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Brief Comments on Goguen: Q4 2020, Q1 2021, utility, Marlowe, DSL, Glow, Plutus, IELE, smart contracts, thanksgiving to you, sidechains and Hydra, Goguen rollout and additions to product update

Smart contracts (origins in 80s, 90s vs. 2013 ETH and 2020s Cardano)
We had a pretty interesting product update. We laughed, we cried, we all learned a little bit. Two and a half hours lots of stuff and I hope this gives you guys a good window into all the things that are happening. There's an enormous amount of complexity in Cardano and Goguen is no different. In fact that one slide showing all the interlocking dependencies and the moving pieces for it and just the sheer volume of things that are going on is, is an indication of not only the quality of the team but also the commercial reality of being a smart contract platform. In 2020 when I co-founded Ethereum our reference material was paper. We looked at things that Nick Szabo and people from the 1990s and 1980s wrote about and whether you were a Ricardian contract fan or you had programmed in Eiffel or you understood things like FpML basically it was an open field which gave us kind of a freedom to just do whatever we wanted to do but it also didn't give us a commercial reality of who's going to buy it? Who's going to use it? What do you need to do? The expectations in 2020 are vastly different from the expectations in 2013 and the reality is that there are massive deficits with Ethereum as designed today which is why Tezos exists and Algorand exists and why ETH2 is being constructed . It's why there are so many different players from Polkadot and others on down who have deep and detailed opinions about the things we need to do. If the ICO revolution hadn't happened, there was no notion of an ERC20 token and we were in a just different world.
We didn't have DeFi, any of these things and now in 2020 if you are to be competitive and build great things and actually invite real use and utility at a scale of millions and billions of people or government or Fortune 500 you need to have real good answers about a lot of different threats and things. For example, Marlowe, what it does is it leverages 20 years of history from domain experts like Willi Brammertz and over 30 years of history in domain-specific language (DSL) design from professor Simon Thompson and his team and it puts them together. It says for the first time ever we're going to have semantical clarity between the entrepreneur, the developer, the writer and the financial services infrastructure whether that be the banker, the insurance agent, the exchange, whoever that might be. Up until the totality of human history till today we have never had that semantical clarity. All four of those actors speak different languages and what we're doing with Marlowe as a DSL is an example of how you can unify and create a common language and experience between all of them today.
Marlowe, DSL, Glow, Plutus, IELE
Right now, you guys can go to the Marlowe playground and you can start using it and start building things and start having that semantical clarity and work with us and over a period of six months or so that will continue to evolve. Templates will evolve, applications will be constructed and those applications will work their way into Cardano applications and eventually they'll become cross-platform and work on things like (Hyperledger) fabric and other such things as we see industry and commercial adoption but it requires a starting point and Marlowe has evolved over a four year period through the hard labors of so many people to actually give us a great starting point. You can visually look at contracts and talk about their design. You can write them in JavaScript, you can write them in the Marlowe programming language. There's a Haskell side to things and you can see the power of this approach because of its design. You can prove things are correct, you can use theory that has existed for over 40 years like SAT solvers and reachability to actually show that you're not going to have a parity bug and that's just one example of one DSL of which many more will come. The point of DSLs is to give clarity to people in the industry. For example if we get into the health business and we start talking about medical records that will become a DSL to broker their movement and that same clarity and semantical unification will occur between doctors and hospitals, patients, governments, regulators and business professionals and they will now have a common language. So, Marlowe is an entry point and it's an example of how to build a DSL and evolve a DSL and bring the right people to the table.
When we look to things like Glow, from MuKn, this is an example of a team that's highly motivated and intrinsically across blockchain. When we look to the future and we say what happens when Bitcoin gets smart contracts? What happens when ETH2 comes out? What happens when people want to build cross-blockchain applications? Wouldn't it be nice to have a unification language and that's what Glow is basically all about. By strategic investments in that ecosystem, what Glow does for us is it ensures that we won't be left behind that Cardano has that and all Cardano infrastructure can benefit from that and Glow in turn will benefit from its embedding in our ecosystem. More users, more technology and ultimately because Cardano's the best. If you deploy in that direction it's the best experience. When you look to Plutus, Plutus is the unification language, it's the conductor of the orchestra and it pulls all of these things together and there were a lot of design requirements with Plutus that were quite hard from a theory viewpoint. We really cared a lot about resource determinism. We wanted to make sure that it was always predictable or at least as predictable as it can be to know how much it costs to do things because at the end of the day this is not a science experiment. These are not toys back in 2013. We had the luxury with Ethereum of just seeing what happened and the market makes strategic investments and they have to know how much their operating cost is going to be for their business model. We designed Plutus so that it would be one of the best programming languages on a long arc agenda of being a very practical on and off chain language to unify all the Cardano ecosystem. There are many objects in the ecosystem to operate, manipulate, instruments of value like native assets, identity, smart contracts onto themselves, DAOs, off chain infrastructure and you need a conductor that's capable of living in between all of these things and you need certainty that the code you're writing is going to work.
This is why we based it on an ecosystem that has 35 years of history and we as a company have invested millions of dollars in that ecosystem to modernize it and bring it into the 21st century especially for things like Windows support and working with partners like Tweag WebAssembly support, working on projects like compilation to JavaScript so that we can share that's there and our commitment is going to continue beyond that we are a founding member of the Haskell foundation working with Simon Peyton Jones and we're going to ensure that Haskell has compilation to ARM and that all of the technology that's required to keep that language competitive and actually make the language even more competitive will happen. It's very nice that Plutus is deeply ingrained in that ecosystem and that makes it a perfect conductor language. In the coming months we're going to talk a lot more about our relationship decay in IELE. If you live in the imperative object-oriented world and you want to do things a bit differently than the way things are done in the Haskell functional world then it makes sense to have an option that has the same principles as us which is why we reached out to Grigore years ago and established a commercial relationship with him. It's been the privilege of my career finding a way to resurrect that relationship so in the coming months we're going to talk a lot about how IELE fits into the Cardano ecosystem and the value it's going to bring in addition to the value of Marlowe, Glow, and Plutus.
Native assets
One of the single most important things about all of this is the native asset standard. One of the things we did not anticipate when we created Ethereum is just how pervasive the user's ability to issue an asset would be. We figured this would be an important thing, it's why we put it on a T-shirt back in the Miami conference in January of 2014 and we realized that from the color coin's project in the master coin project and one of the most important things is that we have the ability to issue not just a utility token but non-functional assets, security tokens and a litany of other instruments that hold value. Some ephemeral, some permanent, some with flexible monetary policies, some with fixed monetary policies, some from a central issuer, some from a decentralized issuer, some managed by a foundation, some managed by the community, some managed by fixed code that's immutable and the point of the native asset standard in the ERC20 converter is to establish a co-evolution of the technology and the commercialization of the technology. What we've been doing with ERC20 converter is using that as a way to create a conversation with those who want to migrate or build on Cardano and thinking through how are we going to create practical standards with our native assets. We already have enormous advantages with this standard over Ethereum. In particular the fact that your assets you issue on Cardano are treated the way that ADA is treated whereas in Ethereum you're a second-class citizen or ETH is treated differently from smart contracts. This first class citizen approach means that your assets will have the same governance access layer, to portfolio access and infrastructure that ADA itself has. Easier listing experiences, easier time with hardware wallets, easier time with wallet software. In general better user experience, faster transactions, lower transaction costs and then eventually for higher value tokens even the possibility of paying transaction fees over the long term in the native asset itself as if you were your own cryptocurrency.
Goguen rollout
You just simply cannot do this with the design of Ethereum and Ethereum 2. It's a huge advantage we have in our ecosystem and it's one that will become more pervasive over time now Goguen has already started. As a launch agenda the very first update to enable some Goguen era functionality was the metadata standard which meant that you could go from just moving ADA around to actually a whole litany of applications in the identity space and in the metadata space some of which we're aggressively negotiating on in commercial deals which we'll announce at a later date. The rollout of Goguen in terms of the system as we mentioned in the presentation will be principally done for the first iteration over a series of three hard fork combinator (HFC) events. The first of which is beginning this year in November December time frame and that's going to lay a lot of the foundations that will enable us to get to the second hard fork combinator event which will occur in Q1 of next year and we'll announce that specific date likely at the next product update and then the third one will happen shortly thereafter. They have to be spaced this way because it's just simply too cumbersome on our developers and also our partners such as wallet infrastructure and exchanges to try to do too much too quickly and furthermore there's an enormous amount of work as you've noticed on that slide to roll out Goguen. You have to do two things at once, you have to deploy the infrastructure but then you also have to populate the infrastructure and what's nice about the way that we've done things as you now see with the Marlowe playground the population of that infrastructure is occurring now today and with the ERC20 converter and the mint test net that's coming.
