8btc Founder Chang Jia Discusses the Bitcoin Ecosystem and the Bytom Project 0

8btc Founder Chang Jia Discusses the Bitcoin Ecosystem and the Bytom Project

HANGZHOU, ChinaAug. 31, 2017 /PRNewswire/ — 8btc founder Chang Jia was recently interviewed by Tuoniao.fm (Q: Tuoniao.fm, A: Chang Jia).

Q: As an early bitcoin adopter, why is the currency attractive to you?

A: When I was an undergraduate, I was a science fiction fan and indulged in the cyberpunk world created by William Ford Gibson and Neal Stephenson. In Craft of Dragon Slaughtering, one of my computer novels, I told a story where the leading character lived in a world where power was dictated by one’s computing prowess. Bitcoin fits well in my vision for cloud and distributed computing.

Q: The use of the currency is rooted in trust. Why do bitcoin adopters have trust in the currency?

A: Mathematics. The unbreakable cryptography and strong computing power resources of Bitcoin prevent it from being overissued, replicated or forged. If the internet developed a norm enabling information to be replicated infinitely, then bitcoin creates a norm where information can never be replicated. Both are revolutionary. Just as printing changed the social power structure and weakened the power of the guilds in the Middle Ages, a cryptocurrency breaks the state banks’ monopoly on money. With the support of computing technology, bitcoin returns the world to what a currency was meant to be. Technologically, it is a vehicle that has a collective memory function without the need for the endorsement of a nation or the backing of a gold standard.

Q: Some people believe bitcoin is simply a great experiment, but one that is bound to fail. What do you think?

A: If a lottery is “tax levy” on those who are poor at math, then bitcoin is “tax levy” on those who are shortsighted.

Q: Bitcoin still has flaws. In your opinion, what is its biggest flaw?

A: People, of course. In terms of operation, users may lose their bitcoins due to the use of weak passwords, inappropriate choice of a brain wallet and badly managed backup. When it comes to data processing, greedy miners may prefer to handle transactions with higher commission fees, while ignoring those with no or low fees, resulting in a delay in trade confirmation. In terms of security, some crazed mining pools may try to use their hashrate to launch a 51% attack. However, at the end of the day, it is people that will determine the fate of bitcoin. Fortunately, bitcoin follows a simple yet democratic mechanism where the hashrate represents the voting rights and anyone can develop its applications, improve its code and expand its protocol.

Q: As an excellent sci-fi writer, can you imagine a world where bitcoin is widely used?

A: Once bitcoin is widely adopted, international merchants won’t need to wait several days for a bank wire to clear. Once completing bitcoin’s six confirmation steps, the international remittance will be received. Entrepreneurs can build a direct connection with shareholders and a dividend payment can be sent to the shareholder’s bitcoin address. In addition, shareholders can verify their identity with their bitcoin message signature, anytime and anywhere, protecting the interest of shareholders and their voting rights. Business partners can record terms and protocols on blockchain. In the event of a lawsuit, the court can verify the validity of the contract based on blockchain’s immutable coded information and timestamp. Wills, musical works, screenplays, academic papers and other copyrighted statements that need proof of existence can be maintained on blockchain. Even if you don’t want to use bitcoin as a means of exchange, you can use the bitcoin blockchain to transfer money and exchange bitcoins for US dollars and euros. Bitcoin is what TCP/IP to currency, on which innovations in finance and business will thrive.

Since the beginning of 2017, the overall market value of digital currency globally has been growing. By April and May, the market value (the combined market value of the world’s top 100 virtual currencies in terms of trade value) surpassed US$100 billion. Following this latest surge in growth, what can we expect as the next trend for digital currencies worldwide?

We are heading into an era of free money and free assets as Hayek predicted. We can imagine that if assets can flow freely across borders instead of being subject to the exchange of fiat money, investing in and trading assets will become as convenient as shopping online. Centralized platforms will no longer be required for checking or reporting on a credit status. If all this comes to be, can you imagine how large the market will be? It makes no sense to predict the trend, as you’d be better off becoming part of the trend.

