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Singapore-based Stablecoin, Terra, Launches Crypto Payments on Music Streaming Service

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The South Korean market based blockchain, Terra announced yet another partnership – bringing the total number of companies in its network to twenty five. In an official report, Terra stablecoin announced they will be incorporated as a payment method on South Korean music streaming platform, Bugs.

South Korea is quickly accepting cryptocurrency solutions as a form of payment and the latest partnership with Bugs opens a gateway to the market.

The Singapore based stablecoin currently has over twenty five companies in its network including Sinsang fashion market, Kakao Ventures and DAG based smart contract platform, Fantom.

Terra partners with Bugs streaming service

The partnership is one of its kind in the country allowing music streaming platforms to accept cryptocurrency payments on their platforms. The partnership with Bugs will see the streaming service utilize CHAI, a mobile payments solutions app to complete the transactions.

Speaking on the latest partnership, Daniel Shin, co-founder of Terra, highlighted the need for a blockchain for payments on music streaming platforms. He said,

“The value chain for payments is convoluted. There are six or

seven players, and everyone takes a cut. We streamline the process.”

In this case since most people in Korea are familiar to using CHAI, it would be the public face and this way the spending options are ready for the users.

Daniel further said his team is working hard towards diversifying their services in order to make crypto payments easily and widely adopted.

‘Not at all rosy’

Despite the high technological acceptance rate in Korea, the country is still stifling blockchain and crypto projects.

The domestic uncertainty on crypto regulation has seen many companies move away from the country, as explained by Shin. This is clearly seen by his company’s huge presence in Korea, albeit being registered in Singapore, he said,

“I think Korea has the opportunity to lead globally, but the lawmakers have not given clarity. Everything is murky and uncertain. Giving clarity will be helpful for the sector.”

On August 5, Terra announced a partnership with South Korea’s fashion platform, Sinsang Market, to create a blockchain platform to hand payment transactions and delivery tracking.

Source. bitcoinexchangeguide.

Crypto

The Great Crypto Experiment Continues

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This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Andy Bromberg is the co-founder and president of CoinList, a platform for token sales. CoinList is also launching a cryptocurrency exchange, and provides compliance and developer engagement services to crypto projects.

Compared to the 2017-18 hype cycle, this was a quiet year for the crypto markets. There was no tidal wave of institutional money or cascade of mass adoption. Regulators gave encouraging crypto guidance while also putting Libra and projects like Kik and Telegram in their crosshairs. And for our business and the larger token sale space, we continued to see investors eager to back quality projects. 

In other words, the crypto experiment continued.

In 2019, we saw startups tweak token-based fundraising models in new directions. For instance, Algorand ran a Dutch Auction sale on our platform where participants set and paid a uniform, market-determined price per token to ensure fairness and transparency – some of the core tenets of the project. There were projects like Blockstack that were the first to conduct a Reg A+ token sale. And, we saw projects starting to conduct Initial Exchange Offerings (IEOs) in order to provide immediate liquidity for investors.

PUBLIC SALES ARE INCREASINGLY USED PRIMARILY AS A MECHANISM TO DISTRIBUTE TOKENS.

In other words, token sales survived the crypto winter. In 2017 and early 2018, public token sales were focused on raising large chunks of capital for projects. But based on what

we’re seeing today, public sales are increasingly used primarily as a mechanism to distribute tokens to a broad array of stakeholders, with the capital raise being a secondary consideration.

But a lot of the continued viability of crypto projects and token sales alike hinges on the SEC and other regulators. 

The crypto community got some mixed messages from DC in 2019. The government went after Libra, fined EOS, filed a lawsuit against Kik, and blocked Telegram from distributing its token. Some members of government were more supportive of crypto – including SEC Commissioner Hester Peirce, who called for a safe harbor for crypto projects, so tokens meeting specified criteria could be traded more freely, enabling a more open crypto ecosystem. As we approach the new decade, this – and other encouraging signals — give me confidence in the long-term viability and success of token sales. 

What does that mean for 2020?

Just as our industry matures and projects experiment with different token sale mechanisms, we’ll see many live network launches – including many projects that raised money on our platform. These live networks will be a proving ground for even more novel crypto ideas.

On the institutional side, don’t expect to see a “wave” of new money come crashing in, but building off of 2019, we expect a gradual, slow-rising tide of institutional capital. 

