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US bans WeChat, Chinese turn to Signal—decentralization is the answer

Signal could help worried Chinese based in the US look for solutions to the ban. A decentralized platform could be the best option.

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President Donald Trump this week announced his intentions to ban US companies from transacting with Chinese payment and messenger app WeChat, leading to a spike in downloads for privacy-first messenger app Signal—and reigniting the debate on decentralized platforms. 

The US President’s Thursday executive order is so far vague but “any transaction” with the platform from US companies will be prohibited. The order, which also bans such transactions with social media app TikTok will come into effect on September 20. 

Talk of banning TikTok started this year because the Trump administration was worried about the app collecting users’ data and the potential links its parent company, ByteDance, has with the Chinese government. 

The WeChat ban had also been on the cards for a while. The two countries continue to aggressively clash heads during the coronavirus pandemic. 

But while the US government was warning of banning WeChat, downloads of private messaging app Signal were soaring in China, according to a CNBC report. Unlike other messaging apps—Telegram, Facebook Messenger or WhatsApp—Signal isn’t banned in China. 

So worried Chinese people living, studying, or doing business in the US can turn to the highly secretive app in place of WeChat to communicate with family and friends without fear of government snooping or being shut down—for now. 

Signal downloads were also on the up in Hong Kong after Mainland China’s new security law hit the region. Despite WeChat’s popularity in China, it doesn’t have the same level of encryption as apps like Signal and WhatsApp. 

The case for blockchain-based chat apps

But even though Signal is secure, it could technically be banned by the Chinese—or US—government tomorrow. That’s why decentralized chat apps or messaging systems are a must, some say. 

“Decentralized chat would completely solve this problem [of government bans and snooping],” said Brad Kam, the co-founder of Dapp Unstoppable Domains, a decentralized domain name registrar that has built an Ethereum-based decentralized chat app, Unstoppable Chat.

“The issue is that user data is sitting on Tencent’s [WeChat’s owner] servers and gets passed directly to the Chinese government. If WeChat were a decentralized chat app, then users would control their own messages stored on P2P storage networks. Not even WeChat would be able to read the messages,” he said.

He added that Signal can still shut off users and any messaging app can be “hacked or shut down.”

“Communication channels should not be pawns for geopolitical games,” he said. “They should be utilities for the people of the world.” 

Chris Troutner, a Bitcoin Cash developer, also told Decrypt that decentralized messaging systems are the way forward. 

His highly encrypted messaging system based on Bitcoin Cash transactions, bch-encrypt, went live this year. His team is working on refining it: an end-to-end encrypted messaging system that will look and feel a lot like email. 

He said that although Signal and Telegram are highly praised for their privacy features, they could still be banned by governments. 

“Decentralized, open-source, and end-to-end encrypted,” he added. “You really need all three [with a messaging app].” 

Blockchain

Smart Advertising Transaction Token Doubles Down On Decentralization

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Since launch, Smart Advertising Transaction Token commonly known as SaTT has been making headlines in the crypto airwaves for their revolutionary blockchain-based products. Conceived out of the desire to bring decentralization to the advertising industry, SaTT deploys blockchain innovation to bring transparency, efficiency, and non-custodial advertising gateway to the ad industry. 


SaTT is an influencer-based advertising product that connects advertisers to publishers (social media influencers) together, allowing publishers to create content via these social media channels and in turn get paid for their effort based on the level of engagement derived (number of views, shares, likes, comments of the publication)

With the help of decentralized smart contract oracle, SaTT connects advertisers to publishers (social media influencers) together, allowing publishers to create content via these social media channels and in turn get paid for their effort based on the level of engagement derived (number of views, shares, likes, comments of the publication)

Early this year, SaTT integrated its decentralized advertising solution with the top social media platforms including Facebook, Instagram, Youtube, and Twitter. Allowing advertisers to promote their products and services through influential marketing strategies. 

SaTT Embarks On A 6-Months Journey To Open-source 

What makes SaTT a unique advertising solution is its decentralization powered by blockchain technology, one that isn’t common in the ad industry. Being a brainchild of several years of innovation by experienced blockchain and marketing professionals, SaTT takes decentralization seriously. As such, the project announced sometime in October their plans to go open-source. Commenting on the development, the SaTT team noted that: 

“It has always been clear to us that a blockchain project, decentralized by definition, cannot be constrained by a centralized environment. This is why after much consulting amongst our team, advisors, and associates, we have decided that SaTT is ready to be an open-source project!”

With this move, SaTT aims to build a project that can “benefit from community contributions and exceed our vision and know-how, establishing itself as a universal reference.” For this six months period, SaTT will be focused on releasing its enterprise crypto wallet for iOS users, redeploying the SaTT wallet interfacing, adopting “Pay by SaTT” for enterprise e-commerce, and many more. 

Within this timeframe, every single product released by SaTT will be made open-source. Once open source, SaTT will benefit from wide-range community contributions liken to what is currently being witnessed in the Ethereum community for instance. 

SaTT is currently trading on a couple of centralized exchanges and has taken up the initiative to get onboard on a number of decentralized exchanges (DEXs) to align its commitments to building a sustainable decentralized ecosystem. 

Currently, SaTT is listed on two of the most popular and largest DEXs by trading volume, Uniswap, and Binance DEX. The most recent listing is Binance DEX which came as a surprise move to the community, a development that sets SaTT on the path to becoming a prominent actor in the Binance ecosystem. 

