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Bitcoin $7367.990 – CryptoCurrency Trading Report – 17.07.2018 22:18

Hot news: There were a lot of happenings in the last 60 minutes on the Crypto stock exchanges.

Bitcoin is now leading the rank on the most popular currency in the digital market, with an increase of 0.53% on its market trade value from 7329.146 dollars now at 7367.990 dollars. Bitcoin is followed by Tether, ..

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Civic Is Turning Identity.com Into a Crypto-Powered Personal Data Market

“I never thought we’d get it.”

That’s Vinny Lingham, co-founder and CEO of the blockchain identity startup Civic, talking about the company’s acquisition of “Identity.com” – a fitting web domain for a company built around the idea of putting personally identifiable data in the control of its owners.

To that point, Lingham said he had always thought Identity.com would be an ideal address from which to promote the platform he is building.

Civic raised $33 million in a token sale last year as part of an effort build a decentralized infrastructure for third parties to make attestations about individuals.

Even with those resources, the domain was valuable internet real estate. It was previously controlled by a company named Inflection, which dates back to 2006, according to Crunchbase.

At first, the domain seemed out of reach, given that it was controlled by an established business. But all that changed when Civic learned that the firm had made the decision to call it quits on that line of business.

“It was very opportunistic and we lucked out for sure,” Lingham said.

As a condition of the sale, Lingham couldn’t reveal any more about the negotiations or the amount Civic paid to acquire the address – Civic’s tokens currently have a market capitalization of $65.9 million according to CoinMarketCap – but, as he put it:

“It wasn’t pocket change.”

Consumer-led identity

At its heart, the Civic protocol is built around the idea that users control their own data: – “your information sits on your device, not on our servers,” as Lingham explains it.

Identity.com will serve as a hub for businesses that have information and those that need it. So, rather than one company selling data about its users directly to another firm, the first company that can verify data would share that attestation with the user, who would then share it with the second firm that needs the information.

The blockchain allows the company receiving the information to verify that the attestation held by the consumer is legitimate.

Many different companies might be able to, for example, verify that a specific user has a valid driver’s license, but other companies might have different levels of trust in each other.

So, Identity.com will be a place for companies to set up relationships and have a means to tell consumers whose attestations they will trust.

“The key thing here is it will run on CVC tokens,” Lingham said.

The token will be the method by which requesting companies pay for validation from companies that have the information. Smart contracts are used to protect everyone during the transaction, ensuring that validators only get paid once requesting companies have received adequate information.

Many vendors, one market

Identity.com is expected to start directing traffic to a Civic-controlled website as of 22:00 UTC.

According to Lingham, the domain will play host to a business-to-business marketplace for companies looking to sell attestations about individuals and the companies seeking to verify information about their customers.

Citing the acquisition of a domain that will give their venture a higher profile, Civic has also decided to delay the launch of this marketplace to the fourth quarter of this year instead of the third quarter, as CoinDesk previously reported.

Civic will also make the software behind the marketplace open-source by the end of this year, in keeping with the industry-wide ethos of decentralization.

“We don’t want to be the ones behind it,” Lingham explained. “Initially we start off being a bit more stewards, but, over the long term — hopefully, we don’t need to be.”

Civic will be one of the companies in the Identity.com marketplace – but it hopes to be one of many.

“Civic will be like Stripe for identity,” Lingham said, meaning it will be easy for sites that want to use its network to verify people to integrate it with an easy API call.

But the new site is bigger than Civic’s part of it. Lingham positioned the domain acquisition as a major step for not just his company but the development of a “Web 3.0”

He told CoinDesk:

“It’s a big move for the industry, getting that domain secured and establish that as a rallying point.”

Vinny Lingham image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Global Businesses Embrace Oracle Blockchain Service to Improve Transaction Times and Security

It seems that companies all over the world are adopting the Oracle Blockchain Cloud Service, which has been publicly launched on July the 16th. The information has been released by… Continue reading “Global Businesses Embrace Oracle Blockchain Service to Improve Transaction Times and Security”

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Line’s Cryptocurrency Exchange Bitbox Officially Goes Live, 30 Cryptos Supported

LINE is one of the most popular free messaging apps in the world created by a Japanese Internet giant Line Corporation. The platform was launched 7 years ago and since then it has evolved significantly. The features of the app go far beyond sending and receiving messages. An example of the messenger’s development is LINE Shopping Service integrated into the LINE app which exceeded 15 million registered users in February 2018. The next goal for Line Corporation is the success of its own cryptocurrency exchange Bitbox.

