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MultiChain 1.0 released with 14 new partners

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One cycle ends, the next one begins

Today we’re delighted to announce the release of MultiChain 1.0 into production and the addition of 14 new members to the MultiChain Partner Program. These include two multinational consulting companies: Cognizant and Indra Sistemas, as well as twelve other companies: Aicumen, Bambusoft, Chainfrog, CrimsonLogic, Encrypgen, Hypatia Technologies, Maroon Studios, Medici Ventures, Project Radium, SolarLab, The Apollo Group and Tilkal.

Apart from that, we’re already hard at work developing MultiChain 2.0 and hope to have a first preview release available (with the richer data model for streams) before the end of the year.

More details can be found in the press release below.


MultiChain Launches Production-Ready Version 1.0 with Fourteen New Partners

August 2, 2017 – Coin Sciences Ltd is delighted to announce the production-ready release of MultiChain 1.0, along with fourteen new members of the MultiChain Partner Program, bringing the total number to 43.

MultiChain 1.0 is available for immediate download for Linux, Windows and Mac, after two and a half years of intensive feedback-driven development. This includes a four-month beta period, during which MultiChain was optimized to support over 1,000 transactions per second on a mid-range server. Since its first alpha release in June 2015, MultiChain has received over 60,000 downloads, more than half of which were during 2017.

The new members of the MultiChain Partner Program include two multinational consulting companies: Cognizant and Indra Sistemas. Twelve more SMBs have also joined: Aicumen, Bambusoft, Chainfrog, CrimsonLogic, Encrypgen, Hypatia Technologies, Maroon Studios, Medici Ventures, Project Radium, SolarLab, The Apollo Group and Tilkal. Members of the program enjoy a close working relationship with the MultiChain engineering team, can use MultiChain branding in their marketing materials, and are promoted on the MultiChain website, which now receives 35,000 visitors monthly.

The MultiChain Partner Program has now been split into two tracks – Platform Partners who develop applications for third parties on the MultiChain platform, and Product Partners who are using MultiChain in their own proprietary solutions. The partners in each track are listed at https://www.multichain.com/platform-partners/ and https://www.multichain.com/product-partners/ respectively.

“We’re delighted to have reached this milestone,” said Dr Gideon Greenspan, CEO and Founder of Coin Sciences Ltd. “Developing the first production release of MultiChain has been an immense challenge, and we’ve learned a great deal about our users and their requirements along the way. Work has already begun on MultiChain 2.0, which will be the first version of MultiChain to come in two editions – Community (open source) and Enterprise (commercial). We look forward to continued growth in usage of the product and cooperating with all our partners to help them leverage it for their needs.”

“We used MultiChain to build a platform for transferring digital assets between different organizations (from commerce to public administration) in a permissioned network where all the participants collaborate,” said Víctor Sánchez Hórreo, Manager of Blockchain and Digital Transformation at Minsait (Indra Sistemas). “The assets act as a key tool to enable social and economic projects, and the features of MultiChain regarding permission management, quick deployment and asset creation fit very well with our needs.”

“Because of its Bitcoin ancestry, MultiChain’s reliability, even during its alpha phase, was great,” said Joel Weight, Chief Technology Officer at Medici Ventures. “The addition of a key-based permission layer and built-in asset support make it the right solution for some of our products.”

“Chainfrog chose to use MultiChain in their music royalties collection pilot because it is based on the mature Bitcoin source base, is incredibly easy to deploy and the APIs are clearly documented,” said Dr Keir Finlow-Bates, CEO and Founder of ChainFrog. “From their blog posts it is obvious that the Coin Sciences team know their blockchains inside out.”

 

Please post any comments on LinkedIn.

 

Source: https://www.multichain.com/blog/2017/08/multichain-1-released-new-partners/

Blockchain

Bullish? On-Exchange Bitcoin Declines While Whales Accumulate (Report)

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A recent report suggests that the amount of Bitcoin stored on exchanges is declining while BTC whales increase their holdings and that’s bullish for Bitcoin’s price.

