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According to the latest blockchain news 2018, the vice president of a European Commission has officially asked the EU nations to commit to blockchain-technology; which, according to him, is going mainstream. The vice president of the European Commission said this in a speech on “digitization,” and highlighted the blockchain technology as an area that EU nations must be committing to. European Commission vice-president, Andrus Ansip highlighted blockchain technology amid the parts where Europe is top-positioned and is playing a leading role along with AI (Artificial Intelligence).

EU Blockchain

EU’s Opening Remarks

The official offered the “opening remarks” of the annual ‘Digital Day’ of European Union, which was initially held in Brussels this year, where Ansip stated:

“I would like to see EU countries make a similar commitment (as with AI) to blockchain technologies – now moving out of the lab and going mainstream. As with AI: we should make the most of this new opportunity to innovate.”

In order to achieve their aim, the European Commission’s official called on national governments as well as private sectors to subsidize the cause and stated the EU’s own “public purse only goes so far”, demonstrating almost 1% of the yearly-wealth produced by economies of EU and added, that they need a hard crash.

The remarks were quite noteworthy as they came up just within weeks, earlier in the month of February, when EU launched its own “Blockchain Observatory.” The EU blockchain establishment was first announced by the EC last year and was a response to an European Parliament mandate to reinforce the technical proficiency of EU in innovative technologies.

European Blockchain Partnership

According to the European Commission, it will be investing €300 million in projects that are linked to the use of blockchain technology directly. The EU also unveiled that it is placing the groundwork which is required to create a “European Blockchain Partnership” for promoting interoperable-infrastructures, amid EU nations, to boost and stand-in trusted digital services. In the meantime, the officials of EC previously hinted that they’d be presenting a regulatory framework for cryptocurrencies.

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Escrow and its services

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Escrow and its services

Digital world needs the digital services as well. That is why there is a huge list of escrow services sites. The matter is, you don’t let your money in the scams hands. For that purpose, you want to use secure and clear way of services for your transactions. Escrow is exactly the same, you want for your transactions. Here, in this article. I will tell you about escrow and its services regarding your transactions.

Escrow is basically a legal concept, an account held by the third party during transactions between parties. This temporary account operates until the completion of the bitcoin transactions. The goods or funds will be held by an agent until he receives proper and appropriate instructions. Funds can be held in escrow are assets, fund, security or money.  At the time of absolute certainty, parties are able to fulfill one another’s obligations and rules.

For example, being a third party, escrow will have the authority to take funds and delivers the goods in good condition according to its client’s wish.

Types of Escrow:

Funds deposit is occurring for the payment at the certain conditions. That usually applies to mortgage, property taxes and insurance. Escrow’s agent is fulfilling the need of their customers. Some types of escrow are.

1. Internet Escrow:

Internet escrow works by placing money in hands of the third party. who is totally independent and has a license for this service.

2. Banking:

Escrow provides its service in automatic vending and banking field.automated teller machine (ATMs) and vending machine. Where he or she put the order and get the result in form of transactions.

3. Personal Property:

Sale of mobile homes also falls in this escrow transactions category. Whereas, selling or purchasing of big-ticket assets are through escrow services.

4. Law:

Escrow is also known in law sector. Escrow funds are mostly used to distribute money from a cash settlement to environmental enforcement action. Through this process, defendant has to pay a total amount of judgment to court administration.

5. Escrow Real Estate:

Escrow agent services are used in real estate transactions. For example, you are going to sell or purchase a real estate. Transactions regarding sells or purchase of bitcoins will be processed by escrow service provider.

6. Mergers and Acquisitions:

Escrow arrangements are mostly used in mergers and acquisitions to extra warranties offered by the seller.

7. Mortgage Refinancing:

This type of escrow is much different from the real estate sale. In a case of mortgage refinancing, one house loan use as the payment for the other home loan. These type of transaction needs many formalities and risk. So, escrow provides its services on the behalf of its customers.

8. Escrow Business:

Business escrow services involve the sale of the business. In transactions, it involves the actual company and all its assets. These transactions are similar in form of transfer of the shares in a business. Just like stock transfer, bulk sales, and holdings.