The launch of the new crypto exchange was officially announced by Line Corporation in the end of June 2018, it went live on the 16th of July. The new exchange support almost 30 cryptocurrencies including all the top ones like Bitcoin, Bitcoin Cash, Ether, and Litecoin. The platform covers token-to-token trading only.

“Line has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our Bitbox exchange,” said CEO of Line Corporation Takeshi Idezawa. “With Bitbox, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security.”

The crypto exchange platform claims to provide its users with exceptional security and risk management – and this promise can be trusted. Bitbox integrates the multi-signature technology developed by BitGo, one of the leaders in institutional-grade cryptocurrency security. Line Corporation is partnering this young company that has previously impressed the crypto community with an extra safe three-key Bitcoin wallet.

The Bitbox crypto exchange is a global platform translated into 15 languages. However, the regulatory hurdles have influenced the situation: the company had to lose such influential markets as Japan and the United States. The exception of Japan is particularly disappointing for the company as it is one of the key markets for the LINE app.

Like most of the messaging apps, LINE is amazing at attracting users. The early supporters of Bitbox will enjoy a number of benefits. During the first month after the launch the crypto exchange offers zero trading fee that will than raise up to 0.1%. The first registered users will also be rewarded. The first 2 million customers will get a nice welcome bonus of $10 that they can spend on trading.

Line Corporation is relatively new to the crypto sphere, but its overall intention to conquer the fintech market became evident in the beginning 2018. This period was marked by the establishment of Line Financial Corporation. The company has been also offering mobile money transfer and payment service since 2014 via Line Pay. However, the crypto sphere is not the only direction of work for Line Corporation as it is also interested in the lending business and insurance.

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What to Expect When Congress Talks Crypto (Twice) Tomorrow

It’s a crypto doubleheader on Capitol Hill tomorrow.

Two U.S. House of Representatives Committees will be hosting hearings on Wednesday to look at the topic from two distinct angles.

The House Committee on Agriculture will focus on the emergence of “digital assets” while the Financial Policy Subcommittee hearing will examine “the extent to which the United States government should consider cryptocurrencies as money,” as previously reported.

According to new information published Tuesday, the Agriculture Committee hearing will notably see former JPMorgan blockchain lead and current CEO of Clovyr Amber Baldet, former Commodity Futures Trading Commission (CFTC) chairman Gary Gensler and Andreessen Horowitz managing partner Scott Kupor, among others, testify.

“This hearing will shed light on the promise of digital assets and the regulatory challenges facing this new asset class. Our committee has a deep interest in promoting strong markets for commodities of all types, including those emerging through new technology,” Rep. Michael Conaway, chairman of the committee, said in a statement.

By contrast, the Financial Services hearing seems to be tackling the broader question of what cryptocurrencies are exactly. According to a memo detailing the hearing’s goals, members “will evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash.”

As of press time, none of the committee members contacted by CoinDesk responded to requests for comment, leaving the question of sentiment around the topics an open one ahead of the hearings.

Yet as for what those tuning in can expect, one might want to refer to the last few times Congress tackled the subject.

Back in March, for example, a hearing on initial coin offerings – likely to emerge during the testimonies tomorrow – saw lawmakers argue for greater protections while Representative Tom Emmer called for more regulatory restraint. A hearing in May saw lawmakers discuss the “almost limitless” applications of the tech, to borrow a phrase from one Department of Homeland Security official.

Luckily for those hoping to follow the action, the hearings – which will be live streamed – are spaced out throughout the day. The Agriculture Committee’s gathering is set for 10 a.m. EDT, with the Financial Services Committee’s hearing scheduled for 2 p.m. EDT. B

U.S. flag image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.