South Korea’s Largest Car Supplier Hyundai to Use DLT in Smartphone-EV Pairing Tool

      South Korea's Largest Car Supplier Hyundai to Use DLT in Smartphone-EV Pairing Tool

           

South Korea’s largest car manufacturer, Hyundai Motor Group,

will use blockchain in its new tech for pairing electric vehicles (EVs) with smartphones. Sustainable mobility-focused news agency Green Car Congress reported on the development on April 22.

Hyundai reportedly announced development of smartphone-EV pairing based performance adjustment technology that allows users to customize primary functions via a smartphone application. In the claimed industry-first, Hyundai will reportedly implement blockchain technology to prevent security issues while users upload and share their custom settings on the server.

As such, the upcoming system is set to encrypt major performance parameters on a blockchain network by creating new data blocks in the process of uploading and sharing custom settings in order to prevent unauthorized manipulation of data. According to the report, drivers will be able to adjust seven performance features such as the maximum torque output of the motor, acceleration and deceleration abilities, regenerative braking capacity, maximum speed limit, responsiveness and energy use on climate control.

Earlier this year, Hyundai’s financial services subsidiary, Hyundai Commercial, partnered with American tech giant IBM to transform its business model with blockchain. The partnership is focused on deploying open source Hyperledger Fabric blockchain technology to create a new supply chain financing ecosystem for the Hyundai Commercial network. Recently, IBM was granted a patent for a new system to manage data and interactions for self-driving vehicles.

Article Produced By
Helen Partz

Helen is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2017, she joined Cointelegraph as a writer.

https://cointelegraph.com/news/south-koreas-largest-car-supplier-hyundai-to-use-dlt-in-smartphone-ev-pairing-tool

Chris Corey

Microsoft Korea: Country Faces Growing Threat From Stealth Crypto Mining Attacks

Microsoft Korea:
Country Faces Growing Threat From Stealth Crypto Mining Attacks

Microsoft Korea has claimed the country is facing

an increase in cryptojacking incidents, according to a report from local English-language daily The Korea Times, published on April 22. The findings were announced by Microsoft security program manager Kim Gwi-ryun during a press conference in Seoul today, which accompanied the release of the annual Microsoft Security Intelligence Report.

As previously reported, cryptojacking is the practice of using a computer’s processing power to mine for cryptocurrencies without the owner’s consent or knowledge. According to The Korea Times, South Korea's cryptocurrency mining incident rate in 2018 was 0.05% —  reportedly 58% lower than the world average.

Nonetheless, Kim Gwi-ryun isolated the malicious practice from among other cybersecurity attack vectors detected in the country — such as supply chain malware and phishing attempts. The representative noted that Microsoft has detected market correlations in the fluctuating prevalence of cryptojacking,

stating that:

"We have noticed that as the value of cryptocurrency rises and falls, so does the mining encounter rate."

As the report notes, stealth cryptojacking is difficult to detect and largely manifests itself in compromised system performance due to the intensive drain on processing power that crypto mining presents. As Cointelegraph has reported, cryptojacking was cited in a recent criminal conviction of two Romanian alleged cybercriminals, who had been tracked in a joint investigation by the United States Federal Investigation Bureau and the Romanian National Police.

A March 2019 report from AT&T Cybersecurity revealed that cryptojacking was one of the most prevalent objectives of hackers targeting businesses’ cloud infrastructures, despite the crypto bear market. That same month, reports surfaced of a new strain of Trojan malware for Android phones. The malware reportedly targets worldwide users of top crypto apps such as Coinbase, BitPay and Bitcoin Wallet, as well as banks including JPMorgan, Wells Fargo and Bank of America.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/microsoft-korea-country-faces-growing-threat-from-stealth-crypto-mining-attacks

Chris Corey

El Toro Blockchain Division Launches Crypto Exchange for Pro Traders Issues 8 Stablecoins

El Toro Blockchain Division Launches Crypto Exchange for Pro Traders, Issues 8 Stablecoins
            

The blockchain division of global social trading platform eToro

has launched a cryptocurrency exchange for pro traders, a press release shared with Cointelegraph on Tuesday, April 16, states. EToroX claims to be a secure a secure and fully regulated trading venue. As for now, the platform offers 37 trading pairs, with the ability to convert six cryptocurrencies to fiat, such as the dollar, euro and Swiss franc.