Above is a short note about the types of escrow. Now, we will discuss, how does an escrow service work?

Escrow and its services

How does an Escrow work?

Most of the business dealings need a third party for transactions. Mostly, escrow provides such type of services. Following are some terms;

  1. Both parties say yes to the terms of the transactions through escrow.
  2. Then, buyer deposits the money in escrow account. After, the verification of transaction by escrow management, escrow verify the payment to the seller.
  3. After the verification of the transaction, the seller has some duties to verify and submit the tracking information.
  4. Buyer has an option to accept the order or reject within few days of transactions before receiving an order.
  5. When buyer accepts the order. Escrow release the money from an escrow account.

Your transaction is complete with escrow services. GOOD LUCK!

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How Bitcoin Works in 5 Minutes (Technical)

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Bitcoin is a decentralized digital currency. There is no physical existence of Bitcoin, just the verification and value it has been given by a global peer-to-peer network. All these transactions are recorded in Blockchains.

The blockchain is very much like a public shared ledger. All the confirmed transactions performed ever using Bitcoins are recorded in this ledger. These blocks are an ultra-secure data, treated like cash. All the transactions are received and sent through wallets which are digitally signed. To ensure security, bitcoin wallets come with a private key or seed. These signatures ensure that the transaction is performed by the current owner of the wallet and provides with the mathematical proof. In reality, there is no transfer of Bitcoins but the change of ownership and quantities of Bitcoins.

How Does a Transaction Work?

If person A needs to transfer Bitcoins to person B, the transaction carries three parts.

  • An Input- record of wallet of person A
  • An Amount- the number of bitcoins person A sends to person B
  • An output- person B’s wallet

How Can You send Bitcoins?

To send the Bitcoins to anybody you require two things.

  • Bitcoin address
  • Private key

A bitcoin address is generated by an individual randomly. It mainly consists of a sequence of numbers and letters.

A private is a secret key with a unique sequence of numbers and letters.

When person A wants to send coins to person B, she signs a message with her private key to authorize the transaction. The transaction will include,

  • Input (source wallet)
  • Number of Bitcoins to sent
  • Output (person B’s address)

Person A then sends the number of Bitcoins to the Bitcoin network from her wallet. Once entered in the network, miners will then verify the transaction included in the blockchain. The miners will then solve the mathematical puzzle and in the end, it will verify that person B is the new owner of the specified number of coins.

Blockchains

Just like account ledgers containing amount and names, blockchains function almost the same. People exchange money by changing this file.

For instance, if person A sells a product to person B for $5, person A’s balance goes up by $5 and person B will have a reduced balance of $5.

There are no third parties involved in the system, like banks or other financial institutions. So, who takes control and responsibility of controlling and maintain this ledger? Every coin holder maintains their own copy of the ledger. All the participants can see each other’s ledger and their balances. In Bitcoin ledgers, these names are exchanged with specific numbers to ensure anonymity.

To keep every ledger synced and harmonized, there is a protocol that needs to be followed. To do a transaction you tell everyone by broadcasting a message with your account number, the receiver’s account number and the amount to be transferred. Every coin holder around in the world will update their ledger.

There are people who help in maintaining the system. You can simply use the system to perform the transaction without maintaining the ledger.

To ensure sender is the real owner of the account, Bitcoin requires a signature to verify it, but a mathematical signature.

System

When an account is created, a private key is generated mathematically linked to that account number. The private key and the text from the transaction are processed through a special cryptographic function to generate a signature. To make sure the signature is done by the wallet owner and to the specific transaction, another function allows the other people to verify the signature. These signatures cannot be copied as they are unique to each transaction.

The main problem with the system is that this cannot verify when a transaction was performed.

For example, if a person falsely has to withdraw 2 cheques out of an account but it has enough money to cover one account. the bank will refuse the second cheque due to an inadequate amount of cash after the with drawl of the first cheque. It is much harder to determine the order in Bitcoin. Due to the scattered individuals all over the world taking part in the transaction, there may be a delay in different orders in different places. Fraudsters could lie about these time lapses.