The paper also highlighted that investors have a much larger time horizon for their holdings now compared to previous years.

Bitcoin Stored On Exchanges Drop

In its latest report shared with CryptoPotato on Bitcoin investors’ behavior, the popular research company Digital Delphi explored the number of bitcoins stored on cryptocurrency exchanges. The document indicated that if the BTC stock on platforms increases, it could put sell pressure.

However, this isn’t necessarily the case during bull runs, as retail investors often “leave BTC on exchanges and traders use BTC as margin collateral.” Alternatively, in case the asset price rises while the stock on exchange decreases, this typically implies an accumulation trend.

The report indicated that Bitcoin stored on exchanges marked an all-time high of 2.96 million in mid-February. Since then, the trend has reversed, and the number has dropped to below 2.6 million.

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Bitcoin Price/Bitcoin Stock On Exchanges. Source: DigitalDelphi
Bitcoin Price/Bitcoin Stock On Exchanges. Source: DigitalDelphi

Digital Delphi argued that the reason behind this decrease of BTC on exchanges is because investors are most likely preparing for a longer-term holding period. More importantly, though, the paper highlighted a substantial decline in speculative trading interest in Bitcoin, while the HODLing mentality has increased.

“Unlike the 2019 price uptrend, which coincided with BTC stock increasing, this current trend has seen a divergence between BTC stock and price. This suggests a more sustainable move upwards for BTC, in comparison to that of 2019, as data indicates a holder base with longer time horizons.”

Bitcoin Whales Haven’t Slowed Down Accumulating

Digital Delphi’s data reaffirmed previous reports that Bitcoin whales, meaning addresses containing between 1,000 and 10,000 BTC, continue to accumulate large portions. The company outlined that whales have been on a shopping spree since the start of 2020, as their holdings have increased by 9% YTD.

Moreover, the US Federal Reserve’s actions to print extensive amounts of dollars since the start of the COVID-19 pandemic have accelerated whales’ accumulations.

“Since the USD M2 supply expansion in March, there has been a 7% increase in whale holdings.”

According to the document, this only emphasizes the narrative that Bitcoin serves as a hedge against dollar inflation, and “the smart money is clearly betting on this.” It’s worth noting that prominent US investor Paul Tudor Jones III purchased BTC earlier this year to protect himself against precisely the rising inflation.

Bitcoin Whales HODLing. Source: DigitalDelphi
Bitcoin Whales HODLing. Source: DigitalDelphi
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Source: https://cryptopotato.com/bullish-on-exchange-bitcoin-declines-while-whales-accumulate-report/

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US Crypto Tax Avoiders Beware: The IRS Updates 1040 Tax Form

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The Internal Revenue Service (IRS) seems to have found a way to block crypto tax evasion, following an update of its tax form.

IRS: No Excuses for Crypto Traders

According to the Wall Street Journal on Friday (September 25, 2020), the IRS is planning to alter its 1040 tax form. The revised tax form will see cryptocurrency holders give a straight answer about their crypto activities.

The IRS has been relentlessly pursuing crypto investors to disclose transactions, as it suspects that many taxpayers were guilty of tax evasion. However, the tax administrator looks like it has found a way to make all Bitcoin holders accountable.

Presently, the tax form will mandate crypto traders to answer a” yes or no” to the following question:

“At any time during 2020, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?”

What makes the update interesting is the placement of the above question. Prior to the revised tax form, the question appeared in a section where taxpayers were not mandated to fill the answer. However, the question’s position in the altered tax form just below the taxpayer’s name and address leaves no room for excuses or oversight on the part of the crypto trader.

