USDX Wallet (a blockchain-powered app for quick transfers and with a stablecoin pegged to the U.S. dollar) has announced the fund withdrawal feature right in the app. Before that, USDX Wallet users could change USDX to other currencies only via crypto exchanges. This is a massive step towards cross-border money transfers without any bank account and commission.
USDX Wallet is a mobile transfer solution powered by blockchain technology. It targets crypto holders, allowing individuals to send and receive funds quickly and fee-free. It also covers the needs of an unbanked audience and of those who don’t want to pay commissions within traditional money transfer mobile apps. The USDX Wallet app guarantees multi-level security for all transactions and instant transfers of assets by username, phone number or QR code. The native blockchain used by the USDX Wallet is based on the BitShares protocol and allows 100,000 transactions per second.
The payment system has two cryptocurrencies at its core: USDX token and LHT coin. The USDX token is a stablecoin pegged to the U.S. dollar at a 1:1 ratio via a smart contract. USDX is collateralized by the system’s core cryptocurrency, LHT. The total supply of LHT is 1 billion coins. LHT coins will be released gradually to the market; only 10% of the LHT supply will be issued each year, of which 5% will be freely tradeable and 5% will be locked on the blockchain to provide 200% collateralization.
LHT is listed on ExMarkets, ExRates, Alterdice crypto exchanges. Before users of USDX Wallet could withdraw their money only via exchanges, but now it’s possible to do in the app itself. A user needs to input the amount of LHT he or she wants to exchange to BTC. Then enter the BTC Wallet address, click “Confirm” and fill in the code from SMS for additional confirmation.
USDX Wallet CEO Andrey Peshkov says:
“This is a significant step for us. We want to make money transfers as easy as messaging, helping unbanked audience to transfer their funds easily and fee-free. I hope one day no one will have to wait 3-5 banking days to send money to their friends or family.”
DISCUSSION: How Can Public Blockchains Have Privacy?
The best Sundays are for long reads and deep conversations. Today we’re asking: how can public blockchains have privacy?
On today’s show:
- How can public blockchains have privacy?
- The decreasing cost of passive surveillance
- MimbleWimble research Attack, Developer Response, and Alternative Implementation Response
- Gossip protocols and the stasi model
- Skin in the game with proof of work
- The moving target and the arms race
Let’s Talk Bitcoin! is sponsored by Brave.com & eToro.com
- Obscuring origins and game theory security
- Breaking links with lightning and other layer-2s
- Adversarial relationships are economic in nature
- Attacks in theory vs. practice
- Security through obscurity?
- Researchers, cryptographers and state level actors
- and more…
Let’s Talk Bitcoin! is a long-running independent podcast on the ideas, people and projects powering the cryptocurrency narrative. On this show, we basically talk about everything other than the price.
Since we started this conversation in early 2013, a whole world of blockchains and tokens has sprung up alongside bitcoin, and we talk about those too as real-world events help us see what’s real and what’s just clever marketing.
Visit LTBShow.com for all 419 of our past episodes or to subscribe directly to the Let’s Talk Bitcoin! show.
Episode 420 (How can public blockchains have privacy) Credits:
- Adam B. Levine (http://ltbshow.com)
- Andreas M. Antonopoulos (https://aantonop.com/)
- Stephanie Murphy (https://www.stephaniemurphyvoice.com/)
- Jonathan Mohan ( https://twitter.com/JonathanMohan)
Report: Blockchain is a rapidly maturing technology in China
Forkast Insights, the research arm of Asia-based Forkast, took an in-depth, comprehensive look at how blockchain technology is integrated in China.
On Dec. 5, Forkast Insights presented its first report on how blockchain is being applied by the Chinese government and companies across the country. According to the report, blockchain technology is rapidly maturing and has a slew of “real-world, practical use cases that are far beyond the experimental stage.”
Forkast Insights included the in-depth analysis and insights from top China-based blockchain insiders, academics, and leaders to see how one of the world’s largest economy is experiencing this innovative technology.
The report takes a closer look at how blockchain implementation in China compares to the rest of the world, how firms use blockchain and how Chinese consumers experience it in their daily lives, how China takes the lead in the blockchain patent race, and how The People’s Bank of China is racing to launch a digital token to challenge the United States dollar, among others.
China on its way to dominate blockchain innovations
In November, Cointelegraph reported that China’s blockchain development will see a compound annual growth rate of 65.7% from 2018 to 2023, and that the technology will exceed $2 billion by the end of 2023.
With China president Xi Jinping’s recent call to embrace blockchain technology, the country is well on its way to take the number one spot in dominating blockchain innovations and overshadow the U.S., which is apparently lagging behind quickly.
Xi identified dozens of practical use cases that should be promoted: loans, health care, anti-counterfeiting, charity and food security, while he emphasized that blockchain development could help China to “gain an edge in the theoretical, innovative and industrial aspects of this emerging field.”
Big leaps for blockchain in China
The adoption of blockchain has found solid ground in China, with the government attaching a high level of importance to the digital economy. The cautious but promising endorsements are signs that the Chinese government is indeed considering further implementation of blockchain technology throughout the country.
Even the Chinese army is now reportedly thinking about using blockchain technology to aid its military, by implementing the technology to reward the workforce and manage personal data.
Blockchain Capital Partner Explains Why He’s Long On Bitcoin
- Taking part in an interview earlier this week on Bloomberg TV Spencer Bogart explained why he continues to be a long-term bullish investor on Bitcoin.
- The partner explained why he thinks it is a bit too risky to bet against Bitcoin over the next five years.
Taking part in an interview earlier this week on Bloomberg TV Spencer Bogart, a general partner at crypto-focused venture capital firm Blockchain Capital, spoke to Taylor Riggs and Haidi Stroud-Watts, where he explained why he continues to be a long-term bullish investor on Bitcoin.
Starting the interview, Riggs told Bogart that when shows like Bloomberg look at the BTC price charts, she notices that Bitcoin is “trying to hold in support at the 200-day moving average, but the RSI doesn’t look oversold just yet,” and further asked Bogart for his thoughts on the recent price action from Bitcoin.
“I think China has definitely been driving some of the price action over the past couple months, but you know, I think it’s challenging to read between the lines on what China is doing. I mean, we’ve seen some favorable moves in terms of Xi Jinping’s move to blockchain the whole country and put it as a strategic priority. And then we’ve also seen some moves like Bitcoin miners were once put on a list of industries to be eliminated from the country. It’s been removed from that list. So a slightly friendlier stance in that respect. And so while we’ve seen some crackdown on some of these smaller and shadier crypto exchanges, some of the larger ones seem to be getting a little bit more credibility within the country.”
Later on in the interview, the partner explained why he thinks it is a bit too risky to bet against Bitcoin over the next five years.
Before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
“I think it’s a bolder bet or a riskier bet to say that Bitcoin will be less successful over the next five years than the past five years. I mean all the trends suggest otherwise — whether it’s that the value of transactions processed that I just discussed or whether it’s actually looking at what do people think of Bitcoin.”
For more news on this and other crypto updates, keep it with CryptoDaily!