Despite the recent pullback in crypto prices, amazing things are happening behind the scenes.
Blockchain entrepreneurs and coders are hard at work building the infrastructure necessary for a robust alternative financial system.
Today, we’re going to analyze important recent news items and breakthroughs.
Bitcoin currently maxes out at around seven transactions per second. The Lightning Network (LN) allows it to increase to thousands of transactions per second, with near-instant settlement. LN accomplishes this by taking transactions off the blockchain and settling them later in bulk.
This tech may allow bitcoin to compete with traditional payment processors such as Visa and PayPal. It will take time to perfect this new payment network, but LN has the potential to revolutionize how cryptocurrency is used. Many other coins have announced plans to build similar improvements.
Binance launched only last year, but it has become the highest-volume crypto exchange in the world, with trading volume of around $1.5 billion per day. Currently based in Hong Kong, Binance recently announced that it will be moving to Malta. The small Mediterranean island has crypto- and fintech-friendly laws.
Malta’s prime minister even personally welcomed Binance to Malta on Twitter.
Binance says the move will also allow it to add “fiat trading” to its platform by partnering with local banks. Currently, Binance is a “crypto only” exchange, but the addition of fiat trading will allow it to become a major on-ramp into the crypto market.
Cboe Global Markets, which trades bitcoin futures, sent a letter to the SEC encouraging it to allow the introduction of bitcoin ETFs.
At least six companies are attempting to get bitcoin funds approved, but so far the SEC has denied their applications.
The demand for a publicly traded bitcoin vehicle is certainly there, but the SEC has been twiddling its thumbs for a while now. Let’s see how long it can hold out against the pressure.
Coinbase, the largest U.S. crypto exchange, has announced that it will be adding support for ERC20 tokens. In a blog post, Coinbase wrote, “This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time.”
In essence, this means that Coinbase is planning to add more altcoins to its platform. This will drive more interest and altcoin buying. Now the speculation about which assets Coinbase will add next begins…
Exchanges continue to offer new trading “pairs” in fiat currencies (dollar, euro, yen, etc.). Major player Bitfinex just added new fiat trading pairs for EOS, NEO, IOTA, bitcoin and Ethereum.
Fiat trading pairs are how money enters the crypto world, and it’s not easy to accomplish due to anti-money-laundering laws. More fiat trading pairs means more money entering the system.
AdsCash on Its Route To become World’s #1 Currency For Online Advertising
Behind The Scenes Work Is Going On In Full Force With Adscash And Shortly Trading Will
Start Across Multiple Exchanges And New Partnerships Will Be Announced
– Nick Johnson
Ceo And Founder – Ads.Cash
2 Updates For The Day 🙂
1.) Most of the time today in finance was spend in clearing old pending withdrawls before 28th…
90 % of it is cleared and if yours is still pending then its either becuase your account reached the daily limit or your account details were wrong
2.) I got the latest update from our tech head and I am just copy/pasting his email to you so you exactly know what’s going behind the scenes
The Hack was un-expected (well… it always is :P) and exposed an entirely new paradigm of vulnerability to us. We understood that we were not just supposed to harden (increase security) our code and servers but also have to extend extra cautiousness towards the fact that there are third party tools like payment processors, etc.; integrated to our system that might be exploited.
This realisation forced us to stop all the ongoing development and put all our energy on hardening and optimising our code for third party integrations.
Currently we are in the process of reviewing the entire code once again and fixing/optimising/rebuilding anything and everything that deals with a third party application.
Apart from that, we had no plans to implement strict KYC in the first year of operations and hence there were no developments on that front.
This hack event forced us to take implement this feature immediately. We had started the development from the scratch and now we are on the verge of completing the KYC module.
It was supposed to be live in this week but its taking a bit longer than expected and should be live anytime in the first half of next week.
It took us a while to develop this feature because at Click Intensity we just don’t do anything for sake of doing it. We follow global coding standards and ethical practices, hence we had to ensure that any document that our affiliates would upload, should be encrypted right from their browser windows till our databases and further.
A lot of similar high standard practices were in place while developing this feature, so as to keep your personal data safe.
Another dimension of KYC is human efforts.
We understood that there will be a HUGE flow of KYC requests, as soon as we go live with it. After all, we more than a 111,000 affiliates today 🙂
It requires a lot of human efforts for verification of documents images and cross verification with government authorities as per the country of residence of the respective affiliates.
We had to recruit heaps of reps and train them for the entire process, which involved training on ethical KYC practices, Data security, Communications with Government Authorities, banking norms for KYC, and what not…
Its a herculean task and you must be expecting it to take another 4 weeks to complete
BUT Our super awesome core team has unbelievably executed it all by headhunting the best professionals, who already knew the process and at the same time structured the entire process in the way that all the fresh recruits would process most of the tough jobs and these professionals would just supervise to achieve the desired perfection !
I would still request you to be patient after uploading your KYC details once the feature goes live, coz we’ll have a whooping 111,000 applications to process.
Just to give you an idea, it takes healthy 5 minutes to complete just documentary verification as if flows through multiple digital signatures of KYC Verification and Finance department.
Leave apart the verification process that involves local Governments and authorities.
Rest-assured, we’ll do our best to complete it as fast as possible.
So, this was what kept us from launching our gold product ‘Facebook Share’, which was scheduled to be live last week.
Once things start settling and we get back on scheduled development, you’ll start witnessing
Anyhow, we are back on track and with hell more SOLIDARITY.
Long Live ClickIntensity !!!