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Cryptocurrency lending is something every user is hesitant of, but it is still one of the ways to earn money in a short period of time.

The issue circulating with crypto-lending is when it comes to repayment, people do not know how to trust each other.

ETHLend:

There’s your answer. ETHLend is a cryptocurrency lending application, that functions on the Ethereum network. It is accessible through MetaMask, a plugin that works as a connection between the Ethereum network and your web browser.

From now onwards, users can lend Ether without the risk of loss of capital as it ensures secure lending. Also, lenders can browse through loan requests on the EthLend website, then pick the borrower of their choice.

  • The borrower will issue a loan request.
  • The loan request creates a Smart Contract on the Ethereum Blockchain.
  • Insert the required data such as the loan amount, the premium (interest rate) and time to borrow.
  • The borrower then inserts the Digital Token address and the number of tokens that are used as a collateral.
  • After all the data is set, the borrower then transfers the Digital Tokens to the Smart Contract. Now, lenders can fund the loan.

What Happens If The Borrower Doesn’t Repay The Loan On Time?

When the borrower is unable to repay the loan, the Smart Contract transfers the digital tokens to the lender’s Ethereum address. It is up to the lender, whether they want to hold onto or sell the digital tokens.

The decentralized model and the use of cryptocurrency is the proper solution to achieve ETHLend’s goal. It aims to provide a global liquidity pool between people, which means that any borrower in the US isn’t limited to the US alone and can access funding from all across the world, like Asia and Europe.

What Are EthLend Fees?

EthLend deducts around 0.01 fee for every loan request and funding of a loan. The fees will finance the further improvements on the Ethereum platform.

What Cryptocurrencies Can I Borrow And Lend?

To begin with, Ether lending is available, since the application runs on Ethereum network. Later on, other cryptocurrencies like Bitcoin, Litecoin etc. will be included.

Why the Ethereum Network?

Ethereum consists of Smart Contracts, that allows to perform complex transactions such as and lending and handling the collateral. No one can stop you from lending or borrowing, not even ETHLend. Fortunately, ETHLend has the ability to borrow in locations where there are no banks in sight. All transactions are visible, so you can easily keep track of what is happening.

Goals:

The focus is to expand their user-base and explore their boundaries while ensuring that their procedure remains as simple as possible. ETHLend is also including additional features like language options and ways to calculate the value of the collateral, to avoid unnecessary loan requests in the future. Its team is located all over the world but, initially work towards the same goal, to provide a fair and secure lending/borrowing platform. Ultimately, aiming to become the largest lending market on a global scale.

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Bitcoin Almost Triples the Price of Gold

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Two merchants, Brian Stutland of Equity Armor Investments and Path Trading Partners’ Bob Iaccino are least concerned about the tripling of Bitcoin’s price against gold and claim gold to still be a better bet.

While gold was exchanging at $1,280, Bitcoin has soared 240 percent this year to a high of $3,288 on Wednesday. However, Stutland and Iaccino trust gold is a superior wager than Bitcoin from technical and fundamental perspectives.

“When you look at gold over the past couple of months, [it has] tracked very well [relative] to the cryptocurrency,” Stutland told CNBC’s “Futures Now.” “If you price adjust and volatility adjust, I think gold still has a little bit of catching up to do.”

Iaccino believes that bitcoin’s popularity is undeniable yet it’s still highly unstable and could easily be replaced by another cryptocurrency.

“Bitcoin, right now, is the most popular [cryptocurrency] and it is the most valuable one,” he said. “But I don’t see it as a store of value because any [other cryptocurrency platform] could come out with a slightly better technology and completely replace Bitcoin.”

Moreover, on Wednesday, gold rose more than 1 percent, being one of the biggest safety trades during times of possible chaos. Bitcoin, on the other hand, fell back to the previous gains shown this week as it drops by 3 percent.

 

News credits: cnbc.com

image credits: cnbc.com

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The theory behind a Bitcoin transaction

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Everyone on the network is aware of the word “transaction” but, does anyone ever wonder how bitcoin works?

A Bitcoin transaction may sound simple but it’s actually very complex. In this article, we’ll be outlining how this process takes place and what are its key steps.

Both your Bitcoin wallet address and Bitcoin network must go through series of steps to ensure that the right amount reaches the recipient.

To begin with, it’s important to understand that a bitcoin isn’t a single record of a coin but it’s actually registered as a transaction, that consists of three parts- a transaction input, transaction output and an amount.