Finally, we’ll continue to see the industry working with the SEC and other regulators to provide clarity, with the aim of avoiding any more companies receiving punishments of the sort meted out this year.

Most of all, as ever, the experiment will continue.

source:coindesk

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At a Refugee Camp in Iraq, a 16-Year-Old Syrian Is Teaching Crypto Basics

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How do you explain ethereum to someone who doesn’t know how to use email? What’s the best way to convey how many satoshis add up to a single bitcoin?

Those are among the questions faced by Yousif Mohammed Nor Aldeen, a 16-year-old Syrian refugee in Iraq’s Arbat refugee camp, who teaches other people in the camp about cryptocurrency.

“I want to solve a problem in my community. We have a lot of problems, like corruption,” Aldeen said.

Since he still has family left behind in Damascus, he’s particularly fond of the idea they could all earn and send money among their dispersed social networks, regardless of the borders that have increasingly failed them in recent years. 

“People really need to know all the things about the internet and their phones and laptops,” he said. “We are in an advanced world and we should learn.” 

Aldeen owns a small amount of ether, which he earned through a local education program run by the nonprofit Hello Future. It’s too little to spend, so he’s eager to earn more. Hello Future founder Charlie Grosso said she gave ether because it was less expensive than bitcoin. 

Grosso said most of the students in Aldeen’s class think of mobile devices and computers like old-school Nintendos: They know they can play games or use a calculator, but are unfamiliar with access to global networks.

“The idea of searching to verify information is unknown to them,” she said. “They just don’t have that framework.”

Even with this steep learning curve, Grosso said all 44 teens that took her computer literacy class quickly grasped the concept of stateless, digital money. Perhaps this is because they are familiar with gold and other tangible assets. Plus, there’s no PayPal in Iraq because local banks are still restricted by economic sanctions. 

In some ways, people who only know cash economies may be better suited to crypto markets than those who underestimate the value of social ties.

Mama bank

“Two years ago, I got my first phone. Now everyone in my family has a smartphone,” Aldeen said. “I like games like Minecraft because I can build things, design things and improve my English.”

Like many of the 9,000 residents in the camp, the unbanked Aldeen family stores its wealth with the matriarch who runs the household. 

Aldeen’s sister works at a bakery, his father is a carpenter and his brother works in a nearby town at a digital marketing agency. (He even has a laptop.) Each breadwinner turns over a salary to the matriarch, who doles out cash as needed to any member of the family. This is a common practice in the developing world, especially in times of economic turmoil.

“My mom is like the bank,” Aldeen laughed. “Cryptocurrency might be good for saving money because if you put your money inside a bank, the bank might steal it.”

Grosso said she hopes to graduate 100 students from her computer basics course in 2020, further expanding the pool of crypto-savvy teens that can help their parents learn. Without their social networks, places like Arbat that lack crypto-exchange access will continue to be liquidity deserts.  

“The way to deliver last-mile needs is by building out trusted sources from the community itself,” she said. “If the whole idea of decentralization is to be participatory, to self govern, then you have to start somewhere in delivering the tools to those it is meant to affect the most.”

How do you explain ethereum to someone who doesn’t know how to use email? What’s the best way to convey

how many satoshis add up to a single bitcoin?

Those are among the questions faced by Yousif Mohammed Nor Aldeen, a 16-year-old Syrian refugee in Iraq’s Arbat refugee camp, who teaches other people in the camp about cryptocurrency.

“I want to solve a problem in my community. We have a lot of problems, like corruption,” Aldeen said.

Since he still has family left behind in Damascus, he’s particularly fond of the idea they could all earn and send money among their dispersed social networks, regardless of the borders that have increasingly failed them in recent years. 

“People really need to know all the things about the internet and their phones and laptops,” he said. “We are in an advanced world and we should learn.” 

Aldeen owns a small amount of ether, which he earned through a local education program run by the nonprofit Hello Future. It’s too little to spend, so he’s eager to earn more. Hello Future founder Charlie Grosso said she gave ether because it was less expensive than bitcoin. 

Grosso said most of the students in Aldeen’s class think of mobile devices and computers like old-school Nintendos: They know they can play games or use a calculator, but are unfamiliar with access to global networks.