That's going to occur in November which means that that gives people time to start building and playing on our ecosystem in a safe sandbox so that when they deploy it to the mainnet they do it right the first time and they don't make an existential failure as we have seen with the DeFi space because at the end of the day once you go live you have a huge adversarial surface and everybody in the world is going to try to break the things you've done. It's very important that you do it right which means that you need time as a commercial partner and an application deployer to do it correctly. Parts of Goguen are indeed shipping this year, some have already shipped and we'll have another HFC event at the end of next month or early in December and throughout the first quarter of next year and likely the second quarter will complete the other two HFC events which will roll out full support for native assets, extended UTxO, the Plutus infrastructure and the Marlowe infrastructure. In the meantime we're also working on strategies about how we can ensure best integration of Glow and IELE into the Cardano ecosystem and as you've noticed there are three parallel teams that are working very hard. The Shelley team continues to upgrade the Shelley experience. Just today we've received a lot of concerns over for example the state pool ranking in Daedalus. Let me be very clear about something. There's no problem with the ranking software, the problem is the k parameter. It needs to be increased and the fact that things are getting grayed out is an indication that the ranking parameter is actually working right for the first time. So, k needs to go up but there are consequences of that and we need to improve the software to reflect those consequences but it is my goal to get k to 1000 before ideally d hits 0 because we really do want to have over a 1000 well-functioning stake pools but by no means is that the end of the story.
Improvements + project Catalyst
We need partial delegation and delegation portfolios. We need means for stake pool operators to communicate effectively and efficiently with those who delegate to them. We need improvements in SMASH. We need an identity center, we need a litany of improvements to Daedalus itself. Right now, today, there are more than four companies working full-time at doing just these things in addition to the Goguen updates that are occurring right now. That research thread and that development thread will continue. We've already seen seven CIPs including CIPs related to the reward function. We take them very seriously, we review them and there's enormous amount of discussion about how to create a fair and balanced system and we appreciate this feedback. It's a process and we ask for patience and we also remind people that we launched Shelley just at the end of July and despite that the ecosystem has more than doubled in size and it's been growing at an incredible pace and it's only going to continue and we're only going to see our best days ahead of us. Good things are coming down the pipe and it's becoming a much more holistic ecosystem from in performance improvements, to usability improvements, to better overall software for everyone.
There's no greater example of that than what we've been able to accomplish in the last three months for the exchanges in general. We're really proud of what we've done with the Adrestia stack and we're really proud of working with great partners like Binance and Bittrex throughout the last few months and we've had some certain challenges there but as a result of overcoming those challenges we have left behind an incredible enterprise grade listening experience that continues to get faster, continues to get higher quality and is secure and reliable 24 hours a day, seven days a week and we'll continue investing heavily to ensure that that only gets better for all of those partners whether they be an external wallet or their infrastructure like an exchange operator. We've had a lot of wins also on the governance side with the Voltaire Catalyst project. We have seen huge wins in participation going from small focus groups to now over 3500 people every single day coming into cardano.ideascale.com competing for 2250000 worth of ADA with fund2. That's just the beginning and every six to eight weeks that's going to increase in scale, in terms of the money and people, the quality... When we ask what is our developer acquisition strategy that's a major part of it because people know that there's money to be made in building on Cardano and that you have the right incentives to go realize your dreams and add value so just as these frameworks like the Marlowe playground and the Plutus playground and other such things like Glow come online and IELE come online the ability to build will be matched by the ability to discuss what to build and fund? What to build through a community driven process that includes greater and greater inclusivity. For example the next fund will include a voting center built right into Daedalus in addition to the cell phone application that we've already launched to vote and we will continue refining that experience relentlessly that's one of our fastest moving teams and I will remind you we are doing this in parallel to the Shelley workstream and the Goguen workstream that we showed you guys today. Finally there's Basho, not the next hard fork combinator event but HFC#3 which we anticipate in Q1 2021.
Sidechains, Hydra
I would like to include a sidechain protocol that allows the movement of value between independent systems through some form of blocking mechanism. We are currently examining and designing a protocol that we think fits very nicely into the way that our system works with mild modifications to the ledger rules. If that and should this be successful then that helps with one of the pillars of Basho interoperability and then the other pillar is scalability. Rob is hard at work working with technical architects and scaling up a team to start de-risking the Hydra protocol and others are hard at work evolving the science behind the Hydra protocol. We have seen great progress on all fronts to de-risk Hydra's roll-out and what's so beautiful about Hydra is it is our belief that the majority if not all of Hydra can be implemented in Plutus. As Plutus rolls out we have a natural constituency to run this infrastructure. The stake pool operators and we have a natural way without an HFC event or special accommodation of rolling out Hydra.
It's not really needed at this level of scaling capacity. We have an enormous throughput already 10 times greater than Ethereum as it is today and room to make it a hundred times greater than what Ethereum is today without Hydra. However as we de-risk this infrastructure solidify the protocols and get out all the kinks. What's so beautiful about it is that we will be able to when the time comes the community can roll out multiple implementations of Hydra so that there is diversity and there will be a natural group of actors to run those channels as we have seen for example with the Bolt spec and the Lightning ecosystem on Bitcoin. The contrasting difference between Lightning and Bitcoin and Hydra and extended UTxO and Cardano is we designed Cardano for Hydra.
Bitcoin was not designed for Lightning and as a consequence it's always more difficult for them to try to make meaningful progress whereas us there's no friction in that relationship. It just fits very nicely through so the roadmap is coming together and Cardano 2020 has definitely started to evolve into quite a mature ecosystem and what's really exciting is we're going from an ecosystem of potential to one of reality and instead of asking what could we do we're showing people what has been done and people are actually doing things every day.
Our commercial team is inundated with requests for coordination and cooperation and deployment. I get numerous emails every single day, well intended to very serious about people wanting to build on the platform and we're really excited about that. We're going to keep this steady systematic relentless march as you saw with the enormity of the news today. It's business as usual and it'll be exactly the same in November only there'll be more and every month. The velocity increases, we burn down the remaining story points to get these things done and things are happening very quickly and we just keep releasing and releasing and releasing and it's a very different time than it was even six months ago.
Community rules
What's so reassuring is we continue to have the best community in all the cryptocurrency space. It's the final point but it's one that I'm most proud of. You see people get to decide where they want to live, what infrastructure they want to deploy, on who they want to work with and when you have a welcoming warm and friendly community that is constructive and productive and their job is to help you get to where you need to go you want to work with those people. When you have a destructive or toxic community that's exclusive hierarchical and not invented here in their mentality people don't want to work with that community. Money can't buy that. I don't care if you have a bank account with four billion dollars or you're a central bank. You can't buy character and you can't buy culture, you have to make it and you have to earn it and if we've accomplished anything over these last five years from the 90 papers now and the million plus lines of code and the incredible releases that have happened and continue to happen we accomplished the greatest thing of all: we built a community to rival that of bitcoin's. I believe with that community we can realize the dream in the coming years of Cardano becoming the financial operating system.
For those who don't have one and giving open prayer and free economic identity to those who need it I am astounded by just how easy it is to roll these things out. They're super hard and complex under the hood but they just feel right and fit right and all the pieces are starting to come together in just the right way and I'm astounded by the fact that when we roll them out community members are there to receive them and take them to the next level.
Thank you all for attending the product update at the end of the month. This was a real good one, just as good as the Shelley one and we are now in the Goguen era with the first HFC event coming in the end of November and we're going to keep pushing them out. Every single one of them will add more capabilities and I encourage everyone to check out the Marlowe playground start building with it. Today things are happening really fast when the mint comes online at the end of November. Start playing around with that, start talking about the multi-token standard. If you're interested in a project our commercial division divisions always' open and you're going to see more and more progress from all entities in this ecosystem and some potentially major announcements before you can think it. Thanks guys it was a good day and thanks to the entire team that made all this happen I'm real proud of all of you.
Video: https://www.youtube.com/watch?v=l5wADba8kCw
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Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.
https://reddit.com/link/ho4bif/video/n0euarkifu951/player
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
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Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8

