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Provable Solvency Report #66 – September 2019

Coinfloor is a custodian of client bitcoins and we believe that we must set the industry standard for transparency and regular audits. Without proper public accountability, the industry will not be able to grow and mature. This is why we are committed to releasing a Provable Solvency Report every month. Coinfloor is proud to have the longest standing track record among bitcoin exchanges in regards to auditing.

Today we are publishing our 66th monthly Provable Solvency Report with step-by-step validation instructions for your convenience.

As of today, Coinfloor holds a total of 3,907.8566 XBT on behalf of our clients. You are invited to verify that your held bitcoins are included in this balance by following the instructions below.

What does the Provable Solvency Report include?

We started out by creating an obfuscated report of all current client balances (the Solvency Report) and then generated a SHA-256 hash of this report.

We then created a bitcoin transaction to ourselves, that includes all currently held client bitcoins, for a value of 3,944.0563 XBT. The output of the script also includes the OP_RETURN of the SHA-256 hash of the report, proving that at the time of making the solvency report, Coinfloor held all of our clients’ XBT funds. You can verify the amount and details of the transaction on the blockchain.

Key Pieces of information:

Provable Solvency Report #66 (September 30th, 2019):
https://s3-eu-west-1.amazonaws.com/provablesolvency/solvency_20190930.txt

SHA-256 Hash of the Provable Solvency Report: 0F7C866DC215B965067F7E01828696216F19141CA11638AD21C7272E1879404C

Transaction ID: 737282fa27d66208b53541a78b7c9a31c8e7bd7a8d52ad87de2498421ce0ea95

View the transaction here:
https://explorer.bitcoin.com/btc/tx/737282fa27d66208b53541a78b7c9a31c8e7bd7a8d52ad87de2498421ce0ea95

Your API authentication cookie:
You will find it in My Account > Dashboard in the Coinfloor signed in view, in the API section (visible only for fully verified accounts).

Instructions for Validating Solvency Report:

1. Open the Provable Solvency Report file:

https://s3-eu-west-1.amazonaws.com/provablesolvency/solvency_20190930.txt

2. Go to

https://passwordsgenerator.net/sha256-hash-generator/ or to your SHA256sum calculating application.

Copy the entire contents of the solvency report (including any leading or trailing spaces or blank lines) into the SHA-256 generator and calculate the SHA-256 hash of the report.

3. Go to

https://explorer.bitcoin.com/btc/tx/737282fa27d66208b53541a78b7c9a31c8e7bd7a8d52ad87de2498421ce0ea95

Click on the `SHOW ADVANCED` switch to view the OP_RETURN, where you will find the hash generated in the previous step matches the hash in the OP_RETURN output script of the transaction that includes all customer bitcoins.

Instructions for finding your account balance within the Solvency Report:

1. Go to

your local SHA1sum application

to calculate the SHA-1 digest of a message consisting of the timestamp shown at the top of the Solvency Report (1569839219) and your API authentication cookie.

Example (Linux):

    timestamp: 1569839219

    API authentication cookie (API Key): 9BTa7M0Z/Mrk6tFMJwEkTV3BQek=

    command: echo -n ‘15698392199BTa7M0Z/Mrk6tFMJwEkTV3BQek=’ | sha1sum

(the command may differ depending on the SHA1sum application used)

2. Find the resulting hash in the solvency report. Your balance is shown on that line in satoshi units. 1 bitcoin = 100 000 000 satoshis. For your convenience, here is a link to a bitcoin unit converter:

http://www.satoshi.24ex.com

We believe that this approach is the best way to achieve maximum accountability whilst retaining privacy for our clients. We welcome your feedback and hope that in time, other exchanges will also help safeguard client funds by providing proof of solvency reports to their users on a regular basis.

Thank you for your trust,

Coinfloor Team

image

Published

on

Coinfloor is a custodian of client bitcoins and we believe that we must set the industry standard for transparency and regular audits. Without proper public accountability, the industry will not be able to grow and mature. This is why we are committed to releasing a Provable Solvency Report every month. Coinfloor is proud to have the longest standing track record among bitcoin exchanges in regards to auditing.

Today we are publishing our 66th monthly Provable Solvency Report with step-by-step validation instructions for your convenience.

As of today, Coinfloor holds a total of 3,907.8566 XBT on behalf of our clients. You are invited to verify that your held bitcoins are included in this balance by following the instructions below.

What does the Provable Solvency Report include?

We started out by creating an obfuscated report of all current client balances (the Solvency Report) and then generated a SHA-256 hash of this report.

