others like Bitcoin in a very important manner; they are backed by a central authority and household names. Walmart’s digital currency is proposed to be a fiat-backed stable coin. It is also said that it may be pegged to the US dollar and available for use only at select retailers or partners. It seeks to make transactions cheaper and faster. It could be tied to some other digital currencies and may be purchased using cryptocurrencies like Bitcoin rather than fiat currency alone. It aims at providing a free or cheap way to store wealth that can be converted back to cash as and when the need arises. It could earn interest, be used for food payments and may replace debit or credit cards without cash. Savings may be offered to customers on purchases. It seeks to use artificial intelligence to help the customer purchase according to his budget and preferences. Walmart is trying to improve its inventory forecasts and predict consumer behavior by using thecryptocurrency to collect purchaser data with the ultimate aim of increasing its profitability. Its own tokens will also reduce the credit card processing fees, saving it billions of dollars each year. There are ambitious plans for this new digital currency including the provision of a freelancer platform, short-term emergency loans, digital currency futures, and multi-tender integration. Walmart is not new to the blockchain technology and at present, this technology covers its supply chain management and digital offerings for customers. Walmart’s cryptocurrency does involve a major privacy concern especially if it is used alongside the various other services provided by the Walmart ‘Money Centers’. It seems imminent that large corporations will foray into the area of cryptocurrency in the form of their own branded stable coins in an effort to exterminate banks from their financial ecosystem. Walmart has made a futuristic move. Whether this move proves to be beneficial is yet to be seen. News Source: TheCoinRepublic

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