Bitcoin: The First Cryptocurrency

There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
  1. Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
  2. Store Value With nothing but a smartphone, you can become your own bank and store your own funds. Nobody can seize your assets. The funds are digital and stored on a blockchain. Your money no longer needs to be stored at a bank, in a vault, or under your mattress. I covered a few inspiring use-cases in a previous post. They include banking the unbanked, protecting assets from government seizure, mitigating the risk of a bank run, and protection against hyperinflation (like what recently happened in Venezuela).
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.
Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
https://preview.redd.it/bizndfpkfu951.png?width=800&format=png&auto=webp&s=456c53b798248e60456a65835a33c69b2fe8daf0

Public Awareness

A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda

Ethereum: Programmable Money

When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
https://reddit.com/link/ho4bif/video/b5b1jh9ofu951/player

Digital Gold Rush

Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.

DeFi: Decentralized Finance

So as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
https://preview.redd.it/f0sjzqspfu951.png?width=461&format=png&auto=webp&s=8e0a31bf29250fc624918fbd8514b008762f379e
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
https://preview.redd.it/wn3phnkqfu951.png?width=800&format=png&auto=webp&s=02f56caa6b94aa59eadd6e368ef9346ba10c7611
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.

Wrap Up

I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
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Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
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AMA Recap of CEO and Co-founder of Chromia, Henrik Hjelte in the @binancenigeria Telegram group on 03/05/2020.