Q: What do you think of the increasing ICOs in recent days?

A: A big bubble has formed in the ICO market now, similar to what happened to the market in 2013 when the price of a bitcoin dropped from 8,000 yuan to just above 1,000 yuan due to regulatory measures put in place by the Chinese central bank. ICO was called crowdfunding at that time. There were a lot of new projects. Many of them failed and some of the founders subsequently simply disappeared. When you decide to invest in an ICO project, you must be cautious and know the team and project inside out. 8btc launched Bizhongchou, the first ICO platform in China. But we only listed Quantum Chain on our platform this year. We are allow ourselves to become entranced by the bull market. In order to cat responsibly for our investors, we examine and evaluate a project based on the strictest standards, probably the strictest in the industry.

Q: What is the story behind 8btc’s Bytom?

A: Bytom is a market-driven product. We launched bizhongchou.com because many entrepreneurs succeeded in crowdfunding on the 8btc community platform. As a result, we decided to establish a professional, standardized and streamlined crowdfunding platform to help blockchain startups gather wisdom, raise money and attract talent. Assets on bizhongchou have a strong demand for high liquidity and the blockchain technology by its nature is applicable to register and transfer assets. DCS, an asset on bizhongchou, is registered on Ethereum, but Ethereum is not specifically designed for the transfer of assets such as income rights and equity. For example, it is a tedious process to confirm the dividends earned from income simply through snapshots. Equity and securitized assets have requirements for qualification in terms of the investors and KYC, Ethereum cannot meet the registration requirements for these assets. We decided to start our own blockchain platform. We are the largest blockchain community in China, bringing together many blockchain developers and entrepreneurs, and we can reach out to users and investors directly, giving us a competitive advantage.

Q: What is the difference between Bytom and other ICOs? What are its application scenarios? And what is its direct commercial value?

A: The leading differentiator with Bytom is that its project team and product orientation did not appear out of thin air. Members of the team are early adopters of blockchain who have been engaged in the sector for many years. Instead of innovation for the sake of innovation, Bytom is designed to solve real commercial needs. We set up a Bytom foundation to help with other public chain projects. The foundation has a three-layer governance structure involving a BTM holder conference, a self-governance committee and a management committee. At the same time, there are many decentralized organizational innovations. For example, the number of BTMs and days on hand are considered as weight factors in the voting rights of holders, avoiding uncertainties akin to “Barbarians at the Gate” which may disturb the normal management and operation of the platform. We hired a professional law firm to design the assets transaction structure and legal risk control system and a third-party auditor to supervise the financial operation.

Bytom’s application scenario will be focused on the registration and transfer of assets. Other public chain platforms are like Schweizer Messerthat can be used in many business applications, whereas Bytom is like a hammer that is used for one specific nail – assets, including income rights, equity and securitized assets. The commercial value and advantages of blockchain technology when applied to assets are obvious. For example, Bytom can provide transparent standards and auditing. Smart contracts leave permanent public records on Bytom, eliminating asymmetric information. The records cannot be changed or deleted. Traditional payment means and auditing firms are unable to attain such a high level of trust and security. Traditionally, the issuing of securitized assets must seek the support of a securities firm. These companies can only seek a subscription from an investor after they have signed a fundraising contract with a securities intermediary and complete a cumbersome application procedure.

With Bytom, the issuance, registration and transfer of securitized assets may return to the original form. Two persons or institutions will be able to buy or transfer assets through the Bytom wallet at a café. Private companies will be able to use the Bytom platform to manage equities and options. Option maturity plans, equity transfers and agreements can be automatically generated, granted, audited and signed through the smart contract. Shareholders can vote remotely via a signature with their private keys, which greatly reduces equity management and circulation costs.

Q: Will blockchain technology change the world in the same what that the internet did? Why?