The exchange currently allows users to trade bitcoin (BTC), ethereum (ETH), ripple (XRP), dash (DASH), bitcoin cash (BCH) and litecoin (LTC). According to the managing director of eToroX, Doron Rosenblum, the exchange will launch more pairs in coming months.

Moreover, eToroX has launched eight stablecoins that are backed by the New Zealand dollar (NZDX), Japanese yen (JPYX), Swiss franc (CHFX), United States dollar (USDEX), euro (EURX), U.K. pound sterling (GBPX), Australian dollar (AUDX), and Canadian dollar (CADX). The stablecoins will be issued and controlled by eToroX. Co-founder and CEO of eToro, Yoni Assia, said that the platform is set to bring crypto to a

larger range of investors:

“We want to bring crypto and tokenized assets to a wider audience, allowing them to trade with confidence. This is the future of finance. Blockchain will eventually 'eat' traditional financial services through tokenization.”

Assia believes that financial services will eventually be transferred to blockchain, as the tech brings a new paradigm for asset ownership. According to him, traditional asset classes such as art and property will also be tokenized.

In March, eToro officially launched its platform and crypto asset wallet in the U.S. Later the same month, the company announced that it has acquired smart contracts development company Firmo in order to explore and add more tokenized assets. In other stablecoin news, Canadian cryptocurrency exchange Coinsquare has recently announced that it will be launching a Canadian dollar-backed stablecoin. Meanwhile, billionaire VC investor Tim Draper is reportedly planning to meet with Facebook execs to discuss investing in the social media outlet’s rumored FB Coin.

Article Produced By
Ana Berman

Moved by her interest to discover the world of decentralized technologies, Ana joined Cointelegraph in June 2018. Shortly after joining the team as a news writer, she focused on the major crypto stories from Latin America

https://cointelegraph.com/news/etoro-blockchain-division-launches-crypto-exchange-for-pro-traders-issues-8-stablecoins

Chris Corey

Fundstrat’s Tom Lee: Current Bitcoin Misery Index Never Been Reported in Bear Market

Fundstrat's Tom Lee: Current Bitcoin Misery Index Never Been Reported in Bear Market.

Fundstrat Global Advisors founder Tom Lee

pointed out that the value currently reported by his company’s bitcoin (BTC) sentiment indicator Bitcoin Misery Index (BMI) has never been seen in a bear market. Lee made his comments during an interview with Cointelegraph published on April 19. During the interview, Lee noted that through 2018, the BMI has not been over 50, while it now recently touched a value of 89. According to Lee, values over 67 have never taken place in a bear market.

Lee concluded:

“It means that a bull market is likely starting.”

Still, he also explained that when the indicator reported such a high value, “six out of six times, there was a drawdown in the market.” Lee claims the drawdown averaged to 25% in such instances, and that in the short term, the market could see a headwind. Moreover, he also stated that this could also mean that investors could be moving their capital to altcoins instead.

Lee also pointed out that bitcoin recently broke the 200-day moving average, which he believes means that bitcoin’s recovery is happening faster than they expected. This is in line with what he stated in mid-March, when Lee said that he thinks “the key number to watch is the 200-day moving average.” Lee noted that this breakout could also mean that this time, the recovery won’t be different than it has been in the past, and that bitcoin could easily recover to new highs. Still, when asked if new highs for the coin will be achieved this year, Lee answered that while he believes they will be reached, he does not know when.

According to Lee, there are various reasons for the recent trend inversion in the crypto market. For instance, he mentioned that old and wealthy bitcoin wallets have recently started adding BTC, and that transaction activity has begun increasing along with crypto exchange volumes. As Cointelegraph reported in January, the number of active bitcoin wallets, many of which have long been dormant, has seen an uptick. Earlier this week, digital assets fund Adamant Capital published a report claiming that the cryptocurrency bear market is winding down and is in its final stage.