Moh (Binance Angel)🇳🇬,
Please join me to welcome, “CHROMIA CEO & Co-founder, Henrik Hjelte” and “ CMO, Serge lubkin”
Oh, before we proceed, kindly introduce yourselves and tell us a bit about your roles at Chromia u/sergelubkin & u/henrik_hjelte.
Henrik Hjelte,
Ok, I’m Henrik, I’m CEO of ChromaWay that crated the Chromia project. My background is a bit mixed: developer for 30+ years (since 80: s), but I studied other things at university (economics, politics, social sciences philosophy). Life is more than computer you know… I worked with FInance/IT then started a web startup and got to know Alex Mizrahi who worked as a developer….
Web startup didn’t fly, but Alex showed me bitcoin. When I finally read the whitepaper I was blown away, and joined Alex colored-coins project, the first open source protocol to issue tokens. in 2013.
So, we started with open-source tokens (that kickstarted the blockchain industry. Then started company together 2014.
That is a long intro, I’ll shut up now… Thanks….
Serge,
I’m Serge, I’m assisting Henrik today and I work with Chromia marketing team as well as on some business development projects
Moh (Binance Angel)🇳🇬, , Question No 1 :
Kindly describe the CHROMIA project and what it aims to achieve?
Henrik Hjelte,
Chromia is a new public blockchain based on the idea of integrating traditional databases, Relational databases with blockchain security. Chromia is a general purpose blockchain with full smart contract capabilities, just that it is a lot easier to code, even complex applications. You code with an easy to learn new programming language that combines the power of SQL and normal languages but makes it secure in a blockchain context. Up to 1/10 the code-lines vs other blockchains. There is a blog post about it, I’ll share later. On lines of code.
The aim of Chromia is to combine relational databases, which exist in every kind of organization, together using blockchains. We want to provide a platform for our users to develop totally decentralized apps securely. Our goal is for Chromia to be seen as the number one infrastructure for decentralized applications.
https://blog.chromia.com/reasons-for-rell-compactness/
Moh (Binance Angel)🇳🇬,Question No 2:
What inspired the CHROMIA Core team to pick interest in CHROMIA project? what breakthrough have you achieved so far? what are the present challenges you’re facing and how are you planning to overcome them?
Henrik Hjelte,
We started with public blockchains, tokens in 2012, the world’s first stable coin with a bank 2015 (LHV). When coding that solution, peer to peer payments of Euro-tokens, we discovered we need performance reasons to store all data in a database. We needed to quickly know the “balance” of a user, and can’t loop through a blockchain. And slowly the idea grew that we can make the database INTO a blockchain, integrate completely with the transaction mechanism of a database. So, we did it as a private blockchain first (Postchain), used it for some projects, then came up with the idea to make a Public Blockchain based on it.
The motivation is that we felt we needed a better programming model for blockchains. Our CTO Alex has always been thinking of optimal solutions for blockchain technology and has lots of experiences thinking about it. Also: make real-world useful things. For example, we support free-to-play models since users do not need to own “our” token to USE apps, the application itself (often the developer) pays for hosting. And of course, great performance. Also: more knowledge of who runs nodes and risk level. So, it is more suitable for enterprises.
In Chromia the application (at the start the developer) decides Who should be allowed to run its own blockchain (every dapp has its own blockchain). You can also say on a higher level that we want to provide technology to create “Public applications”, a tool
that enables us to create a fairer world.
https://blog.chromia.com/towards-publicly-hosted-applications/
Moh (Binance Angel)🇳🇬, Question No 3 :
Why did you create your own blockchain instead of leveraging on existing and proven base layer protocol?
Henrik Hjelte,
None of the existing protocols are suitable to support large-scale, mainstream applications. We designed Chromia to give our users exactly what they want; fast support, useful features, with an affordable service cost. Other platforms do not have the ability to host data applications in a decentralized and secure way, as Chromia can. Chromia also has its own bespoke programming language that sets it apart from SQL-based platforms. It’s so easy to use, even non-developers can understand it!
The other big difference with Chromia concerns payments. Chromia gives its users freedom from having to pay for each transaction. With Chromia, you have the flexibility to decide how to set fees for your dapp
And when it comes to “proven base layer protocols”: they are just a few years at max. Chromia is built on top of Postgresql, that has been used in enterprises for decades, a really proven technology. And the Java virtual machine on top of that. This is proven tech, at core.
Moh (Binance Angel)🇳🇬, Question No 4 :
What is Postchain?
Henrik Hjelte,
Postchain is an open-source product of ChromaWay for enterprise clients and it’s the core technology on which Chromia is built.
Postchain is a replicated blockchain and database that offers highly resilient distributed database management with distributed control.
Postchain is the only product on the market that combines the immutable consensus of a blockchain and the properties of a real database management system (You know, the tech that built SAP, Facebook, Banks…) …
Postchain allows you to share information between companies and/or individuals in a secure and transparent way.
That is the low-level base of Chromia you can say
Moh (Binance Angel)🇳🇬,
Can you please name some of your clients that are using this service already?
Serge,
You mean products built on Postchain? Also, Stockholm Green Digital Finance, Green Assets Wallet that’s now functioning on Chromia Bootstrap Mainnet.
Big financial institutions
It’s only a beginning of course, but very promising one. https://greenassetswallet.org/news/2019/12/12/launch-of-the-green-assets-wallet
Henrik Hjelte,
We got a lot of attention with the Swedish Land registry; we did a joint project between them and banks and a telco etc on postchain as base.
Then, right now we do a large project with the Inter-American Development bank also about land-registration (processes) in South America.
We had a client, Stockholm Green Digital Finance, that did a system for green bonds (tracking environmental impact. Yes, as Sege says, it was later moved to Chromia…
Which is cool. Also, another external development company did that phase of the project, proving that other can build on our tech,4irelabs from Ukraine is their name. Some companies using the GAW: Blackrock. SEB Bank etc…
Also, we have done more projects, in Australia, asia etc. Oh Daimler too (the Mercedes company) …
Moh (Binance Angel)🇳🇬,
Lots of enterprise clients you’ve got. No wonder I do see the meme “CHR=ETH KILLER”
Serge,
It’s a meme from our supporters. But we believe we can coexist:)
For some niche things eth is good :)
So, no killing :D
Henrik Hjelte,
We want to work with partners too for this, we can’t do all projects ourselves. Also, for Chromia projects, ChromaWay company can help do support maintenance etc. So, it is not competing, it adds value to the ecosystem.
Yeah ETH is good too, for some applications. We are friends with them from colored-coin times.
And colored-coins inspired ETH, and ETH inspires us.
Moh (Binance Angel)🇳🇬, Question No 5 :
Lastly, CHROMIA is already doing very well in terms of business. You just got listed on BINANCE JEX, you are on-boarding new clients and dishing out new features. But what’s next? Is there anything to be excited about?
Henrik Hjelte,
Plans for 2020 are to both release a series of dapps to showcase how fantastic Chromia is, as well as continue to develop the platform. And when it is secure and good enough, we will release the mainnet.
Dapps are now being made by us as well as others. We do a decentralized social network framework called Chromunity, now released to TestNet. It is really cool, users can vote over moderators, and in the future users might even govern the complete application, how it can be updated. This is a great showcase for Chromia and why we use the slogan Power to the Public.
https://testnet.chromunity.com/
Games coming are:
Mines of Dalarnia (by Workinman Interactive). An action game in a mine with blockchain rental of plots and stuff. Already on TestNet and you can take a peek on it at https://www.minesofdalarnia.com
more coming…
Krystopia 2, novas journey. A puzzle game done by Antler Interactive. Could only find trailer though: https://www.youtube.com/watch?v=-G95-Dw3kI4