The news of Binance DEX listing was received massively, which resulted in a mammoth rally of over 50% in SATT price to set a new all-time market capitalization of $12.5 million. Since the opening of the year, SATT has rallied more than 150% to reach its current price, with a lot of potential for the future. 

The SATT token is deployed on the Binance Chain as BSATT and is listed under the BNB market, BSATT has been available for trading under the BSATT/BNB pairs beginning from January 8th.

SaTT journey to an open-source, fully decentralized advertising platform sets the project on the path towards providing an advertising solution with the lowest cost, instant and efficient payment network, decentralized governance system, and relevant statistics.

The Founding Team

Blockchain-based advertising solution SaTT was founded by founder and CEO Gauthier Bros who are owners of ATAYEN Inc., a marketing company that has a reputation for developing and deploying business pages for enterprise companies on Facebook. 

The team leverages on its numerous years in the advertising industry to bring a lot of innovation to SaTT. In order to deliver a concise and transparent advertising metric, SaTT utilizes the smart contract oracle developed by ATAYEN to interface between advertising data sources to convey analytical data on the performance of an ad campaign. 

Since its inception, the SaTT team hasn’t fallen short of delivering innovative blockchain-based advertising products both for enterprise and for everyday business use. The project’s journey to open-source positions it towards delivering workable and revolutionary blockchain products. 


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

Source: https://bitcoinist.com/smart-advertising-transaction-token-satt-doubles-down-on-decentralization/?utm_source=rss&utm_medium=rss&utm_campaign=smart-advertising-transaction-token-satt-doubles-down-on-decentralization

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FXSpotStream to Add FX Algos and Allocation Service

The demand for FX Algos is slowly increasing among institutions.

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FXSpotStream LLC announced on Thursday that it will add several FX Algo strategies, along with FX Allocation services, which will be offered via its API from the second quarter of this year.

The platform will add over 70 different Algos and more than 200 parameters offered by the liquidity providers and can be accessed by the FXSpotStream client base. The FX Allocations will allow its clients on a pre and post-trade basis to send and allocate orders from multiple accounts at the same time.

Speaking to Finance Magnates, FXSpotStream Co-founder and CEO, Alan Schwarz clarified that though the upcoming services are a ‘natural extension’ of its existing services, there is a growing demand for them from its ‘banks and clients’.

“We are an API business and today, the largest by supported volume when looking at the streaming fully disclosed offerings. We, of course, have a GUI, and later this year will have Algos and Allocations available on our GUI,” Schwarz said.

Growing Demand for FX Algos

When compared to equities, the demand for FX Algos is yet to receive mass adoption. However, demand for these services is growing.

“While the volume is still not what we see in Equities, as an example, the amount of volume that is transacted using FX Algos has and will continue to increase for the foreseeable future,” Schwarz added. He elaborated that such services are gaining popularity among asset managers and hedge funds.

Mentioning the advantage of FXSpotStream’s FX Algos, the CEO details that it will be a ‘part of a multibank service support for FX Algos over an API’, something that is not yet seen in the market.

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“We are not selecting which of our liquidity provider Algos we will support. We will support all of their available FX Algos.”

Breaching the $11 Trillion Mark

Founded as a bank-owned consortium, FXSpotStream provides a multibank FX aggregation service for spot FX trading, with extended services for the derivatives market as well.

The platform reported excellent volumes throughout 2020, resulting from the market volatility and its continued business expansion. Trading volume for the year crossed $11 trillion, with the ADV increasing 18.52 percent to $42.648 billion.

“For the third year in a row we grew at the fastest rate of all FX services in the industry,” Schwarz said. “Our growth is the result of adding new clients; growing business from our existing clients; a continual expansion of the products we offer, and the underlying functionality.”

Indeed, the number of clients on the platform jumped by 19.64 percent when compared with the previous year.

“We expect to see continued volatility in the market in 2021,” he added. “We also have another very large project we are progressing.”

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Dogecoin Reaches Parity With Russian Ruble After WSB Tweet

After getting “GameStopped,” Dogecoin (DOGE) has caught up with some national fiat currencies across the world today.

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It looks like WallStreetBets (WSB), the group of redditors that recently flipped off Wall Street by pumping GameStop’s stock, have now got “meme crypto” Dogecoin in its sights. In just one day, DOGE has already surged by up to 80%, according to crypto metrics platform CoinGecko.

“Has Doge ever been to a dollar?” tweeted “WSB Chairman” earlier today.

Around the time the message was posted, DOGE’s price surged from $0.0075 to as high as $0.0136 today. At press time, the coin is trading at around $0.0125, up 58% on the day.

Subsequently, the “meme coin’s” price has caught up with some national fiat currencies across the world. For example, DOGE is now trading at a nearly 1:1 exchange rate against the Russian ruble on various trading platforms. On Binance, for instance, one Dogecoin is currently worth roughly 1.025 rubles.

1 DOGE = More than 1 Russian ruble. Image: Binance.

While there is no clear ideological reasoning behind DOGE’s pump today—unlike in GameStop’s case—today’s shenanigans are still spreading like wildfire as users seem to be having fun just for the sake of it.

“in #dogecoin we trust … and our chief elonmusk. Let’s make it worth something .  doge is us, we are doge,” one user tweeted.

As Decrypt reported, the WSB’s pump of GameStop’s stock resulted in huge losses for some Wall Street firms who were shorting the asset and struggled to get out of the trade. The same may have happened to Dogecoin traders—if any of them were shorting it.

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