Article Produced By
Adrian Zmudzinski

Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.

https://cointelegraph.com/news/fundstrats-tom-lee-current-bitcoin-misery-index-never-been-reported-in-bear-market

Chris Corey

Crypto Developer Raises 4 Mln From Samsung Others to Launch Wallet Without Private Keys

Crypto Developer Raises $4 Mln From Samsung, Others to Launch Wallet Without Private Keys

                                 

Israeli cryptocurrency developer KZen has raised $4 million

from backers including South Korean electronics giant Samsung, industry news outlet The Block reported on April 17. The company’s product, smartphone wallet app ZenGo — currently in beta phase testing — aims to simplify custodial wallet usage for entry-level cryptocurrency users. Using a combination of split key storage and biometric security features, the company hopes users will be able to benefit from a simple wallet user interface while not relying on a third party or themselves to hold their private keys and other sensitive information.

A smartphone and cloud storage form the two sharers of information needed to sign a transaction, part of a setup called threshold signatures. “ZenGo uses open source threshold cryptography to replace the private key and all the troubles related to securely managing non-custodial wallets,” CEO and cofounder, Ouriel Ohayon, wrote in a blog post on April 15.

He added:

“Our solution eliminates the typical friction points of onboarding and backup and does so without the existence of a single point of failure.”

Other sponsors of the investment round included Elron and Benson Oak Ventures. The product builds on a trend that fellow custody startup Casa began with its mobile app Keymaster. Casa, however, only supports bitcoin (BTC), whereas ZenGo does not limit users to specific tokens. Regarding the security of the cloud server aspect needed for transactions to work, Ohayon told The Block that extra backup procedures would appear following launch. The private beta is currently available on iOS, with an Android equivalent to follow.

Article Produced By
William Suberg

William Suberg got into Bitcoin while completing his Masters degree and hasn't looked back since, writing about anything crypto-related which makes him sit up and pay attention. He started working with Cointelegraph in October 2013.

https://cointelegraph.com/news/crypto-developer-raises-4-mln-from-samsung-others-to-launch-wallet-without-private-keys

Chris Corey

Bitcoin Accounts for 98 of Crypto-Denominated Ransomware Payments Study

Bitcoin Accounts for 98% of Crypto-Denominated Ransomware Payments, Study

                                

Bitcoin (BTC) continues to account for the lion’s share of crypto-denominated ransomware payments,

according to Coveware’s Q1 2019 Global Ransomware Marketplace report, published on April 15. The report — reportedly based upon aggregated ransomware data from cases tackled by Coveware’s Incident Response Team — indicates that in Q1 2019 the ransomware landscape saw a sharp increase in the average ransom demanded by threat actors. The average sum — demanded in exchange for the ostensible delivery of a decryptor tool that can help victims recover data after a ransomware attack — rose 89% from a median $6,733 in Q4 2018 to $12,762 in Q1 2019, the report states. Of these ransoms that were paid in cryptocurrency, 98% were payable in bitcoin.

The report outlines that in Q1 2019:

“[H]andling cryptocurrency continued to be a major source of friction for victims, and thus the threat actors as well. It is unlikely that ransomware rotates towards a different cryptocurrency anytime soon as they are even more nuanced to procure and handle.”

Coveware notes that threat actors have scant need to migrate away from bitcoin to other coins as they reportedly face little difficulty using mixing services to exchange bitcoin for privacy-focused cryptos such as dash (DASH) or monero (XMR). Privacy coins are thus used for only 2% of ransomware payments, according to Coveware’s data, and are largely used later in the process, once the payment has been received and threat actors subsequently attempt to obfuscate the transfer of their ill-gotten funds. GandCrab — a strain of ransomware that accounts for 20% of the market, according to Coveware’s data — was the only prevalent strain where threat actors accept payment in either dash or bitcoin.