A: Over the past more than half century, almost every decade has seen a wave of paradigm innovations emerging in the technology sector. Large-scale computers in the 1970s, the PC in the 1980s, the internet in the 1990s and the mobile web in the 2000s. What will be the game-changing technology in the 2010s? Some say it’s AI, while others say it’s blockchain. Blockchain is absolutely an epoch-making technology. We see it as dominos in reverse and bitcoin is just the first domino that has stood up. It means we are finally building a bridge between the world of atoms and the world of bits where we can manage competitive resources. In the past, we struggled to prevent resources online from being replicated, or protect data from being tampered with or lost. From processing information to processing value, centralized server to peer-to-peer networks, TCP/IP to a decentralized consensus mechanism, big data and credit checking services dominated by oligopolies to managing our assets and credit by ourselves with a private key, more and more these dominoes will take their place in the blockchain ecosystem. This is not only a technological innovation, but also an innovation in terms of concept and business logic.

Q: With the crowdfunding closed, what will the Bytom team do next?

After closing the crowdfunding, Bytom will accelerate its team building, product development and enhancement of the governance structure. In the second half of this year, we plan to expand our Bytom team to over 50 staff as well as cultivate blockchain talents and application developers through a unified training program and partnership with leading universities. In terms of development, we will create and introduce a protocol layer, a BUTXO protocol, a consensus algorithm, a contract development framework, a client terminal, an XRelay sidechain and a major network. In the first quarter of 2018, we will hold our first shareholder conference where we will draw up a Bytom management code and elect the self-rule committee.

About 8btc founder Chang Jia

8btc founder Chang Jia won the Galaxy Award, China’s top literary sci-fi award, for three consecutive years (2006-2008). Since becoming a bitcoin early adopter in 2011, he has been known as a bitcoin evangelist and an idealist. In 2011, he launched 8btc forum, China’s first cryptocurrency and blockchain community, as well as a Chinese news website. He also established crowdfunding platform bizhongchou.com in 2015 and an English news website in 2016. In 2017, he and his team launched 8btc’s first blockchain product Bytom with the aim of connecting the world of atoms with the world of bits.

Media Contact:

AI CINDY
rel=”nofollow”>contact@bytom.io

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SOURCE 8BTC.com

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trade.io Raises Over $25 Million & Continues Forging New Partnerships, Adding Value to Its Trade Token (TIO) 0

3 January Is The Last Day To Participate

Wednesday 03 January, 2018, Zug, Switzerland – trade.io has announced that it has raised over $25 million from more than 12,000 participants worldwide.  Now reaching the end of crowdfunding activities for its ICO, the company has announced 7 partnerships with major international industry players including technology leaders, exchanges and academic institutions, signaling that the company has long term plans to dominate the financial and blockchain environments.

  • Civic, revolutionary identity verification services will be provided to trade.io, greatly reducing inefficiencies and improving the user experience.
  • OKEx, one of the largest global digital asset exchanges. The Trade Token (TIO) will be listed from 8 January.
  • Bancor. The integration allows the trade.io ERC20 token known as Trade Token or “TIO”, to be converted to and from Ethereum ERC20 tokens in the Bancor Network directly from a simple web application.
  • University of Nicosia.  The company will fund two post-doctoral seats to focus on advanced research in Distributed Ledger Technology (DLT)
  • HitBTC Exchange, once of the largest cryptocurrency exchanges. The Trade Token (TIO) will be listed from 8 January.
  • Plans to purchase US-regulated Broker / Dealer. This will allow trade.io to contemplate U.S. oriented investment banking services in a regulatory compliant manner
  • Modular Blosym Framework. Blosym will offer an easy point-and-click interface for smart contract deployments and point-and-click token crowdfunding participation. 

Of the development, trade.io CEO, Jim Preissler commented, “We would like to take this opportunity to thank all of the contributors who have far exceeded our expectations in joining our ICO.  Each contributor is making his or her mark in helping to democratize the markets. Whilst the ICO ends tomorrow, there is still a last chance to participate, plus anybody interested in joining our unique Liquidity Pool will still be able to purchase Trade Tokens after 8 January via one of the big exchanges.”