  • Transaction input- This is the bitcoin address from which the money is sent.
  • Transaction output- The bitcoin address to which the money is sent.
  • Amount- The amount of bitcoins sent.

theory behind a Bitcoin transaction

When someone sends bitcoins to you, the address they used to send them to you is registered as the transaction input on the bitcoin blockchain, and your address as the transaction input.

When you send those bitcoins onto someone else, your wallet creates a transaction output which is the address of the person who is receiving the coins. That transaction is then registered on the bitcoin network as the transaction input.

With the help of this system, people can trace transactions back to when bitcoin was first born. This creates a completely transparent system in which all the transactions can be viewed at any time.

How can you send bitcoins?

To send bitcoins, you require two things- a bitcoin address and a private key.

A bitcoin wallet address is generated at random and is simply a sequence of letters and numbers.

A private key is another sequence of numbers and letters, but this cannot be disclosed to anyone else.

theory behind a Bitcoin transaction

This infographic explains how bitcoins can be sent.

Are there transaction fees?

Certain bitcoin wallet address allow you to set your own transaction fees. Any portion of a transaction that isn’t traced or picked up by the recipient is the transaction fees. This goes to the miners to solve the transaction block as an extra reward.

Why should I wait for my transaction to clear?

Your transactions are verified by miners and there is a set block time of 10 minutes. So, you might be told to wait until they are done mining.

You can view all the transactions in a block chain with a hex editor. A block chain browser is a site where every transaction in the blockchain can be viewed in human readable terms.  If you want to make your activities on the bitcoin network more opaque, you’d have to not use the same bitcoin address repeatedly and avoid sending large amounts of bitcoins to a single bitcoin address.

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Bitcoin Sky-rockets above $4,400 – Sets new all-time high

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Just about a week ago, the cryptocurrency’s value was around $3,382 however, it gained a little over 30% and stood at $4,111 until Sunday, August 14.

On August 15, global exchanges experienced another $200 gain, rising to $4382 from $4,111 just a day ago. This movement is created from the sudden interest shown by new investors and analysts.

Investment managers and experts are now not only following the digital currency, but licensed financial specialists have put about $200 million in an initial coin offering (ICO) for a blockchain network known as filecoin a week ago, a project that targets at making a distributed protocol for file storage.

Additionally, with information from Coinmarketcap demonstrating the digital currencies are currently esteemed at $141 billion, a rise of about 20 percent from $118 billion a week ago.

 

News credits: coindesk.com

Image credits: dailyreckoning.com

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What are the Top Blockchain Trends in 2017?

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Top trend in 2017

By creating its own entity and reputation blockchain finally enter to the typical awareness in 2017. No doubt, blockchain has the capacity to change industrial operating models. Whereas, the distributed ledger industry grew up throughout the year. However, most of the companies are still stuck in survey phase. In addition, are unable to bring fascination into the reality because they are charmed by its beauty.

The primary application is still in banking. 15% of the banks have the plan to put blockchain into the commercial production by 2017.  Whereas, 91% of banks are investing in blockchain technology. The world economic forum estimates that 80% of banks are actively working on blockchain technology.

Technology is evolving, $1.4bn invested in blockchain technology startups across different sectors. Whereas, it is not only financing that blockchain is set to disrupt.

Investor look more use cases

Funding to blockchain increases day by day. According to the latest report of KMPG and GB, plus of fintech Q3 ‘16’ investment of this technology fell to $87 million in the third quarter of 2016. $119 in the second quarter and $153 in the first quarter. This is expected thatThe fall specifies that investors are beginning to grow anxious that exploration is not translating into action. In addition, excitement remains the same, this is what the report said.

The report says, ‘To-date, however, the ability to move blockchain from proof-of-concept to adoption and production has been minimal. While the market is still giving blockchain companies plenty of room to prove themselves. Investors are also becoming more concerned about results’. In addition, ‘Over the next year, investors will make more rational assessments of where the main use cases associated with fintech are and how long it will be before they are implementable.’

Growth in Asia

In North, Asia blockchain has received more attentions as compare to other. Where a number of the financial institutions are investing in blockchain related projects. In China, with record breaking of fintech investment, increases for each of the past four quarters. And, there is still a room for growth in Asia in 2017. Accordingly, KPMG China’s fintech investor and innovation partner say that investor is still interested in investment. Not only in massive rounds CV investors are investing in small blockchain technology companies in Asia. Few of them companies are at the second or third round of funding. These small projects are starting to lead the large investment. A Chinese investor has made an investment of $1.7 million for Taiwanese startup Bitmark. A trend may continue in next year.