We then created a bitcoin transaction to ourselves, that includes all currently held client bitcoins, for a value of 3,944.0563 XBT. The output of the script also includes the OP_RETURN of the SHA-256 hash of the report, proving that at the time of making the solvency report, Coinfloor held all of our clients’ XBT funds. You can verify the amount and details of the transaction on the blockchain.

Key Pieces of information:

Provable Solvency Report #66 (September 30th, 2019):
https://s3-eu-west-1.amazonaws.com/provablesolvency/solvency_20190930.txt

SHA-256 Hash of the Provable Solvency Report: 0F7C866DC215B965067F7E01828696216F19141CA11638AD21C7272E1879404C

Transaction ID: 737282fa27d66208b53541a78b7c9a31c8e7bd7a8d52ad87de2498421ce0ea95

View the transaction here:
https://explorer.bitcoin.com/btc/tx/737282fa27d66208b53541a78b7c9a31c8e7bd7a8d52ad87de2498421ce0ea95

Your API authentication cookie:
You will find it in My Account > Dashboard in the Coinfloor signed in view, in the API section (visible only for fully verified accounts).

Instructions for Validating Solvency Report:

1. Open the Provable Solvency Report file:

https://s3-eu-west-1.amazonaws.com/provablesolvency/solvency_20190930.txt

2. Go to

https://passwordsgenerator.net/sha256-hash-generator/ or to your SHA256sum calculating application.

Copy the entire contents of the solvency report (including any leading or trailing spaces or blank lines) into the SHA-256 generator and calculate the SHA-256 hash of the report.

3. Go to

https://explorer.bitcoin.com/btc/tx/737282fa27d66208b53541a78b7c9a31c8e7bd7a8d52ad87de2498421ce0ea95

Click on the `SHOW ADVANCED` switch to view the OP_RETURN, where you will find the hash generated in the previous step matches the hash in the OP_RETURN output script of the transaction that includes all customer bitcoins.

Instructions for finding your account balance within the Solvency Report:

1. Go to

your local SHA1sum application

to calculate the SHA-1 digest of a message consisting of the timestamp shown at the top of the Solvency Report (1569839219) and your API authentication cookie.

Example (Linux):

    timestamp: 1569839219

    API authentication cookie (API Key): 9BTa7M0Z/Mrk6tFMJwEkTV3BQek=

    command: echo -n ‘15698392199BTa7M0Z/Mrk6tFMJwEkTV3BQek=’ | sha1sum

(the command may differ depending on the SHA1sum application used)

2. Find the resulting hash in the solvency report. Your balance is shown on that line in satoshi units. 1 bitcoin = 100 000 000 satoshis. For your convenience, here is a link to a bitcoin unit converter:

http://www.satoshi.24ex.com

We believe that this approach is the best way to achieve maximum accountability whilst retaining privacy for our clients. We welcome your feedback and hope that in time, other exchanges will also help safeguard client funds by providing proof of solvency reports to their users on a regular basis.

Thank you for your trust,

Coinfloor Team

image

Source: https://blog.coinfloor.co.uk/post/188045020061

Blockchain

Balkan cryptocurrency realm ready to replace ageing Dinar payment systems

The Balkan cryptocurrency realm is heating up. Various Balkan states are exploring cryptocurrencies in anticipation of bringing a huge financial revolution in the region. The daring few working in the Balkan cryptocurrency realm may very well reap huge benefits if they can successfully transform the region’s economic scenario. The consistent rise of digital payments is […]

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The Balkan cryptocurrency realm is heating up. Various Balkan states are exploring cryptocurrencies in anticipation of bringing a huge financial revolution in the region. The daring few working in the Balkan cryptocurrency realm may very well reap huge benefits if they can successfully transform the region’s economic scenario.

The consistent rise of digital payments is a step in the right direction. The growth of alternate payment mechanisms is building a fertile ground for cryptocurrencies. For example, former Yugoslavian countries have bad memories of the 1990s hyperinflation era and therefore citizens lack trust in government agencies and central banks. Such an environment is apt for cryptocurrency promotion.

A lot is going on in the Balkan cryptocurrency sector

Censorship resistant cryptocurrencies offer numerous benefits over traditional financial systems. Arvin Kamberi of the Bitcoin Association of Serbia is confident that virtual payments will grow tremendously especially during the pandemic months. The region already has a decent crypto mining industry thanks to low electricity cost. Lately, the Balkan cryptocurrency realm has progressed on the digital asset and crypto payments front as well.

Serbia is exploring crypto law enactments to ensure optimum growth of the decentralized financial technologies. The nation wants to build a robust crypto trading sector. Slovenia is also working out the modalities of crypto legislations. It boasts of a vibrant crypto-friendly shopping and retail points.