“The idea of searching to verify information is unknown to them,” she said. “They just don’t have that framework.”

Even with this steep learning curve, Grosso said all 44 teens that took her computer literacy class quickly grasped the concept of stateless, digital money. Perhaps this is because they are familiar with gold and other tangible assets. Plus, there’s no PayPal in Iraq because local banks are still restricted by economic sanctions. 

In some ways, people who only know cash economies may be better suited to crypto markets than those who underestimate the value of social ties.

Mama bank

“Two years ago, I got my first phone. Now everyone in my family has a smartphone,” Aldeen said. “I like games like Minecraft because I can build things, design things and improve my English.”

Like many of the 9,000 residents in the camp, the unbanked Aldeen family stores its wealth with the matriarch who runs the household. 

Aldeen’s sister works at a bakery, his father is a carpenter and his brother works in a nearby town at a digital marketing agency. (He even has a laptop.) Each breadwinner turns over a salary to the matriarch, who doles out cash as needed to any member of the family. This is a common practice in the developing world, especially in times of economic turmoil.

“My mom is like the bank,” Aldeen laughed. “Cryptocurrency might be good for saving money because if you put your money inside a bank, the bank might steal it.”

Grosso said she hopes to graduate 100 students from her computer basics course in 2020, further expanding the pool of crypto-savvy teens that can help their parents learn. Without their social networks, places like Arbat that lack crypto-exchange access will continue to be liquidity deserts.  

“The way to deliver last-mile needs is by building out trusted sources from the community itself,” she said. “If the whole idea of decentralization is to be participatory, to self govern, then you have to start somewhere in delivering the tools to those it is meant to affect the most.”

source:coindesk

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Bitcoin Dump Cycle Looming, Warns Crypto Analyst – BTC, Ethereum, XRP, Ripple, Cardano Newsflash

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From a bearish Bitcoin prediction to new adoption for XRP, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

A popular crypto analyst says Bitcoin is likely on the verge of another major breakdown.

The analyst, known in the industry as Rampage, tells his 31,000 followers on Twitter that BTC appears to be caught in a cycle that’s happened a couple of times in the past.

“Bitcoin is a repeating history lesson immediately forgotten by pumps. Dump cycles matter.”

The pattern begins with a parabolic rally. Soon after, BTC retreats and enters a period of consolidation. Then, a second rally to a lower high begins, followed by a long-term collapse and bear market.

If the analyst is right, BTC could be trending toward $6,000.

“Can’t find one single bullish argument on any of the time frames for BTC. We’re getting a dead cat in my opinion and at this stage next area of interest for longs is $6,000. Net short and chill holiday gang.

Ethereum

In a new interview with The Block, Tom Jessop, president of Fidelity Digital Assets, says the investment giant will support Ethereum in 2020.

“We’ve done a lot of work on Ethereum. We intend to support it in the New Year. We’re very led by our clients.

And again, coming back to the fact that we’re speaking to a lot of traditional institutions, Bitcoin is sort of like the gateway product, right? It’s the thing that’s got perhaps the longest track record, the most observable data points

across multiple exchanges around price activity.”

Fidelity Digital Assets officially rolled out its Bitcoin custody platform for institutional investors in October of this year.

Ripple and XRP

Ripple is spreading the word on Twitter about new adoption for the digital asset XRP.

Salt Lending now supports XRP for clients who want to use their digital assets as collateral to secure a USD loan.

“We’ve added XRP as our latest collateral type for a crypto backed loan. Check out our website to see how you can utilize XRP with Salt.”

Salt also supports Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, Dogecoin, TruUSD, USD Coin, Paxos Standard Token and PAX Gold.

Cardano

IOHK, the technology and engineering company that developed Cardano, says it has enabled staking on its incentivized testnet.

Staking allows investors to earn rewards on their holdings of the cryptocurrency ADA in return for helping to power the network and process transactions.

“The launch sequence has begun… destination? Staking! This afternoon we’ve successfully spun up and tested the Shelley Incentivized Testnet network. We’re now inviting our Cardano Stake pool operator partners to get set up over the weekend.

Next, we’ll do final confirmatory testing. Once operators are ready – and everyone’s happy – we’ll prepare new Rewards wallets for download. ETA Mon/Tues. Sign up to alerts and we’ll tell you once the wallets are ready. See you after the weekend!”

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