In a recent tweet, TokenPay (TPAY) decided to remind once again everyone of their accusations against Neo (NEO)and XRP being centralized.
— TokenPay (@tokenpay) August 15, 2018
TokenPay comes after XRP and NEO once more
TokenPay had made a lot of headlines back in March when they claimed that Ripple and Neo are actually centralized currencies. According to them, the NEO Foundation is in full control of NEO and all its nodes. At the time, they claimed to have received a lot of hate for saying this. However, it would seem that TokenPay now believes that everyone should be able to see that they were right.
Decentralization is one of the key aspects of every real cryptocurrency, especially considering that the sole reason for their existence was to take power over money away from companies, banks, and other financial institutions. However, with the rise in the number of cryptos due to their popularity, it would seem that not all cryptocurrencies chose to abide by this rule.
With a situation like that, a large part of the crypto community has become concerned regarding centralization and decentralization issues. It would seem that everyone agrees that cryptos and blockchain projects should be decentralized. However, since there is a legitimate doubt regarding some of these projects, Ripple and Neo, in particular, many have opted to claim that they are not even real cryptocurrencies.
Are Ripple and Neo real cryptos?
The argument against NEO and XRP is based on the fact that they are not regular cryptocurrencies by design. As such, they are not compatible to even be considered real cryptos. Many claims that Ripple’s development and progress of its technology is not for the good of the crypto community, but for the benefit of its partners.
Considering that Ripple is mostly working with large banks and financial institutions like Santander Bank and American Express, many believe that it was created to allow banks to remain relevant in the new crypto era. Considering that crypto mining is actually a process of validating transactions, and Ripple cannot be mined, someone else needs to be in charge of validating its transactions. This is one of the biggest arguments of the coin actually being centralized.
Another argument against Ripple concerns its blockchain. The blockchain is not open. This is unusual for a cryptocurrency, and nearly every other coin out there has a fully open blockchain. Because of this, XRP was condemned by blockchain and crypto enthusiasts alike.
With a negative attitude towards Ripple and XRP growing, significant efforts were made in order to make its blockchain as decentralized as it is currently possible. XRP ledger’s current number of validators is 68, and this is their number after Ripple allowed some new ones to join. It was largely believed that this is done due to constant criticism regarding its centralization.
As stated, the XRP ledger currently has 68 validators, 21% of them is Ripple itself. While this is still not full decentralization, it is still proof that the coin is moving towards a decentralized state. At the same time, this move is allowing Ripple to leave the SEC’s attention. Willingly or not, the coin has to reach decentralization if it wants to remain relevant, and as such, it still has the potential to become a real crypto in the eyes of its critics.
Facebook Unexpectedly Plants Its Flag in Crypto-Friendly Switzerland
By CCN: Facebook has reportedly set up a fintech company dubbed Libra Networks in Switzerland. The move clearly correlates with the social media giant’s Project Libra.
According to Reuters, the focus of the fintech is on the blockchain, payments, data analytics, and investing.
Libra Networks, which was registered in Geneva on May 2, will provide financial and technology services. Also in its wheelhouse will be developing related hardware and software.
ANOTHER SECRET MOVE
Famed investor Michael Novogratz recently called Project Libra “stunningly important” to the crypto space.
Given Facebook’s history of boasting about its projects, you’d think it would be bragging about Project Libra. That’s not the case. The Switzerland move was done with no fanfare such as company press releases or blog posts. This seems to be the way Facebook has chosen to roll out its Project Libra.
It’s keeping close to the chest even where the project will be launched. In December, it hinted at plans to set up shop in India. Early reports suggest Zuckerberg’s cryptocurrency will facilitate overseas remittance payments for Indian WhatsApp users.
Facebook’s Secret Cryptocurrency Led by PayPal Alumni Just ‘Months Away’ from India Launch https://t.co/YfEzcEdux3
— CCN.com (@CCNMarkets) May 9, 2019
Facebook launched Project Libra more than a year ago to allow money transfers between WhatsApp users. Over time, however, the scope of the project has expanded. That includes the decision to include e-commerce payments on Facebook and other websites as well as rewards for viewing ads, shopping online, and interacting with content.
When all is done, Facebook hopes to have a stablecoin that is pegged to the value of a local currency.
Switzerland has long been recognized as a leading hub of blockchain and cryptocurrency technology, with the Swiss town of Zug referred to as “Crypto Valley” throughout the world.
'FaceBook Registers Secretive LIBRA Crypto Currency In Switzerland : Reuters
Possibly That Is Why Powerful Tech Lobby NASSCOM Urges RBI 2 Favor Bitcoin Start-Ups ! Floating Currency Is A Prerogative Of A Sovereign Nation So Like China Did Long Back All Should B Totally Banned !
— Madhav Apte (@madhav_apte) May 18, 2019
— Hot New Trending (@HotNewTrending) May 18, 2019
PRIVACY ISSUES HAUNT FACEBOOK
As Facebook was making arrangements for this Switzerland fintech, it was facing hiring problems on the domestic front. CCN reported that recruiters are complaining that it is increasingly harder to find talent for Facebook’s engineering jobs. Potential hires don’t like the myriad privacy issues that the social media platform has seemingly failed to get a handle on.
They’re taking their talents to other tech giants, like Amazon, Google, and Microsoft.
The project has also drawn scrutiny from U.S. lawmakers. They are concerned that Project Libra will be plagued by Facebook’s failure to adequately secure users’ data
Well-known Ponzi scheme, Bitconnect is set for a relaunch on July 1
It’s an interesting time in the crypto sphere. As the markets are setting new yearly highs and excitement builds around Bitcoin’s potential, news has begun circulating that someone is trying to revive BitConnect, a project best known for being a Ponzi scheme.
Bitconnect became one of the most hyped projects of 2017 after YouTube and Twitter personalities promoted the project to gain affiliate payouts. However, by 2018 it had become apparent that Bitconnect was a scam and a class action lawsuit was filed, followed by the arrest of the Asia head of Bitonnect.
As such, many were taken by surprise when Bitconnect 2.0 was announced late last year. While the website stated the infamous project would be relaunching soon, nothing of the sort has happened. However, as NullTX reports, an email has been doing the rounds which claims Bitconnect’s return is imminent. This is further corroborated by a tweet stating Bitcoinnect 2.0 will be officially launching on July 1, 2019.
Welcome everyone back to Bitconnect 2.0
We will launch Bitconnect2.0 on July 1st
visit our website for more Infoshttps://t.co/xKJ10yeYoP
— Bitconnect2.0 (@Bitconnect2_0) May 18, 2019
A quick search on WHOIS reveals the domain name will expire this time next month, meaning the domain name will be taken offline before Bitconnect 2.0 even launches. Considering no one knows who’s in control of the domain, it’s going to be interesting to see how this plays out.
Medvedev: Crypto Regulations not a priority for Russia
- The Russian government is not thinking of regulating the cryptocurrency markets.
- Crypto trade may start again in the nation.
Many industries have been appealing the Russian government to formulate laws to operate the market for digital assets because of the regulatory uncertainty of cryptocurrency. It has become difficult for firms to do business. However, those people can do business in Russia anytime soon. Medvedev said in a legal conference in St Petersburg that formulating digital asset regulations “is no longer a priority for the state,” adding:
“Nowadays, the popularity of cryptocurrency has decreased, and regulatory issues may not be so relevant.”
However, Medvedev did not say that the lawmakers are entirely uninterested in cryptocurrencies. He noted that trading in the digital asset markets could go up again. If and when that happens, the regulators will renew their interest towards cryptocurrencies.