Laying the foundation for Balkan cryptocurrency

Colibra, a crypto startup based in Bulgaria, offers Bitcoin compensation to tourists for airline delays. The town of Sveta Nedelja in Croatia has recently unveiled a payment system where shoppers can pay in cryptocurrencies. Telos, a popular blockchain platform, has partnered with Croatia’s Katalyo dApp platform, for real estate tokenization.

Douglas Horn of Telos Blockchain says that real-estate tokenization helps reap big dividend benefits and aids in rental revenue. He adds that Telos is creating solutions that help developers and builders leverage from fee-less, instant, and transparent tokenized systems. It is working towards decentralized economy systems and data storage solutions to add more value to the economy.

Industry experts are optimistic that Balkan cryptocurrency potential is just starting to unravel. Both the blockchain and cryptocurrency technologies have the potential to transform the region’s financial ecosystem and bring the region at par with neighbour European nations.

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Blockchain

Ethereum price rise after Uniswap decision, will $400 stand?

The Ethereum price found tailwinds after the launch of UNI by Uniswap. A chess move by the leading DEX, it now dominate DeFi locking the most ETH.

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  • Uniswap launches UNI
  • Ethereum daily transactions at new highs
  • Transaction fees rise
  • ETH bulls aim at $400
  • Immediate support at September lows

The Ethereum price remains resilient. At the time of writing, the ETH price was trading at $380, gaining versus the greenback but trailing BTC. 

Even so, the trading community remains upbeat. 

Propping their optimism is the level of demand in the pioneer smart contracting network. 

According to Etherscan, Ethereum usage exceeds 95 percent. And it has been consequential to other promising sectors of the network. Ironically, despite the existence of competing platforms with better scalability and lower transaction fees, Ethereum is the leading Launchpad for most DeFi protocols. 

One of them is Uniswap.

On Sep 16, its developers launched a governance token called UNI after facing an existential threat from one of its fork, Sushiswap. 

Technically, the token will be “worthless”, at least in the eyes of Hayden and the founding team. Uniswap will distribute 100 billion UNI tokens to the team, investors, and liquidity providers. 

Hours after launching, it was supported by Coinbase. Binance also launched UNI futures, immediately pumping its price to over $5 as its airdrops promoted some early adopters to the millionaires’ club. With demand, came the high transaction fees which rose to over $1 million as noted by GlassNode.

On the heels of this news, the number of Ethereum on-chain daily transactions soared to new highs, even exceeding those registered during the greater ICO-pump of late 2017 and early 2018. 

This, as aforementioned, notwithstanding the high Gas fees–which is forcing Coinbase to pass to their clients as per a notification on Sep 18.

Starting today, Coinbase Pro will pass along network fees directly to our customers. These fees (sometimes referred to as “gas fees” on the Eth blockchain) are paid directly to crypto miners that process transactions and secure the respective network.

Ethereum price analysis

Ethereum price rise after Uniswap decision, will $400 stand? 1
Ethereum Price Chart by Trading View

The Ethereum price remains in consolidation despite traders’ confidence. The coin is bullish versus the USD but under-performs BTC in the last week of trading.

In the daily chart, price action is tepid with shrinking trading volumes. With caps at $400—the immediate resistance level, and Sep 6 highs, bulls appear exhausted though the main trend is northwards. 

After reacting from the 61.8 percent Fibonacci retracement level with increasing volumes, ETH bulls should technically aim for $400. However, this is largely dependent on the degree of participation of overcoming sellers of Sep 5. From volume analysis, a satisfactory confirmation of Sep 17 bulls and reversal of Sep 5 losses will spark a demand that may lift the Ethereum price back to $480 or better.

Conversely, a sharp drop below $350 could see ETH prices pullback to September lows of around $320, or worse.

Disclaimer. The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Blockchain

Bribery gets blocked: Stamping out corruption with blockchain tech

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Some of the main functions of government institutions include redistribution of resources and maintaining official records. These are precisely the domains where blockchain technology — with its focus on facilitating secure, traceable transactions and maintaining immutable records to build trust — is well-positioned to make a strong impact.

A recent report by Denmark’s Ministry of Foreign Affairs is the latest to highlight blockchain technology’s potential to serve as a powerful tool in the fight against government corruption. This proposition, however, is only the latest in a long string of policy proposals and analytical reports that document the immense promise that distributed ledger technology holds for government-transparency advocates — as well as the many limitations that its implementation will inevitably face.

Technological solutions to the perennial problem

Any government is a gigantic knot of procedures, records, transactions and human bureaucrats who enact formal rules within the limits of their jurisdiction. These bulky, convoluted organizational structures often lack transparency and are difficult and costly for an outsider to make sense of, let alone oversee.