Two recipients might both think their transaction is first and ship a product allowing the fraudster two spent the money twice.

New transactions go into a pool of pending transactions. These transactions then get into the giant chain that locks in their order. A lottery is then held, enabling participants to choose a transaction of their choice to solve a special problem to link them to the end of the chain. The person to find the solution first wins and gets their transaction next in the chain.

That’s how pretty much all the transactions in the Bitcoin system are performed.

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Russian Official Denies Country’s Role in Petro Cryptocurrency

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The officials of Russia have claimed that the country never joined with Venezuela on its national cryptocurrency, Petro, which marks the first state cryptocurrency of the world. The Russian Foreign Ministry’s deputy director of the information and press department, Artyom Kozhin, also claimed a news story that was published by Time magazine.

Petro Cryptocurrency

Finance Ministry of Russia About the Reports

The Finance Ministry of Russia has counselled “Time magazine” that it strongly denies any kind of contribution in the Petro cryptocurrency and noted that Time Magazine has disregarded the statement of ministry.

A meeting was held on 21st February 2018 in Moscow, where Kozhin said that Simon Zerpa, who is the Minister of Economy and Finance in Russia, gave a booklet related to the cryptocurrency to notify the Russians about the project, however, no one from the parties mentioned or conferred Russian-Venezuelan activity related to cryptocurrency.

The rate of Petro is linked to the price of oil that is produced in Venezuela, as it was announced in December by the president of Venezuela, Nicolas Maduro, considering it as a payment tool to evade the worldwide authorizations and a U.S. barrier.

Authorized Involvement

According to Time Magazine, the president of Russia, Vladimir Putin sanctioned helping Venezuela to launch the Petro, mentioning anonymous resources close to the concealed joint venture.

Time Magazine also mentioned two Russians, named Fyodor Bogorodsky and Denis Druzhkov, who act as advisers on the Petro. According to few reports, during the launch of Petro, these two Russians were seated in the front row in the presidential palace.

According to an Associated Press report, Druzhkov is a chief executive officer of Zeus Trading, which was banned from trading almost three-years ago and was penalized for $31,000 by the Chicago Mercantile Exchange.

Likewise, some reports say that Bogorodsky lives in Uruguay and was described as director of Aerotrading company by the government, as his website contains only a single home page without any information about the company.

Russian State Bank

According to the executive of state bank of Russia, who deals with the cryptocurrencies, senior Kremlin counsellors have supervised the Petro project.

The state bank executive reportedly said:

“People close to Putin, they told him this is how to avoid the sanctions. This is how the whole thing started”

No response has been given by Kremlin to Time Magazine, however, the Finance Ministry of Moscow has said that none of the Russian financial authorities was involved in the development of Petro. At the same time, the government of Venezuelan also avoided commenting on this report by Time Magazine.

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What is the Real Value of a Bitcoin?

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In the past decade, Cryptocurrencies have become a revolution in the modern economy and banking system. It acts as an alternative currency which serves as a financial transaction database for the general public and the cryptocurrency which pave the way for this successful revolution is Bitcoin. Bitcoin was the first of its kind and introduced in 2009 and since then it serves as the digital gold standard in the whole cryptocurrency industry. The value of bitcoin has been increasing over the past decade and the value of bitcoin in future estimated to have upgradation after recognizing present rate of increment. The value of bitcoin has increased from 0 to 7300 dollars from its introduction in crypto industry.

value of bitcoin in future

  • Value as a Currency

Bitcoin has emerged as a new world currency over the past decade. It serves as a global way of payment. Usually, the currency system depends upon the country’s economy and a centralized banking system which check the exchange rates of the currency with the global stock exchange. But Bitcoin doesn’t need all. It doesn’t depend upon any banking system.

Nowadays Bitcoin is usually measured or exchanged in terms of American dollars or Japanese yen it means anyone can exchange bitcoin either in dollars or yen depending upon the rate of exchange in the global market which can be high or can be low as zero. The difference between the other currencies which are supported by the banking system and bitcoin is that it doesn’t require any banking structure for its exchange and can be exchanged for dollars and yens depending upon their values.