Outside finance     

Companies like Uber and Airbnb provide the services by linking consumers with their needs. They are still playing the role of the middle person. Accordingly, they still take a cut. Whereas, blockchain is entirely different from all this. It has the ability to remove the middle person from needs and its satisfactions. Which clearly means that someone needs take their full dues.

For example, arcade city is the new ride-sharing app that connects the customers with drivers by using Ethereum blockchain. Christopher David, Arcade city’s driver, a former Uber driver says that ‘The Achilles’ heel of Uber and Lyft is their centralized management of pricing. By decentralizing that decision to the level of the driver and rider, Arcade City frees the driver to be an entrepreneur and empowers the rider with control over their entire experience. Both drivers and riders are loving it so far’. May of this year, Arcade city become first in blockchain startup at GTEC awards.

In the same way, blockchain allows an artist to upload, sell or market their work without any middle authority. Edith Suarez of CNN discuss about the blockchain transparency, which other platforms failed to provide, ‘Music is placed in the decentralized server, then each song is embedded with a piece of code (meta information) […] [When people download] a track with a cryptocurrency, a payment is automatically sent to anyone involved, be it the writer, the producer, the singer, as well as many others.’’

Government’s involvement

Now, government and establishment fail to maintain their trust in the public. In that scenario, public related information should be held in transparent easily available manner. Where anyone will have the ability to verify the ledger and also have the copies of that data.

Most of the countries in the world want to move their currencies to blockchain trend. And, they are also exploring the other areas of the government. A prominent example of this year is, Governor Jack Markell, announce two blockchain initiatives. Whereas, Estonia use the blockchain technology to enhance an e-residency program. In addition, anyone from anywhere in the world can apply to become e-resident of Estonia.

Environment takes shape   

In 2016 Japan’s legislatures pass a bill to regulate bitcoin in a country. Furthermore, with the adoption and popularity of bitcoin, they have a plan to focus on security and other risk issues. While regulators are trying to provide a transparent system. Not only Japan is starting working on digital world but US, South Korea and many more countries trying to provide a transparent system to the public.

Education and collaboration

Education is the biggest challenge while blockchain is still new in market trends. There are security issues, companies must not put off or panic if proof of concept does not reveal themselves immediately. They are going to improve their work and understandings with other companies. Early adopters of any technology get benefits. That is why organizations need to know how they can use blockchain technology as soon as possible.

Good luck!

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ICO News – Louisiana City Plans to Launch Its Own Cryptocurrency

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According to the Acadia Advocate, the mayor of Lafayette, Louisiana has offered the city to create its own cryptocurrency in order to raise money for public finance, taking a prompt from Berkeley, California. The proposal was made by the mayor-president of Lafayette, Joel Robideaux, at Heymann Center, during his annual address as he called the city a ‘technology hub’ that will advance the government services and diversify the local economy. Currently, the city is in extreme economic straits and the government is planning for the additional taxes.

public finance

Public Finance

Joel Robideaux sees cryptocurrency as a mean to public finance work; also, it allows citizens to contribute in the financing. For him, cryptocurrencies are an alternative for financing public infrastructure. Robideaux said, he was distinguishing that the domain of finance, banking and payment systems has changed persistently, and almost every industry will be soon disrupted. Robideaux dropped the idea of cryptocurrency being promoted by worldwide libertarians in quest of undetectable and unregulated digital currency transactions.

Robideaux didn’t give any detail about how his suggestion for cryptocurrency application to municipal finance will operate, and how he will be encouraging investors to support his idea. Whereas, Berkeley is considering to promote its cryptocurrency with municipal-ties and is looking forward to offer cryptocurrency-enabled “microbonds” in order to support reasonable housing projects.

What does Robideaux see?

According to Joel Robideaux, an ICO will fund a living-lab of blockchain developers, however, he didn’t clarify what the lab would exactly consist of and where it would be sited. He added, the city must diversify its economy to deal with the unemployment which was resulted after the oil crash (2014). Robideaux said the cultural economy of the city is already in existence and will turn out to be the alleviating force in its budget; however, the budget is still in a crisis mode as the over-all fund has been reduced.

Even as the cryptocurrency project of Berkeley is in the developmental phase, councilors in Berkeley have joined with Jesse Arreguin (the mayor) along with “Neighborly,” which is a tech-startup with software engineering support from UC Blockchain Laboratory of Berkeley and its aim is to offer an ICO that would encourage transactions inside the local area.

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