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Reacting to the altered form of 1040 was Ed Zollars:

“This placement is unprecedented and will make it easier for the IRS to win cases against taxpayers who check ‘No’ when they should check ‘Yes”

There have been complaints in the past about the lack of a robust regulatory framework for crypto tax filings. In October 2019, the IRS published new tax guidelines that would supposedly make it easier for crypto investors to file taxes. The U.S. tax agency also sent reminder letters to crypto holders. Earlier in September, the IRS announced a payment of $625,000 to anyone who could crack Monero and Bitcoin’s lightning network.

us_irs_tax
US 1040 tax form.

Governments Keen on Crypto Taxation

While the IRS seems to have devised a means to trap crypto holders, more countries are introducing crypto tax laws and clamping down on offenders.

As reported by CryptoPotato in April, Spain’s tax administrator sent out notices to 66,000 crypto investors, as against the 14,000 notices sent in 2019. South Korea, on the other hand, has been unsteady about taxing cryptocurrency.

Earlier in 2020, South Korea’s Ministry of Finance and Strategy revealed that there were no intentions to tax crypto profits. However, reports emerged that the Ministry was considering imposing a 20% tax on profits from crypto trading. In June, the country’s Finance Minister called for the imposition of tax on cryptocurrency trading gains.

Australia’s tax agency, the Australian Taxation Office (ATO), sent out reminders to 350,000 crypto traders in March about their tax obligations. According to the ATO, crypto investors were to keep a comprehensive record of their trading activities for ease of tax payment.

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Source: https://cryptopotato.com/us-crypto-tax-avoiders-beware-the-irs-updates-1040-tax-form/

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Chinese State Media Report: Cryptocurrencies Are The Best-Performing Assets Of 2020

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Although China still categorizes Bitcoin and other cryptocurrencies as illegal, several state-owned media outlets purportedly ran reports describing them as the best-performing assets since the start of the year.

Bitcoin And Crypto Run On Chinese Media

A popular state-owned media under the name Xinhua News Agency set the tone yesterday by citing a Bloomberg report titled “crypto is beating gold as 2020’s top asset so far.” Apart from summarizing Bloomberg’s narrative, Xinhua added that cryptocurrencies are “decentralized financial instruments” and concluded that they have become “the best performing asset class this year.”

Another digital asset coverage followed today on China Central Television (CCTV) – among the most popular broadcasting services in the nation. In a three-minute-long video clip, CCTV spoke about cryptocurrencies and emphasized on their year-to-date performance. More specifically, the clip focused on their 70% price increase this year.

According to a popular cryptocurrency commentator Dovey Wan, this “interesting propaganda” spread out among other outlets, being featured on all “avenues, newspapers, online media, and TV.” The advertised narrative was the same – that digital assets have been outperforming all other investment instruments.

Binance CEO Changpeng Zhao commented that people might not understand the significance behind this coverage, but “it is big.”

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CZ, CEO of Binance

However, Wan raised a compelling question – what’s the real intention behind this move? After all, cryptocurrencies remain banned for official usage within the world’s most populated nation. She speculated that this coverage might have something to do with the Chinese central bank digital currency that’s reportedly being tested.

China Behind The Price Pump?

As CryptoPotato reported earlier today, green dominated the cryptocurrency field with the total market cap increasing by about $20 billion since yesterday.

Historically, news and announcements from China have undoubtedly impacted prices. As such, it wouldn’t be a surprise that the two-day media coverage promoting cryptocurrencies as the best-performing assets in 2020 has affected the market to some extent.

In late 2019, President Xi Jinping urged the country to accelerate its blockchain adoption. In the next few hours, the cryptocurrency field experienced some of its most impressive price pumps in history. Bitcoin alone skyrocketed by 42% in hours.

Less than a month later, country officials clarified that being pro-blockchain didn’t mean a positive attitude on cryptocurrencies. After reaffirming that digital assets are still illegal, their value plummeted in response.

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Source: https://cryptopotato.com/chinese-state-media-report-cryptocurrencies-are-the-best-performing-assets-of-2020/

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