Find out more by visiting trade.io

About trade.io

trade.io democratizes the financial markets and saves money for investors and companies through reducing and eliminating fees and inefficiencies by utilizing its innovative Blockchain trading platform. Disrupting a whole ecosystem of banks, advisors, markets, and record keepers which are extracting fees and can be disintermediated and commoditized by more efficient peer-to-peer Blockchain platforms. The trade.io exchange not only supports trading of assets, but supports a more efficient listing of assets in the crypto economy under the indelible and trusted history that Blockchain provides. The company couples these operational assets with investment banking experience, senior advisory expertise, as well as operating their system in a regulated and compliant environment.  

PR: trade.io To List on OKEx Along With 100,000 Trade Token Giveaway 0

Friday 29 December, 2017, Zug, Switzerland – trade.io is extremely proud to announce that it has received approval to list on one of the largest global digital asset exchanges, OKEx, based in Belize with its main operation hub located in Hong Kong. OKEx is an international company specializing in blockchain technology and digital asset development and applications. OKEx.com, its flagship platform, is often ranked as the Top 3 (overall) in daily trading volume. To celebrate this partnership, trade.io will airdrop 100,000 TIO Trade Tokens via OKEx to some lucky OKEx customers.

Of the development, trade.io CEO, Jim Preissler commented, “We’ve had an amazing ICO to-date, raising over $20 million, and we are obligated to all those that have participated to continue to offer value adds. We identified OKEx as an industry leader and feel our community would benefit from this relationship.”

The Trade Token will be listed as TIO and official trading pairs will be:

TIO / BTC

TIO / ETH

TIO / USDT

Trading will officially commence on January 8th, 2018 and details of the air drop will be released prior to the Trade Token launch. trade.io is currently nearing completion of its token generation event and has received contributions from over 10,000 participants.

Find out more by visiting trade.io/okex

trade.io Partners with Bancor Protocol to Provide Continuous Liquidity to Token Holders 0

Thursday, 28 December 2017, Zug, Switzerland – trade.io, a next generation blockchain based financial exchange, continues to add to its impressive list of partnerships by announcing plans to integrate Bancor Protocol, a standard for autonomously convertible blockchain cryptocurrencies called Smart Tokens.

The integration allows the trade.io ERC20 token known as Trade Token or “TIO”, to be converted to and from Ethereum ERC20 tokens in the Bancor Network directly from a simple web application. The creation of a Bancor-compliant Token Relay will take place shortly after the conclusion of trade.io’s token sale and will allocate 2% – 5% of total market cap. You can join the trade.io community here.

On the relationship, trade.io’s CEO, Jim Preissler commented, “We continue to deliver to the trade.io community unique value added propositions, and see this relationship with Bancor as a further example. We already have generated a large demand for our community and it’s only logical to provide a simple way to convert tokens.

trade.io is currently in the midst of its token generation event and has received nearly $20 million in contributions from over 10,000 participants. Earlier this year the Bancor Protocol attracted $153 million in contributions, making it one of the most successful token generation event launches to date.

Visit https://trade.io/bancor for further information and to read the trade.io White Paper.

trade.io Partners with Civic to Provide Identity Verification via the Blockchain 0

18 December 2017, Zug, Switzerlandtrade.io, a next-generation cryptocurrency exchange, has announced a partnership with blockchain-based identity verification pioneer, Civic. The agreement allows trade.io the ability to provide Civic’s revolutionary identity verification services for the convenience of future users in the trade.io ecosystem. Civic’s verification service reduces the overall cost of know your client (KYC), removes inefficiencies, enhances security and privacy, and greatly improves the user experience. 

trade.io, which also provides the industry’s first liquidity pool, which distributes up to 50% of daily revenue to liquidity pool participants, intends to utilize Civic’s identity verification services to qualify clients for the liquidity pool and trade.io exchange. By offering Civic’s services, it will be able to cut down the time to onboard clients in an AML-compliant manner significantly.