However, we have even larger ambitions with blockchain gaming…
We are doing A secret demo-project that we do together with Antler to showcase the technical potential of Chromia platform.
Another exciting relase is an indie game Chain of Alliance, done by two external developers. It is a strategy game with full-logic on blockchain. Public release on TestNet on May 22!
More coming in 2020: Other dapps from other companies, one in impact-tech.
That is a serious app, Chromia also works outside gaming and social media for enterprises and startups
And I hope some of you will do something, we want to support dapps on the platform so reach out to us…
Moh (Binance Angel)🇳🇬,
When can we be expecting the mainnet? Any approximate time? I’m sure the community will really excited to have that info
Serge,
It’s now in Bootstap phase, so it’s technically already functioning. MVP will be very soon
Stay tuned;)
Twitter questions Vs answers
Ellkayy,
What’s the unique thing in Chromia that no other blockchain has, that makes you the better option?
Henrik Hjelte,
Unique: Chromia is the only blockchain that also has a real, proper database built-in. And blockchain is about managing data in a shared context. How to best managed data was solved in computer science already. So far, it is the relational algebra model that is used in 100% of all enterprises, and has an 85% market share. Chromia is the only blockchain that use that model and that power.
Ellkayy,
Why Chromia use RELL and not SQL or JavaScript? Can developers with other language knowledge use Chromia?
Serge,
Rell is the only language on the blockchain side. You can combine with anything on client-side, although now client only exists for JS/TS, C# and Java/Kotlin. Rell is a language for relational blockchain programming. It combines the following features:
1 Relational data modeling and queries similar to SQL. People familiar with SQL should feel at home once they learn the new syntax.
2 Normal programming constructs: variables, loops, functions, collections, etc.
3 Constructs which specifically target application backends and, in particular, blockchain-style programming including request routing, authorization, etc.
Rell aims to make programming as convenient and simple as possible. It minimizes boilerplate and repetition. At the same time, as a static type system it can detect and prevent many kinds of defects prior to run-time.
Roshan DV,
I have been monitoring your project for a while but some concerns about it: Your project will build your own core network, so you have more visibility than Ethereum and NEO. These are projects that were born before and which also have a very large community. And what can assure you that your project will guarantee the functionalities that you have defined?
Henrik Hjelte,
What came first? I want to remind that Vitalik was in the colored-coins project, led by our CTO and we had blockchain in production before ETH and NEO etc existed. We are the old dogs…
Large community: We are part of the same community. When developers are fustrated and want to try new tech, they go to us from other blockchains.
Also, we have a large potential: SQL (close to Rell and our tech) is the world top 3 language. Bigger than Java. Bigger than PHP. Only beaten bny HTML and javascript. Soliditiy is not on top 20 list. THere are millions of developers that know SQL. That is potential for community… (source is Stackoverflow annual programming survey).
Paul (Via Manage),
What are the utilities of Chromia and what purpose does the Chromia coin serve?
Serge,
Chromia meta-token called Chroma (CHR). It is used in Chromia to compensate block-producing nodes by fees. In Chromia, fees are paid by dapps, which can in their turn collect fees from users. Chromia provides mechanisms which balance the interests of developers and users. Dapp tokens can be automatically backed with Chroma, providing liquidity and value which is independent of investment into the dapp. Dapp investors can be compensated in Chroma through a profit-sharing contract. For developers, Chromia offers the opportunity to derive income from dapps. This incentivises the creation and maintenance of high quality dapps because better dapps generate more income and create more demand for tokens owned by the developer. The Chromia model is designed to support sustainable circular economies and foster a mutually beneficial relationship between developers, users, and investors.
Idemudia Isaac,
Thank you very much u/henrik_hjelte u/sergelubkin
You stated your plans for 2020 is to release series of dApps. What kind of large scale, mainstream decentralized application and $Chromia products do you think is suitable for the Nigerian environment?
Henrik Hjelte,
Actually, this is why we want to work with partners. We cannot know everything, For African market we have seen of course payments/remittances (but it has fallen out of trend). We would love to do real-estate /land-registration but we understand we need a strong local partner (more than a single person, a real company or organization driving).
●CC● | Elrond 🇵🇭,
What plans do you have to building a vibrant global community around Rell? And how would you go about encouraging/incentivising such ‘Rellists’ around the world to build dApps on Chromia? u/henrik_hjelte u/sergelubkin
Henrik Hjelte,
For developers (I am one too, or used to be) you normally need to prove a few things:
\ That the tech is productive (can I do apps faster?)*
\ That it is better (less bugs, more maintainable?)*
Then the community will come. We see that all the time. Look at web development. React.js came, and developers flooded to it. Not because of marketing on Superbowl, but because it was BETTER. Fewer bugs and easier to do complex webapps.
So, at core: people will come when we showcase the productivity gains, and that is what we need to focus on.
●CC● | Elrond 🇵🇭,
Why do you choose to build Chromia token on ERC20 instead of other blockchain such as BEP2, TRC20…or your own chain while ERC20 platform is very slow and have a case of fee? u/henrik_hjelte u/sergelubkin
Serge,
So far Ethereum has the best infrastructure, it’s the oldest and most reliable network for tokens. It also became the industry standard which exchanges utilize. We will transfer 80% of all erc20 tokens to our Chromia blockchain when it’s ready for that.
Koh,
In your whitepaper it says in the upcoming version of ChromiaWallet that it will be able to function as a Dapp browser for public use. Q) Will it be similar to the Dapp browser on Trust Wallet?
Serge,
It’s live already try it http://vault-testnet.chromia.com/
It’s the wallet and a dapp browser
CHROMIA is SOLID,
Your metamorphosis is a laudable one,surviving different FUD, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period!
Henrik Hjelte,
You need to know we started a company before ETH existed. There was 0 money in blockchain when we started. I did it becuase it was fun, exciting tech and MAYBE someone would be interested in the thing we made “Tokens”…
We were never in the crazy bull-market, manly observed the crazies from the side. We fundraised for CHR in a dip (they called it bear market). ChromaWay the company also make money from enterprises.
Алекс,
What is SSO?
What makes it important for chromias ecosystem?
Why should we users be attracted to it?’
Serge,
Chromia SSO is perhaps the most important UX improvement that Chromia offers the decentralized world. It revolutionizes the way users interact with dapps. Any dapp requires users to sign transactions, that means they need a private key. Control of the private key is control of any and all dapps or assets associated with it. This means that private keys have an especially stringent set of security requirements in a blockchain context — they control real value, and there is no recourse if they are compromised or lost. https://blog.chromia.com/chromia-sso-the-whys-and-the-whats/
Olufemi Joel,
How do you see the Chromia project developing in 3 to 5 years, both on the commercial level and on the evolution of the company? What are the plans for expansion in different regions? Are you going to outsource the team/skills or keep it centralized and set up offices?
Henrik Hjelte,
I take part of the question. On outsource: we were a distributed team from day one, with co-founders from 3 countries (still living there). We are distributed now, Ukraine, Sweden, Vietnam, Croatia, China are “hubs” then we have individuals too. No big plan, just where we found great developers…
Park Lee, u/henrik_hjelte
You claim CHOROMIA have fast support, useful features with an affordable service cost. That fast and the fees are cheap but can you guarantee stability?
What’s the Algorithms which are used by CHROMIA for that fast? And Can you explain it?
Serge,