Moreover, the report notes, GandCrab victims who pay with bitcoin face a 10% additional fee due to the costs incurred by the threat actors’ use of mixing services to anonymize the cryptocurrency after payment. As reported earlier this week, digital payments giant PayPal recently won a cybersecurity patent to protect users from crypto ransomware. In March, Big Four auditor PwC linked Iranian nationals behind the bitcoin ransomware scheme SamSam — which reportedly damaged multiple American companies, government agencies, universities, and hospitals —  to the crypto exchange WEX.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/bitcoin-accounts-for-98-of-crypto-denominated-ransomware-payments-study

Chris Corey

Local Media: Afghanistani Tunisian Central Banks Consider Issuing Bitcoin Bonds

Local Media: Afghanistani, Tunisian Central Banks Consider Issuing Bitcoin Bonds

                                 

Afghanistan and Tunisia’s central banks are looking to issue a bitcoin (BTC) bond,

Hong Kong-based news outlet Asia Times reports on April 17. Per the report, the governors of the two country’s central banks spoke at the annual Spring Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund in Washington between April 8 and 14. Afghanistan’s central bank governor Khalil Sediq allegedly told Asia Times that the institution is considering issuing a sovereign crypto bond to raise $5.8 billion. The funds would be used for private-sector investment in mining, energy and agriculture. Alongside bitcoin, Sediq reportedly mentioned metal futures (for instance lithium) and pointed out that the country’s mineral reserves are estimated to be worth over $3 trillion.

On the other hand, Marouane El Abassi, governor of Tunisia’s central bank and former World Bank official, purportedly declared that the institution is looking into the issuance of a bitcoin bond. According to the report, Abassi also claimed that the country was one of the first to issue a digital currency and already implemented payments through a digital system.

Furthermore, Abassi also reportedly lauded bitcoin, blockchain and Hyperledger as a tool for central banks to combat money laundering, manage remittances fight terrorism and limit grey economies. Lastly, the article also notes that Uzbek ambassador Javlon Vakhabov mentioned that Uzbekistan does not rule out the development of a bitcoin bond either.

As Cointelegraph reported in September last year, Austria’s government also launched €1.15 billion ($1.35 billion) of government bonds on the Ethereum (ETH) public blockchain. More recently, in March, Germany’s justice and finance ministries have proposed to launch a state-run register to boost the use of blockchain for electronic bonds.

Article Produced By
Adrian Zmudzinski

Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.

https://cointelegraph.com/news/local-media-afghanistani-tunisian-central-banks-consider-issuing-bitcoin-bonds

Chris Corey

Coinbase’s 2018 Revenue Is 60 Less Than Projected by the Firm: Report

Coinbase’s 2018 Revenue Is 60% Less Than Projected by the Firm: Report

                                 

Major global crypto exchange Coinbase reportedly

saw around $520 million in revenue last year, Reuters reported on April 18. The publication calculated the sum by looking at a filing to Britain’s corporate registry last week showing Coinbase’s non-U.S. revenue equaled around 154 million euros ($173 million), noting that a Coinbase executive once stated that the non-U.S. revenue is equal to almost one third of the overall revenue Based on Reuters’ calculations of Coinbase’s 2018 revenue, the crypto exchange has generated 60% less than its stated plans.

In late October 2018, Bloomberg published an article claiming that Coinbase had projected that it would see $1.3 billion in revenue in 2018. Based on unspecified documents, Bloomberg wrote that the San Francisco-based crypto exchange foresaw significant revenue from commissions on trades, as well as from gains and losses in its crypto holdings, despite the bear market.

In January 2018, industry sources reported that Coinbase made about $1 billion in revenue in 2017, overshooting its forecast for that year by 66 percent. The Cointelegraph team has not found any official data from Coinbase about its revenue for either 2017 or 2018. Founded in 2012, Coinbase is a major crypto trading and wallet service based in the United States. Recently, the exchange was featured in LinkedIn’s list of the most popular companies for 2019, with Coinbase placed at 35 out of a total of 50 companies. Coinbase Pro is currently ranked 43rd among global crypto trading markets by adjusted daily trading volume.

On April 17, Coinbase expanded its crypto-to-crypto trading offering to 11 countries in Latin America and Southeast Asia, including Argentina, Mexico, Peru, as well as South Korea, Indonesia, the Philippines and others. Meanwhile, Binance, currently the third largest crypto exchange, was recently reported to have made $78 million in profits in Q1 2019, up 66% from the previous quarter. the Reuters article, the publication reported that venture capital investments in crypto and blockchain startup have the potential to set an all-time high in 2019, as investors also appear to be contributing larger amounts per deal.

