Lition is an ethereum project, which almost no one knows exists. This project is already doing its part to help people in Germany to gain access to cheaper energy. Lition was launched earlier this year and is already a licensed energy supplier in Germany.
Some of the customers come from major cities such as Berlin and Munich. Lition is built on top of the ethereum blockchain and allows people to use its decentralized energy market. With Lition, customers have a direct contact with energy producers of all sizes.
The company states that currently, more than 700 households are using their platform to purchase cheaper energy. If we look at it from a wider perspective, Lition is trying to modernize the concept how global energy works the same as bitcoin tried to do to the financial system. The company believes that by getting rid of unnecessary middlemen, the clients will save a lot of money.
When we look at the traditional cases, we can see why the company wants to change how things work. The energy suppliers start by selling electric or solar energy to the intermediary. These intermediaries are often giant multinational corporations. The intermediaries afterwards are forced to buy the energy of their choice from the giant corporations.
According to Richard Lohwasser, the CEO of Lition these giant corporations have way too much influence. They also offer almost no diversification in the options for energy and people are forced to buy what they offer. This is why he wants Lition to take them out, entirely.
If the huge corporate lobbies aren’t successful in shutting down the project, it could have immense implications. People from all over the world would be able to be connected directly to the energy providers. The energy people purchase will be cheaper and will be of their choosing. If successful, customers will enjoy about a 20% decrease in their energy bills. Additionally, power plant revenues will be up by around 30%.
Lition has to think about the environment as well
Lition is also a modern company and looks out for the environment. Something, which we were forced to notice in the last decade, giant corporations do not even consider. The company has a strong emphasis on “green energy,” which is safer for the environment, but more expensive for the consumer. Lition will allow users to choose between 3 categories of energy: biomass, wind, solar. Additionally, customers will be able to choose their provider, but this choice is 90% the cheapest one.
Once customers are done with the request for their energy and provider, the can pay Lition in EUR. This is detected by a smart contract and the user receives the energy automatically.
Thanks to blockchain technology, the process of buying energy directly is incredibly simplified. Because of current licensing, customers willing to use Lition, must be located in Germany.
Of course it’s not all sunshine and rainbows as Lohwasser would want. He stated that while he’s very pleased with the amount of freedom the ethereum platform offers, but the speed of the responses is very, very bad. Additionally, the costs for using the platform are quite an obstacle in the way of the company.
They are always looking for something better, but it’s a well-known fact that all blockchains have their drawbacks and advantages. This is why Lition is teaming up with SAP, one of the world’s largest software companies. The goal is to build a unique, hybrid system, which will combine the best aspects of both public and private blockchains. Lition will handle the consensus layed, while SAP will be working on the smart contact layer.
Needless to say, this project will require funding. Lition believes that in order to build this unique public/private blockchain, they will need a lot of help. That’s why the blockchain will be designed for more than just energy uses and Lition will launch their own ICO as soon as possible.
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Mike Novogratz: BTC Is Less Dangerous Than Stocks
Mike Novogratz Is Pushing BTC Again
As it stands, bitcoin has been going through something of a rough patch. The currency recently fell from about $12,400 to its present figure of $10,800, which is about $400 higher than where it stood just a few days ago. The good news is that bitcoin is quite close to hitting the $10,900 mark, and considering it gained more than $100 from just yesterday to today, it’s easy to assume that it will hit the $11,000 line again relatively soon.
Bitcoin is being viewed as a “safe haven” of sorts. Similar with gold, many see bitcoin as a tool to hedge one’s wealth and keep one’s money and finances protected during times of inflation and economic strife. The conditions of the country – and of the world – have been relatively unstable since the coronavirus hit in mid-March of this year, and with fiat currencies such as the US dollar falling regularly, many think of bitcoin in a more positive light.
As it turns out, the stock market has been on pins and needles over the past few weeks considering the NASDAQ recently fell as much as 800 points. Novogratz has taken note of this fall and believes that this is a dangerous time to be involved in the stock market for several reasons.
For one thing, he states that election years are always very shaky for stock shares, and with just over 30 days to go until the U.S. decides who it’s leader will be for the next four years, the ground that supports stocks is moving up and down rather quickly earthquake style. Many Wall Street players have already expressed concerns about the economy should Biden win considering they don’t label him as an money-friendly leader.
Novogratz concurred, explaining:
If Biden wins, he’s raising taxes and he’s raising capital gains tax, most specifically. The market is not going to digest that well.
Furthermore, Novogratz has said that many top-notch companies’ stock shares have already reached their highs for the year. Companies such as Apple and Tesla have reached their peaks for 2020 and are likely to fall in the coming weeks. In fact, he believes the NASDAQ could find itself trading for as much as 11 percent less than where it is today.