Officials who directly handle resource flows or have signatory authority can be incentivized to abuse their powers for monetary gain if they realize that the risk of getting caught is minimal. According to one estimate, corruption in the public sector eats up between $1.5 trillion and $2 trillion globally every year, which amounts to some 2% of the world’s gross domestic product.

Many anti-corruption experts pin their hopes on various digital technologies to help make a decisive breakthrough. The Danish foreign ministry’s report presents an overview of several potential avenues in the fight against administrative and political corruption. One of these avenues is to make all public sector data open to everyone and thus improve transparency by letting activists and watchdog organizations conduct independent audits and spot suspicious patterns in public spending.

The second suggested approach is to shrink the scope of corruption opportunities by expanding the reach of e-governance and moving most government services online. Within this domain, the authors envision using blockchains to facilitate transparent, tamper-proof transactions of value and data. Yet another suggestion is to use crowdsourcing platforms to facilitate whistleblowing and complaints over episodes of petty corruption.

Finally, the authors of the report suggest deploying blockchain-based solutions to ensure the integrity of public records and digitally secured rights to property and government aid. They emphasize how this can not only enhance integrity of public records but also empower groups that are underbanked or have limited access to government services — for example, due to the lack of a state-issued ID.

Restoring trust

The enthusiasm for these and other anti-corruption uses of blockchain is not new. In a 2018 article for Stanford Social Innovation Review, Carlos Santiso, an expert with the Inter-American Development Bank, observes that an “expectations bubble” around the technology’s potential to mitigate government corruption has been already building up among both the public and the tech community.

Santiso argues that in the digital era, technology in the service of government invariably boosts the public sector’s transparency. In his view, blockchain technology is particularly suited to produce this effect because of its unique ability to guarantee the authenticity of records and eliminate inefficient data management practices inherent to traditional bureaucracies. In doing so, blockchain-based systems could help restore the deteriorating trust in government.

Other observers contend that rather than fixing the declining trust in authorities, blockchain can provide an entirely new mechanism for building trust. A team of analysts representing anti-corruption nonprofit Transparency International suggest in a research note that the technology can be particularly useful in countries riddled with corruption where trust in institutions is very low.

Experts from another anti-corruption think tank, Norway-based research institute U4, echo this assessment in a 2020 report, stating: “Blockchain is designed to operate in environments where trust in data/code is greater than trust in individuals or institutions.”

Use cases

Three key uses of blockchain technology in the fight to alleviate government corruption consistently emerge throughout all expert accounts: authentication of transactions, registry of official records such as ownership rights, and identity verification.

Moving government transactions such as public procurement contracts to an open ledger where they can be traced could deal a decisive blow to the sort of corruption that arguably costs taxpayers the most: large-scale schemes whereby unscrupulous officials rig the process in favor of particular contractors. Taking this one step further and encoding procurement operations into smart contracts on a distributed ledger could drastically shrink the space for shady activity.

While the sheer scale of the industries that thrive on public sector contacts would render such a transition extremely difficult in the near term, development-focused organizations such as the World Economic Forum are lending much-needed spotlight to the notion of blockchain-enabled procurement.

Uses related to the registry of records appear to be closer to fruition. The Denmark Ministry of Foreign Affairs report lists the examples of Kenya and Rwanda, where government records of education and land rights are migrating to distributed ledgers. In these countries and beyond, corrupt officials are finding it increasingly difficult to leverage their positions within public records systems for personal gain.

In the domain of identity management, blockchain-based IDs can be particularly useful for vulnerable groups such as refugees or people who have never had a government-issued identification in the first place. Securing their identities on a distributed ledger helps ensure the fair distribution of aid and access to other essential services.

Not a panacea

According to U4 analysts, whether blockchain becomes a valuable tool in the fight against corruption in a particular national setting largely depends on contextual factors such as “infrastructures, legal systems, [and] social or political settings.”

For one, rebuilding entire government data management systems to make them run on blockchain might not sit well with existing data privacy regulations. The immutable character of records entered into the ledger is at odds with one of the tenets of the European General Data Protection Regulation law — the right to be forgotten.

Another major consideration to keep in mind is the “garbage in, garbage out” nature of blockchain systems: The data stored in them is exactly as good as the input. This means that there will still be human gatekeepers responsible for data entry, as well as the need for built-in data audits. Therefore, it would by design be impossible to entirely eliminate human participation from such a system, allowing some room for corruption to remain.

To the decentralization absolutists’ chagrin, public sector blockchains are also unlikely to be open and permissionless. While it would make sense to make most of the data available for outside audit, it’s naive to expect governments to hand control over their databases to a distributed network of nodes potentially located in outside jurisdictions.

Source: https://cointelegraph.com/news/bribery-gets-blocked-stamping-out-corruption-with-blockchain-tech

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