Article Produced By
Helen Partz

Helen is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2017, she joined Cointelegraph as a writer.

https://cointelegraph.com/news/coinbases-2018-revenue-is-60-less-than-projected-by-the-firm-report

 

Chris Corey

Binance Chain Launches Firm Expects to Execute Mainnet Swap on April 23

Binance Chain Launches, Firm Expects to Execute Mainnet Swap on April 23

                                 

Binance has launched its mainnet Binance Chain

and expects to execute the swap of its native token Binance Coin (BNB) on April 23, according to an announcement on April 18. The major crypto exchange first revealed its plans to launch its own blockchain in December 2018, intending to build a basis for issuing new cryptocurrencies and initial coin offering tokens.

According to the announcement, Binance is producing blocks with consensus from the genesis block as of today, with its native coin BNB planned to be issued in the genesis block. Binance Chain Explorer and Web Wallet will be available to selected partners in beta testing mode and are expected to be opened to public access “around April 23, 2019,” the announcement notes. Along with the launch of Binance Chain, the exchange provided details for the conversion of ERC-20 BNB tokens into native Binance Chain-based BNB (BEP2) coins. As such, Binance emphasized it will not support the withdrawal of ERC-20 BNB tokens after April 23.

Specifically, Binance will be releasing more BEP2 coins as more users convert their ERC-20 BNB to its native BEP2 BNB, while the proportional amounts of ERC20 BNB will be burned while “keeping the total supply across both networks constant.” The exchange will not list any initial trading pairs until the conversion of the first batch of BNB has occurred, the statement reads.

Binance is currently the third largest crypto exchange by adjusted daily trading volume. As recently reported, Binance’s Q1 2019 profits surged 66% compared to the previous quarter. According to another report, Binance saw $78 million in Q1 profits due to a massive growth in its over-the-counter trading platform. Recently, Binance’s charity arm launched a crypto donation channel to support the reconstruction of the Notre Dame cathedral.

Article Produced By
Helen Partz

Helen is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2017, she joined Cointelegraph as a writer.

https://cointelegraph.com/news/binance-chain-launches-firm-expects-to-execute-mainnet-swap-on-april-23

Chris Corey

US Gov’t Blockchain Spending Expected to Increase 1000 Between 2017-2022: Study

US Gov’t Blockchain Spending Expected to Increase 1,000% Between 2017-2022: Study

                                

The United States federal government is expected to raise its blockchain spending

to $123.5 million by 2022 — an over 1,000% increase as compared with the $10.7 million it spent in 2017. The forecast was made in a report from IDC Government Insights, published on April 18. IDC states that blockchain spending among state and local governments is also anticipated to grow, from $4.4 million in 2017 to $48.2 million in 2022 — similarly an almost 1,000% rise.

Federal civilian agencies — who reportedly spent less than $20 million on the technology in 2017 — are likely to spend over $80 million by 2022, the report continues. The Defense Department — which likewise spent less than $20 million in 2017 — could almost double this figure and hit $40 million by 2022, the IDC claims. Government investment in blockchain technology is likely to evolve and expand to include more complex areas over time, the IDC’s research director

Shawn McCarthy outlined:

"We believe asset management, identity management, and smart contracts will be the leading blockchain solutions for government. Early spending will focus on supply chain and asset management solutions, while spending in later years will expand to include more identity management and complex financial transactions."

IDC also notes that blockchain is likely to become a cornerstone technology for trade legislation, and is likely “to be implemented as a standard feature for some types of authorized international trade and also as a standard for many types of government procurement.” In terms of specific implementations of the technology, the report argues that a hybrid blockchain approach — combining aspects of private and public networks — is likely to prove the most popular among government agencies.

As reported last month, the current Republican Minority Leader in the U.S. House of Representatives has recently argued that blockchain should be implemented to improve the transparency of the legislative process and bring more security and accountability to government. A separate IDC report from 2018 forecasted that worldwide blockchain spending would grow to $9.7 billion in 2021.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/us-govt-blockchain-spending-expected-to-increase-1-000-between-2017-2022-study

Chris Corey