We use PBFT protocol with some features of DPOS, this plus sidechains parallelism offers almost unlimited speed and scalability. We also use the feature called anchoring to secure all transactions in batches on Bitcoin blockchain.
Mario Boy,
What are you guys trying to achieve as an end goal? The next Ethereum? Or the next enterprise version of Ethereum? Or something different?
Henrik Hjelte,
The end goal… good question. When we started in 2014 there were no other blockchain companies, so we wanted to do the best blockchain technology in order to enable a decentralized world with more fair applications. And that is what we still do. Technology/software that can enable people to make a fairer world
Erven James Sato,
“STAKING” is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION
Does your GREAT PROJECT have plan about Staking?
Serge,
Yes, we announced our staking plans couple of months ago https://blog.chromia.com/on-providers-and-stakes/
We are working with our current partners to make it accessible for general public.
Chizoba,
I often see Chromia and ChromaWay being used interchangeably, what is the relationship between the two?
Henrik Hjelte,
ChromaWay the company started Chromia from code done as postchain. This is normal in open-source development, a company that leads development. But Chromia will be a decentalized network, so ChromaWay will not make direct money out of it more than if we have a role as a Provider (and get payed for hosting). ChromaWay can indirectly make money from optional support and maintenance etc. Also, this, perfectly normal in open-source world.
And it also benefits Chromia that there is a market for support.
A market open for competition.
No special treatment for “ChromaWay”
Enajite,
How to start coding on Chromia?
Henrik Hjelte,
Go to https://rell.chromia.com and follow the tutorial. Enjoy the free time you get compared to other blockchain languages…
●CC● | Elrond 🇵🇭,
Chromia process 500 TPS, these is slow compare to other Blockchains, where we can see now 60K TPS if more capacity require, how can that be? u/henrik_hjelte u/sergelubkin
Serge,
Yes, if you need faster speed you can use parallelism by having multiple blockchains for your dapp. Also, by optimization and better architecture sky is the limit.
Delphino.eth ⟠,
Can we consider Chromia an hybrid? For its mixing of Blockchain and a Database?
Henrik Hjelte,
Yes and no. I want to stress that Chromia is a FULL blockchain. It is not only “inspired”. It is a blockchain AND a database.
I tend to think about Hybrid more in the usecases that you might have as a customer. For example, a bank might want to have some data/transactions private (as a private blockchain) and have another half of the application with public data (on Chromia). So that is a hybrid solution, and Chromia ROCKS in that segment since it is the only blockchain that is complete relational database (what the normal world uses anyway for 85% of all applications)
Example area: “open banking”
Steve bush,
How will Chromia I have any empower Investors, Companies, Developers, Platform Users to
deliver impactful solutions and bring value to people all over the world?
Henrik Hjelte,
In order to make blockchain go big, we need to have users. Users need to be able to use apps with ease. Chromia have features like single-sign on (ease of use), but importantly do not require owning tokens to USE apps.
Also, it needs to be easy to make applications. For example, if you are a student in US and came up with an idea, you want to make an application for your school. Let’s call it “thefacebook”. You code something in PHP and MySQL. DID YOU SEE THAT. SQL. SQL.SQL. It is the same tech that Chromia has but no one else in the blockchain business. SQL rules the world if you look outside the crypto bubble. Google the Oracle head-office… 100% of all enterprises use it… Because it is easy and powerful.
And we even improve on SQL with Rell….
So, compare that with a hacky virtual machine that have a few years…. 😊
August,
“Mines of Dalarnia” is a game that has caught my attention a lot, due to its simplicity and quality. But in the time that I have used it I have not been able to differentiate between the Chromia blockchain of this game and that of the competition? What other games do you have next to develop? I would like to give ideas in those games like a Gamers!
Henrik Hjelte,
We thought about in corona time sports club might want to engage more with their fans digitally. And of course, E-Sports is getting a real momentum as the young generation grows up. Now a bit sad that all games are centralized. My daughter will be sad when (at some day?) they will close down roblox… it happens to all centralized apps eventually… that is what we fix. Power to the Public to control apps and their future. I’ll repost again Alex post. Sorry I like it a lot… https://blog.chromia.com/towards-publicly-hosted-applications/
Bisolar,
Good day Chromia team from a Chromia fan
Can you tell us Chromia’s geographical focus at the moment and the proces it follows for it BUSINESS DEVELOPMENT?
What factors do you consider before identifying NEW MARKETS to enter?
Serge,
Chromia will initially focus on community building in China, Korea, US and Europe. The focus of community growth will gradually expand to other markets as the project gains popularity.
Current community growth strategies of Chromia include:
Chromia blockchain incubator creation to welcome more projects to the Chromia blockchain
Host blockchain gaming conferences, workshops, and meetups to engage with potential users.
Provide online and face-to-face tutorials to engage with dapps developers.
Attract blockchain developers through direct and indirect approach via specialized platforms and communities.
Develop our relations with existing and previous corporate clients, and their partnership networks to participate in their blockchain ventures
Launch Node program to encourage system providers to run nodes on the Chromia blockchain.
Staking program for Chroma (CHR) tokens
Active community engagement via social channels.
Future community growth strategies of Chromia after Mainnet launch include:
Partner with more gaming studios, startups and enterprises
Build local communities with Ambassador Programs.
Partner with external incubator and accelerators to provide blockchain expertise and introduce projects to Chromia ecosystem
Continue organizing hackathons around the world to attract more developers.
Emmanuel,
I want to know the current structure of your roadmap? What is the future roadmap of CHROMIA? Is there any key milestone coming???
Henrik Hjelte,
It is easy to do a roadmap; anyone can make a pape plan. But I think they are used in the wrong way. Software is hard, blockchain is even harder because it NEEDS TO BE SECURE. No MVP releases. We cannot even have roadmap deadlines and skimp on quality. Where we are now though is: Rell language finished so much that developers can write apps and see its magic. We have external devs doing dapps. We have the first phase of mainnet. We have a series of releases coming up. We will release mainnet when it is secure enough, and gradual roll out. I think quite soon, development is going great at the moment, a bit quicker than we though.
Ellkayy,
Why doesn’t Chromia transactions use gas? How do you power transactions then?
Serge,
Main feature of gas in Ethereum is to pay for transactions for miners get rewards. In our scenario Providers get rewards from dapp owners. So dapp owner pays for storing their dapp. It’s like Amazon Web Service model. Then dapp owner can monetize it in its own way.
Ellkayy,
Many developers don’t know RELL, just Solidity and SQL. Is this a barrier or threat to Chromia? Why RELL is better?
Henrik Hjelte,
Very few developers know Solidity. Do a search on github. I referred previously to stackoverflow programming language survey results. https://insights.stackoverflow.com/survey/2019#technology
If you know SQL, you learn Rell in a day.
SQL is the top 3 language here. I’d say there are millions that can easily jump to Rell.
Soldity or other blockchains, not on top 20 list even.
Rell is a hipper, nicer version of SQL that is also a “normal” programming language.
Developers like to learn new things, new languages. Otherwise we would be stuck with PHP, the DOMINANT language. Well, is it still? Seems javascript and react.js and node etc is taking over…
Moh (Binance Angel)🇳🇬,
This brings us to the end of the AMA. It’s been a pleasure being with all of you, THANK YOU. Special shout out to u/sergelubkin and u/henrik_hjelte for honouring us with their presence today❤️
Kindly follow CHROMIA on twitter and join the conversation with their community on Telegram
Twitter: https://twitter.com/Chromia
Telegram: https://t.me/hellochromia
Official Chromia Nigeria Community Channel 🇳🇬 : https://t.me/ChromiaNigeria
Website: www.chromia.com
submitted by dam30 to Teamchromia [link] [comments]