  • Value as an Investment

In the field of Finance, the investment is a term which generates a value that describes the sum of future revenues generated. Up till now, bitcoin doesn’t hold any type of present and future revenues so It can say that now Bitcoin as an investment has zero minimal value.

According to the famous businessman, Warren Buffet bitcoin cannot become an investment and it is a mirage. Buffet said the idea which has high inherent value is just a joke in his view and it will have a bad ending.

  • Bitcoin a New Gold

Sometimes Bitcoin is also referred to as a new gold due to its inability to generates revenues. The assets which don’t generate any revenue such as gold but the gold has minimal value because of the industrial use and the manufacture of industrial goods that has given gold a minimal value despite having no financial assistance. Bitcoin has been compared to gold over the years due to having low financial investment.

  • Bitcoin as a Ponzi Scheme

Bitcoin also termed as a Ponzi scheme, which is described by the fraud investment in which manager provides fabricated reports and try to lure the new investors into the reports so they invest in their project and generates revenue for the older investors.

The characteristics of Ponzi scheme is:

  1. Usage of verbal guises
  2. Encouragement of high return to the new investor that lure them to invest
  3. Not having solid assets ground
  4. Minimal withdrawal of money by providing new plans

In the end, it can be said that the Bitcoin has integrated a revolution in the modern currency and banking system and the value of bitcoin has proved its popularity among the people and made it a global way of payment. In the recent, the value of bitcoin in future will increase as the rate of increment in the present time and maybe it will become a new gold or a mode of investment.

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Dream Market’s Down – What Are The Alternatives?

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You’re probably familiar with the news on the take down of two of the largest online darknet marketplaces – AlphaBay and Hansa. It’s being called as the largest international operation against the dark web’s marketplaces conducted by the FBI, DEA and Dutch National Police. Dream market reddit trying to exit scams about cryptocurrencies.

However, it was ironic how the federal authorities took down AlphaBay but took Hansa under their charge and kept it running for around a month just to keep an eye out on the happenings of its daily visitors. Also, the visitors of AlphaBay Market had flooded the Hansa Market since they were forced by the seizer.

In addition, many of AlphaBay’s users found refuge in other dark markets as well such as Dream Market, which is said to be the second-largest darknet marketplace. But this safe haven is seemingly on the red alert as well as some Reddit users on various “r/Dream_Market” threads are concerned about the marketplace.

A Reddit user claims that Dream Market might already be under the federal authorities control. This is what the user’s post said.

“I got contacted by an ex-Hansa staff member telling me that the operation is apparently bigger than we currently assume, that ‘there will be a bloodbath, a purge’ and that ‘any vendor on HANSA should immediately seize his operation, lawyer up and hide his trails’.”

Another Reddit user claimed to have found a non-encrypted IP address in Dream Market’s source code, saying that the police have possibly taken control of the black market and are now observing all the activities of its visitors.

Now you might be wondering what are other alternatives that you could visit that are not on the radar right now. Well, fret no more.

Here are 3 of the closest options you can get of the above-mentioned darknet marketplaces:

3 Best Alternatives Of Dream Market:

  1. Silk Road 3.1:

As we all know, Silk Road has been taken down several times before but that has never stopped it from rising back up. This proves that as long as the Darknet Markets remain, so will Silk Road. It is still growing in popularity which is a good sign since it means its laying low.  

  1. RAMP:

Russian Anonymous Marketplace is one of the oldest darknet markets to exist. With a forum based interface and a range of drugs from light to hard, it is a good alternative. Especially since it’s pretty old, it has got good reviews.

Last but not the least…

  1. Bermuda:

Bermuda is a brand new darknet marketplace that is said to provide an escrow service based on Bitcoin for a safe and smooth trading procedure. The advantage of it being entirely new is that it’ll be completely off the radar so you are in good hands. According to some reviews, it’s doing good in the market, so definitely check it out in case you’re looking a safer alternative.

 

Story & Image Credits: thehackernews.com

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