Commenting on the partnership, CEO Jim Preissler commented, In the world of finance there is a delicate balance between being AML compliant, but also providing your customer an efficient, scalable solution to make sure they’re accessing our platform, and trading in a short amount of time. After extensive vetting, we were happy settling upon Civic who is without question the leader in this field.”

 Civic CTO, Jonathan Smith remarked, “We were intrigued with trade.io’s experience in the industry and approach to ensuring compliance and adhering to regulatory matters. We are looking forward to a long mutually beneficial relationship with trade.io.” 

trade.io is currently in the midst of its ICO and has raised over $18.2M thus far from over 7,000 participants. In October, Civic made headlines by raising over $30M which at the time was the largest ICO raise of 2017. 

trade.io Partners With Modular, Inc, to use new Blosym framework, Decreasing ICO Process by 85% on Ethereum Network 0

14 December 2017, Zug, Switzerland, trade.io has teamed up with blockchain innovators, Modular Inc. (formerly Majoolr) to employ Modular’s new Blosym system.  Blosym is an all-in-one platform for distributed applications.  Blosym will simplify the use of Ethereum applications by offering an easy point-and-click interface for smart contract deployments and point-and-click token crowdfunding participation.  Current research and development is underway for future point-and-click distributed applications.  

The relationship empowers trade.io‘s platform with Modular’s security focus on the back-end, usability on the front-end, along with integrating second layer network scaling tech such as TrueBit, thereby creating a synergistic advantage between the two companies in terms of unlocking mainstream adoption for blockchain technology.

On the development, Charles Voltron, trade.io’s CTO commented, “This partnership is significant with regards to executing on our initiative on assisting companies to ICO on the trade.io platform in a safe and efficient manner by also utilizing the Blosym platform.  The ability to cut down the amount of time for a company to ICO without compromising on security will be beneficial to the dozens of companies we have waiting to list their token on the trade.io platform once we launch.  What usually takes upwards of 3-4 months will now take a few weeks, and  allow companies to focus on the fund raise rather than the technical concerns

Christopher Brown, CEO of Modular Inc, commented, “We’re excited to work with trade.io and offer Blosym to its client base as they establish themselves as one of the leaders amongst crypto exchanges.” 

Ethereum has reached a $51B market cap this year despite losses of over $100M due to source code glitches, web phishing, and private key hacks. All of this due to early technology still finding its way, Modular is a group of 6 developers actively problem solving in the Ethereum ecosystem. Modular has a full open source repository which can be found at:  https://github.com/Modular-Network/ethereum-libraries 

trade.io has just started its ICO and has raised upwards of $17 million from over 7,000 participants.  

 

Spectre: Eliminating Fraud With Decentralized Liquidity Pool 0

Cookeville, TN- Speculative Tokenised Trading Exchange, otherwise known as SPECTRE, is a new and innovative platform designed to rid the financial market of the ethical issues it faces. SPECTRE was first developed in the fourth quarter of 2016 by Karan Khemani and Zisis Skoulouds of Neuchatel Ltd. Both of these men have strong backgrounds in the financial world. Khemani once held executive positions at companies such as J.P Morgan and Goldman Saches. He is a blockchain enthusiast who received his BSc and MSc in Decisions Sciences from the London School of Economics (LSE). Khenamani is responsible for the design, architecture, and expansion of SPECTRE into the marketplace. Skoulouds is an electrical engineer who has previously worked at INO SA & Siemens where he designed and implemented their ERP software. Skoulouds received his MSc in Decisions Sciences from the LSE and is responsible for the financial forecasting and risk management of SPECTRE’s liquidity pool. These two men, with the creation of SPECTRE, seek to rid the financial marketplace of the ethical issues of the traditional methodology.

The traditional financial trading model is rife with unethicality. The current industry loss ratio is 70-90% and this is in large part due to the manner in which traders are taken advantage of by brokers. These middlemen, whose job it is to look out for the interests of their clients, have been known to practice less than ethical methods of increasing their commission. They can prevent or hinder withdrawals, manipulate trades by dishonestly reporting market prices, trade on behalf of the trader without their explicit permission, and otherwise taking advantage of both experienced and inexperienced traders alike.