Algorand Ecosystem AMA with Bitpie Wallet

Algorand Ecosystem AMA with Bitpie Wallet

https://preview.redd.it/vbirqdmimsn41.png?width=1920&format=png&auto=webp&s=efb41225e6b4527c5646e538cf91b61ff7d9e140
Daniel
here it is AMA time! Introducing u/Chao Wang — COO Bitpie Wallet and u/Kong our ambassador from China! AMA Duration: 35 minutes Rounds: Team Round (first 20 min) and Community Round (last 15 min)
Chao Wang
Thx Daniel About myself, I heard bitcoin in 2013, started buying and a little bit mining by end of that year. And of course, I lose a lot of money during the market collapse in 2014–15, just like a lot of friends just suffered in the past weeks. Luckily, as a hodler, I didn’t sell any coin during bear market and most of those coins are still in my wallet until today. In 2017 I joined Bitpie. Prior to that, I have been in the traditional IT industry for more than a decade. During my 15-years career, I have worked for organizations including online service company, big data company and IT services company. Responsible for IT system, product R&D, business management and has been stationed in the United States to manage a series of project cooperate with IT giants such as Microsoft and Cisco. My last role before joining Bitpie was the general manager of a business division at one of largest IT service companies in China, managing the solution business related to new technologies such as cloud computing and AI, also got some chance to work with partner for business-oriented blockchain PoC projects. It is a tough time for everyone, it is my great honor to have the opportunity to meet and learn from you guys at this special moment.
Kong
Hi, all. I am Kong from Bitpie Wallet. Also ambassador of Algorand Beijing. I have been working for Bitpie since 2018 and now mainly in charge of marketing job. Tonight, Mr Wang chao will bring us his presentation and I will help answer questions if needed. Long for Bitpie and Algorand
Daniel
Thanks a lot for sharing your introduction u/Chao Wang u/Kong! Seems you have been in the industry since a long while! Glad to have your experience and support for Algorand! Really appreciate Bitpie as a global partner of Algorand and you have also supported ASA these days. Could you tell us more about Bitpie Wallet and what do you think about the cooperation with Algorand?
Chao Wang
Bitpie is an industry-leading non-custody wallet with very high market penetration in Asia area. We have been focused on the blockchain wallet for more than six years. As a professional wallet service provider, we have 3 wallet products. Bitpie Wallet — a multi-chain wallet with DeFi and DApp portal along with a lot of other crypto-based scenarios. Bither Wallet, a bitcoin.org recommended open-sourced bitcoin wallet. BitHD — an open-sourced multichain Hardware cold Wallet. Among 3 products, Bitpie is the most famous one. Our products helped millions of global users manage dozens of billions of US Dollars’ worth of cryptocurrencies in the past 6 years with 0 security accident. We are also very proud of being a contributor to the early blockchain community for we introduced a variety of novel technologies in the field of cryptology and security. The cooperation between Algorand and Bitpie began in 2018 when we met Professor Micali and Steven for the first time in Beijing. The conversation was very pleasant and soon determined willingness of both parties to cooperate. In 2019, with the launch of the Algorand mainnet, we have 360-degree cooperation with Algorand in technology, network, marketing and ecosystem support. With the launch of Algorand 2.0 and ASA assets, great innovations are emerging on Algorand blockchain. We are very happy to participate in this process and look forward to more cooperation in the future.
Daniel
Thank you for the detailed introduction about Bitpie and your cooperation with Algorand! Do you have large market share for BTC, USDT or any other currencies in Asia?
Chao Wang
Yes, we are the most popular BTC wallet in Asia, and for stable currencies, we are probably the wallet with №1 volume in the world 🙂 I would like to say more about USDT.
Daniel
Sure please go ahead!
Chao Wang
We all know Stable coin is extremely important for a public chain ecology. As a wallet operator, our experience in this area is direct, and we have observed a lot in the past when the stable currency market and the underlying public chain were constantly changing. Before the launch of Algorand USDT, we had several conversations with foundation and shared our understanding of this market. Each public chain has unique development route, and this route also determine the market development route of stable currency on that Chain. The application-oriented blockchain is still in a very early stage, now it is difficult to determine which direction is better and more likely to succeed. But no matter which route you take, one thing is for sure, which is to increase the usability as much as possible and help users reduce the barrier. This is the main reason why erc20 USDT can take most of the market share from omni USDT. Market promotion is also very important. If Algorand has some related plans in the future, Bitpie as the direct entry point to reach users, is very willing to provide help as much as we can.
Daniel
Glad to see our goals align Chao 🙂 We wish to have Algorand- USDT as major value capture on Algo public chain! Really excited to explore more use-cases and co-marketing opportunities with you. While on the subject, I noticed you have DeFi and Dapp portal. As a leading wallet provider, what do you think is the future of wallets ? Is it DeFi, something else?
Chao Wang
Yes, DeFi and DApp are extremely important for wallet. But that not all we are aiming for. In the past, wallet is viewed as a tool that managed private keys to send and receive assets. With the emergence of various scenarios in the blockchain world, the functions integrated on the blockchain wallet today have far exceeded asset sending and receiving. Almost all major wallets on the market have integrated different forms of coin trade. Staking, voting, Borrowing & Lending functions have also been integrated into wallet. More wallets have even begun to support Dapp and DeFi based on different blockchain networks, thereby introducing more open scenarios. But we see that the users of the wallet are all users who already have crypto assets and already has some understanding of the blockchain. However, the proportion of such users in the entire society is very small, and currently there are few wallets or applications that can develop people who do not know the blockchain through their own scenarios. I think that will change in the future. There will be a variety of innovations constantly emerging, and some of them, although possibly a small part, will draw quite a lot of people from the general community to blockchain world. They are not typical crypto asset holders, and they do not understand what a blockchain is or what an oval algorithm is. In fact, they don’t need to understand. Both public chains and wallets will evolve, allowing ordinary users to enjoy the innovation brought to them by the blockchain without perception. At that time, the wallet, as a carrier of rights and on-chain identities, will be closely related to people’s daily lives. And the form of the wallet will be very different from now. For the simplest example, suppose a billion people have entered the world of blockchain. Can you imagine all one billion people are writing down mnemonic words like current wallet users? That’s not possible.
Daniel
You make quite a few interesting points Chao. Mnemonic words is an interesting one as well! Since we are running low on time, my last question would be on Algorand itself. What are your thoughts about Algorand? 🙂
Chao Wang
I have worked in the IT service industry for many years. The clients I have dealt with involve various industries, finance, manufacturing, retail, transportation, government. My major business focus was to provide them with the underlying business support systems. This gives me some understanding of the fundamental supporting of commercial facilities. In these mature business ecosystems, there is a complete and meticulous industry chain collaboration. Some are responsible for basic technical/science innovations, and some are responsible for the implementation of the underlying platform based on these innovations. Some people use their technical capabilities to design solutions suitable for the industry, and some people apply these solutions to help them expand their business. In the end, no matter how many layers are passed, it is the consumers who pay for all of this. Of course, consumers also enjoy the convenience brought by technological development and industrial chain collaboration. Blockchain system will also play the role to support business. However, blockchain technology and ecology are still very early, such industrial collaboration cannot yet be formed. Some public chains have focused on faster and more direct 2C scenarios. This is understandable, but in my opinion, industrial collaboration will eventually come, and at that time, tens of millions of people will enjoy the beauty that blockchain technology brings to everyone. Compared with other public chains, Algorand’s path is very solid, and it is constantly laying the foundation, not only the technical foundation, but also the basis of industrial chain collaboration. This process may not be that fast, but I think it is all necessary.
Daniel
Appreciate you sharing your thoughts Chao! We are really committed towards industrial collaboration. You summed it all up really well! I will be compiling a full blog-post and publishing it for those who couldn’t join the AMA u/here Community Round can start now! You can ask any questions that you have! This one would run for the next 15 minutes.
Chao Wang
Thanks Daniel!
Benjamin Lim
Really appreciate the time you guys are taking to have this AMA For Bitpie, which countries are most popular for using your wallet service? By the looks of it asia, but curious on where the majority of users are from? 😄
Chao Wang
As a team from China, users from China take the largest part. But our penetration in Southeast Asian countries is also very high. Some of our users are in China, our team are based on Hong Kong. We welcome and embrace regulation relate to wallet service. This is a must done thing before blockchain permeate everyone’s life.
Nate Hamilton
Will you be offering any kind of staking on the POS networks you support?
Chao Wang
Yes, we are providing Staking services for blockchains such as Cosmos and EOS .
Benjamin Lim
I suppose there’s interest in increasing the number of tokens that can be staked on your platform yep?
Chao Wang
Yes, everyone want to manage their asset in one wallet rather than install wallet for each blockchain network.
Benjamin Lim
You’re right .. Binance is quite fierce in adopting new staking servicestoo it must be a challenge to gain market share
Steviekusu
does the wallet support other cryptocurrencies/erc20 tokens?
Chao Wang
Yes, we support 30+ blockchain network including BTC/ETH/Algorand. All ERC20 Tokens is supported.
submitted by bitpie-wallet to u/bitpie-wallet [link] [comments]