Some Danger for Future Stocks
He later stated:
To illustrate, if the NASDAQ fell five percent today, bitcoin would probably be lower, not higher, but I think you are going to see those correlations break down… We don’t know what’s going to happen. The level of uncertainty around the dollar and inflation has to be significantly higher than any in our lifetime sales.
Bitcoin Difficulty Ribbon Could Indicate Imminent Price Increase
One is called the difficulty ribbon, and it has just broken out of the green buy zone for the first time since March in terms of compression. The metric was reported by analytics provider Glassnode, which added that historically, these had been periods characterized by a positive momentum indicating significant price increases.
#Bitcoin Difficulty Ribbon Compression is trending up and broke out of the green buy zone for the first time since March.
Historically, these have been periods characterized by a positive momentum indicating significant $BTC price increases.
— glassnode (@glassnode) September 28, 2020
Historical Bitcoin Buy Signal
The Bitcoin difficulty ribbon was created by chartist Willy Woo. It consists of simple moving averages of network difficulty enabling the rate of change of difficulty to be easily seen. Periods of high ribbon compression, such as the current situation, have been historically good buying opportunities.
There have been several significant price increases over Bitcoin’s lifespan that followed this ribbon compression breaking out of the green zone. The most recent was around April 2019 when BTC prices surged from below $5k to top out over $13k just three months later.
It was also observed that there had been a massive divergence in difficulty ribbon compression and Bitcoin price over the past six years. However, the chart has used a logarithmic price chart, which may have caused that anomaly.
Bitcoin’s hash ribbon is a similar metric, and CryptoPotato reported that it was flashing buy signals back in July. In the five weeks that followed, BTC price surged 34% to make its 2020 high.
BTC Price Action Update
Looking at the shorter term, Bitcoin’s price chart has just printed another ‘Bart Simpson’ pattern with a sharp 2.3% decline in just over an hour, wiping Monday’s gains.
Prices had recovered to $10,725 at the time of writing, and sentiment appears to be bullish for BTC, according to a recent poll by analyst and trader Josh Rager.
What kind of prices do you think we see with Bitcoin and the stock market this week?
— Josh Rager 📈 (@Josh_Rager) September 28, 2020
Bitcoin is currently trading right on the 50-day moving average, which is acting as resistance at the moment. The next step above this is a break above $11k, while on the low side, there is strong support at the $10k level. Analyst ‘CryptoHamster’ added:
“After the breakout the resistance line became support. Now it is getting tested. If it holds, it would be a very nice sign. But it has to hold, otherwise the whole growth is just a short squeeze.”
Short term charts suggest price could go either way, but longer-term on-chain analytics, such as the difficulty ribbon, are more bullish.
Bulgarian National Convicted For His Role in a Bitcoin-Related Crypto Exchage Scam
The owner of a cryptocurrency exchange has been recently convicted in a transnational scheme of defrauding people through an online auction fraud. Court says the scam reached a multi-million dollar scale.
At Least 900 Americans Victimized
As per a recent report, people who suffered from the fraud were probably more than 900 American citizens. According to the official statement, 53-years-old Rossen Iossifov, formerly of Bulgaria and reported owner of a Bulgaria-based Bitcoin exchange R.G. Coins, was convicted of both conspiracy to commit racketeering and money laundering. After a two-week trial, the jury in Frankfort, Kentucky and U.S. District Judge Robert E. Wier scheduled the sentencing to Jan 12, 2021.
Reportedly, some of the Romania-based members of the group posted a false advertisement to promote an online auction and sales websites, among which Craigslist and eBay. The ad promised its victims high-cost goods (typically vehicles) that did not exist.
As per the release, members of the scam would use stolen identities to promote and convince their victims to send money for the advertised items via “persuasive narratives”. For example, some of the ads had impersonated a military member in need of selling the advertised item before deployment.
The scammers also provided invoices with trademarks of reputable companies to their victims, making the transactions seem legit. The legal document also reveals that members of the conspiracy set up call centers, offering customer support. This way they would provide advice to client questions and “alleviate concerns over the advertisements”.
Converting The Stolen Funds Into Crypto Assets
According to the official statement, once Iosiffov received the victims’ funds, he and his fellows would convert them into crypto assets and transfer them to off-shore money launderers.
As per the court documents, “since at least September 2015 to December 2018, the Bulgarian exchanged crypto assets into local fiat currency on behalf of his Romania-based partners in the scam, knowing that Bitcoin presented the proceeds of illegal activity.”
According to the court statement, in just two and a half years, Iossifov exchanged more than $4.9 million worth of Bitcoin for only four of the members of the criminal team.
A total of seventeen defendants have been convicted in the case. Three others are fugitives. Police departments in the U.S. and Romania have led the procedures on the case.
It’s worth noting that the US DOJ is becoming increasingly active in pursuing crypto-related fraud. As CryptoPotato reported earlier, it went after 280 cryptocurrency accounts related to hackers from North Korea.
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