Thursday, October 29, 2020

Waves sets up $3M grant fund to promote cross-chain interoperability


The Waves Association announced on Wednesday a new grant program for cross-chain interoperability development.

The pool consists of 1 million Waves tokens, worth approximately $3 million as of press time. Projects will be eligible for grants of up to 300,000 Waves to develop solutions for interoperability and cross-chain communication.

There will be three separate types of grants: open grants, grants distributed through hackathons and Waves-focused grants. Sten Laureyssens, strategic advisor at the Waves Association, explained to Cointelegraph that open grants will have a wide scope:

"For the open grant category, the grants are open to a wide variety of interoperability projects, that don't necessarily have to be connected to Waves. We're looking for creative solutions to connect existing blockchains and dApps."
The latter two types of grants will have to adhere to certain requirements, which makes it likely that the Waves blockchain will be involved in some form. Nevertheless, Laureyssens said that the association is planning to sponsor blockchain-agnostic solutions as well.

Sasha Ivanov, president of the Waves Association, threw a subtle jab at certain types of interoperability solutions offered today:

"Waves Association aims to support independent developers working on interoperability solutions — especially those thinking outside the box. Solving interoperability by adding a dedicated blockchain and native token as an additional layer would only lead to more complexity, undercutting the potential of the proposed solution."
Grants will be stipulated and decided on by members of the Waves Association, though the disbursement of funds will be automated through a decentralized application.

Waves is a smart contract-enabled blockchain platform competing with the likes of Ethereum and EOS. Its developers have often criticized the mainstream approaches to certain tenets of blockchain technology, notably misleading claims of transactional capacity.

The Waves blockchain was recently used with apparent success in a Russian local election, following a disappointing performance by a similar system developed by BitFury.

Twetch passes 1 million transaction milestone


Twetch, the social media app built on Bitcoin, exceeded 1 million transactions on October 27.

This is a remarkable and significant milestone for the company, its users, and the Bitcoin ecosystem. The 1 million transaction milestone makes Twetch one of the few Bitcoin companies to put 1 million transactions on-chain.

From the day Twetch launched to the 1 millionth tx, how long did it take to reach this milestone?

From the day that we started, it took about 18 months to get our 1 millionth transaction.

Is Twetch the first Bitcoin app to put 1 million transactions on-chain?

Twetch is the first and most active application to have 1 million transactions on-chain; Ethereum cannot even dream of such a thing.

Why should someone who has never used Twetch before give it a try and check it out?

Twetch represents the future of the internet. It is ad-free, you can profit off of it, you own your own data, and the user is in total control. In a world where these big internet giants are the ones that are in control, Twetch treats users and their ideas the way nature intended, giving users control of their property.

What would you say users like most about Twetch?
Twetch users like the money the most, they make a lot of money. There are people making thousands of dollars on Twetch. The other thing would be the culture. Bright gang represents a group of people who really are willing to go in the world and try to make a difference to see a brighter future, to really try and make things better in a world that is sort of doom and gloom. Bright gang stands out, we shine bright.  

Can you share any details regarding quarterly or YTD revenue?
I'm not going to go into specifics because the answer is on the blockchain. Twetch is on the blockchain, it's completely auditable on the blockchain, everyone can see the money going in and out on the Bitcoin blockchain.

But something that's really exciting about Twetch is that within the last 30 days, our revenue is more than last year's revenue. The revenue is really growing, people are coming back day to day to use Twetch, not just for our posts to the blockchain features and to profit from their content, but people are using Twetch DMs to do business and connect with new people. It's really about getting the world better connected on Twetch right now, and the culture is just really, really strong.

Thursday, October 8, 2020

Waves and Fantom enter collaboration


Joint work will be focused on developing a broader DeFi ecosystem using the Gravity cross-chain communication protocol.
We are excited to announce a collaboration between Waves and Fantom. Waves and Fantom are committed to building an open ecosystem between different chains, based on the Gravity protocol, which is essential to the DeFi industry's wider success.

Under the collaboration deal, WAVES, the native utility token of the Waves ecosystem, will join Fantom's DeFi ecosystem as collateral for minting synthetic assets, including fUSD, Fantom's stablecoin pegged to the US dollar.
WAVES holders will be able to use fMint to access fUSD and other synthetic assets, which can be used with other Fantom DeFi products. Specifically, fLend allows users to lend and borrow assets, while fTrade allows users to trade them.

For instance, If you want to go long BTC (without losing exposure to your WAVES collateral), mint fUSD against your WAVES in fMint and use the fUSD to buy fBTC (synthetic BTC) in fTrade. Sell the fBTC for fUSD later to repay the minted debt. Once you've repaid any outstanding minted debt, you can unlock your collateral to withdraw.

About Gravity
Gravity is a decentralized cross-chain and oracle network based on a truly blockchain-agnostic protocol for communication between blockchains and with the outside world, working with the native token economies.
Gravity provides multi-purpose cross-chain interaction without introducing a native token. The true blockchain agnostic no-token approach creates a more inclusive, open ecosystem, while addressing future scaling/stability issues.

About Fantom
The Fantom Foundation is committed to building technology that is open-source, decentralized, DAG-based distributed ledgers with aBFT consensus. Fantom aims to create fast, secure and scalable technologies across various industries, allowing organizations, businesses, and individuals to develop decentralized and secure applications, solving real-world problems.

BTC escrow firm CEO faces 60 years in jail over alleged $7M scam


The U.S. Department of Justice has indicted the operator of a BTC escrow on charges of defrauding two of his clients out of $7 million. Federal authorities said John Barry Thompson is charged with two counts of wire fraud and commodities fraud which collectively carry a maximum prison sentence of 60 years.

In its press release, the DoJ revealed that a grand jury in the Southern District of New York had returned an indictment charging Thompson with fraud. Thompson was the principal of Volantis Escrow Platform LLC and the related Volantis Market Making LLC.

In a separate action, the U.S. Commodity Futures Trading Commission (CFTC) also filed civil charges against Thompson.

The charges are related to allegations that Thompson defrauded $7 million from two clients in 2018. According to the DoJ, the 48-year-old man made false statements to an unnamed company in 2018, convincing the company to send him $3 million to buy BTC. He assured the company that the transaction was guaranteed as "cash is with me, coin is with me." However, he didn't have the coins as promised and he ended up sending part of the money to a third party to purchase the BTC. He then lied for days about the status of the transaction and in the end, he never returned the funds.

A month after the debacle, he enticed yet another unnamed company with promises of a guaranteed BTC purchase. The company sent him $4 million, and just like in the first case, he sent the money to a third party and never refunded the company.

Geoffrey Berman, the Manhattan U.S. Attorney, commented, "As alleged, Jon Barry Thompson repeatedly lied to investors in cryptocurrencies about the safety of their investments made through his companies. As a result of Thompson's lies, investors lost millions of dollars."

The Easton, Pennsylvania, resident is charged with two counts of commodities fraud, each of which carries a maximum prison sentence of 10 years. He's also charged with two counts of wire fraud, each carrying a maximum sentence of 20 years behind bars.

The DoJ was the first U.S. regulator to pursue Thompson, with the CFTC following that up with civil charges. However, in November 2019, the U.S. government intervened, requesting the CFTC to stay its charges against the alleged cryptocurrency scammer as they could interfere with a parallel criminal case against him.