The lack of transparency within the traditional market is due in large part to the practices of brokers. Brokers, in the traditional system, make the majority of their commission off of the loss of traders. This gives them the motivation to use a combination of unethical tactics in order to maximize their profits.

The brokers who use these unethical tactics often offer bonuses to new traders without alerting them to an important detail. Their money is now tied in with the bonus within the brokers’ account and, until they make a certain percentage of a profit above the bonus, their money cannot be withdrawn. Others are more forthcoming but still seek to prevent withdrawals and will overwhelm their traders with new paperwork and enthusiastic urges to place more money into their trading account. There have even been reports of traders withdrawing their money only for it to never materialize into their bank account.

Brokers also have been known to dishonestly report current marketplace prices. The feeds from which they receive their prices are not readily available to traders which allow brokers to manipulate the numbers until a trader’s win turns into a loss. This allows the broker to further manipulate the trade by hedging against the trader’s bet.

SPECTRE seeks to disrupt this by eliminating the roots of the problem; the brokers and the lack of transparency they foster. Oto Suvary, Director of R&D at SPECTRE writes:

“Because we remove B-Book brokerages and replace them with immutable smart contracts, we are addressing a major need with our prediction market platform by preventing many forms of global financial fraud.”

SPECTRE is built upon Ethereum blockchain technology to foster transparency by removing the broker from the system entirely. Ethereum allows traders to use crypto-wallets to invest in the liquidity pool, rather than investing directly into a broker account, which makes human intervention by SPECTRE within trader accounts impossible.

The liquidity pool, along with not having a direct access to trader accounts, is directly funded by token purchases. Each trader that invests in the liquidity pool, irregardless of the token they invest in, has a share in it.

SPECTRE has two distinct token types for their investors to buy. Their Dividend Token, also known as D-SPECTRE coin or D-Token, is the base token investors can buy. It pays out a 2% dividend, allocated monthly, to all D-token holders for each time that a trader makes a trade. SPECTRE also gets a 2% cut, allocated in the form of a technology fee, with each trade. This allows profits to be made off of volume rather than solely from win/loss ratios. The second token type is their Utility Token. This token is a premium token, known as U-SPECTRE coins or U-Tokens, that do not get the typical 2% dividend payout. Traders who buy this token instead receive a 1-5% higher trade out pay in comparison to the d-tokens. They also get access to more sophisticated smart contract options such as exotic trade types, knock-in-knock-outs, barriers, ladders, and other options. 3% of SPECTRE’s profits from fees are additionally devoted to buying back U-tokens through their buyback program. This allows the dynamics of the liquidity pool to be changed according to the daily needs of the platform. This, coupled with their adaptive trading program, increases transparency within the financial marketplace.

Their adaptive trading program uses a variety of algorithms to protect traders and promote transparency.  Processes as emotion control, risk management, and trade opportunity recognition are managed by these algorithms. These processes assist in keeping track of traders strengths, weaknesses, and other statistics which are useful to the improvement of the trading experience. SPECTRE keeps track of these and alerts the trader if they’re about to make a costly mistake. Traders are also allowed to monitor the live value and fluctuations of the liquidity pool along with the dividend payouts made. This, unlike traditional models where this is not possible, allows the trader to be completely certain no fraud has occurred. With SPECTRE’s transparency, traders can have complete faith in the fact that their tokens are being used as intended. This increases transparency and protects the trader from fraud and unethical behavior.

SPECTRE’s token sale starts on the 17th of November 2017 at 12:00 PM GMT and ends on the 10th of December 2017 at 11:59 AM GMT. The public alpha went live in September 2017 and the connection to the live Ethereum main net environment is scheduled for the first quarter of 2018. Access will be made available on www.spectre.ai.

Media Contact:

Cheryl Buckingham
team@spectre.ai
www.spectre.ai