BitcoinTaxes Podcast: Crypto Audits w/ Alex Kugelman

BitcoinTaxes Podcast Link
TLDR; Alex Kugelman, a tax controversy lawer, discusses crypto audits and how to avoid them.
Highlights:
IRS audits are a real possibility for anyone who has traded cryptocurrencies. Our guest today is Alex Kugelman, a tax controversy lawyer with an abundance of knowledge concerning cryptocurrency audits. He's here to share his expertise on IRS cryptocurrency audits, including risk reduction strategies as well as enforcement predictions and misconceptions.
Alex Kugelman specializes in IRS audits. His experience includes four years of Federal government court experience at the U.S. Tax Court and a U.S. District Court. [00:40]
Alex: I'm an attorney out in California. I clerked for a US District Court judge and as well as the United States Tax Court. I've been in private practice exclusively doing tax controversy work for the past five years or so. I kind of got involved with crypto towards the end of 2016. I tended to represent clients mainly with compliance & disclosure issues with respect to cryptocurrency. I just really like it. Really interesting area.
The Coinbase summons in 2018 played a major role in Alex's interest in crypto audits. [01:19]
Alex: What started me into the crypto space was when the IRS first issued summons for Coinbase. We started getting some interesting calls regarding that. And at that time I thought to myself, this might be an interesting area. So I started following the actual summons enforcement proceeding at the District Court here in San Francisco - from there kind of worked with people under different types of compliance, including international disclosures. Now we're starting to see some of the first cryptocurrency audits come through.
First, let's get a brief rundown of how IRS audits work. [02:00]
Alex: It is important to understand the IRS as an administrative agency and all different layers of it. So when it comes to an audit the term that the IRS uses is an examination and there's three basic levels.
The first is a correspondence exam. That's where you get a letter that says, dear taxpayer, so-and-so reported that you had $100 of interest income that wasn't on your tax return - we're going to increase your tax. If you want to challenge that, you can. And that's basically termed an under reporter notice. That's probably not going to be a cryptocurrency audit if you get that notice.
The next one is an office exam. That is someone in the local IRS office sending you a letter that says, we have selected a certain tax return for audit and we're going to look at these issues. We'd like you to call us to schedule an appointment. That's going to be usually a tax compliance officer that is doing that.
The third and probably the most serious level of exam is a field examination. That's also going to be a local IRS representative, typically a revenue agent. There, the revenue agent may come to your work or ask come to your work or business to kind of conduct the audit.
All three of those are going to start the same: a letter that's sent to you at your most recent address provided to the IRS.
Cryptocurrency audits follow a similar protocol. [05:40]
Alex: I think it's likely that most crypto audits are going to start with one of two things happening. One is that there is information from the Coinbase summons that is inconsistent with what was on a taxpayer's tax return. I think for someone who's involved with that issue, they're going to have a good sense of that one because they should've gotten an email notice from Coinbase.
Or two, the audit notice is going to identify older tax years - 2013, 2014 or 2015 because those are the years that the information related to.
Another reason I think people will get audited is going to be because information on the return is incomplete, in the sense that the taxpayer or the cryptocurrency owner reports some transactions, without enough detail to figure out the actual cost basis.
Does reporting your data in an aggregated fashion increase your chances of being audited? [06:45]
Alex: I mean one - to the extent that there's going to be a lot of taxpayers - a lot of people use TurboTax, right? If that's the way TurboTax is preparing all of those returns, it would seem to me you're kind of in a herd of people like that. And at least it's consistent with what a lot of people are doing. The second part of that is going to be at least those people who have prepare the returns in that manner, they're going to, or should have, the underlying data. So even if it's an aggregate reporting of each asset class as opposed to each individual trade, if there ever were questions then you're going to have your CSV files, you're going to have your Bitcoin.tax exports, you're going to have all the information that you need to back that up.
Alex is an advocate of over-reporting your information to the IRS. [09:30]
Alex: I'm a big proponent of over-reporting - and I don't mean paying too much tax. I just mean including too much information. Because at some point there's kind of two ways that your returned can be flagged: a computer flags the return for some reason or there's a special unit or a person who actually flags it. At the end of the day, a human being will be looking at that return and deciding whether it actually is going to go all the way through to an audit. I want them to completely understand what's being reported, why it's been reported, and if there's too much information, that's fine - it's less likely that someone's going to have more questions.
A crypto audit is very likely to be a field exam - and it's important to hire a good rep. [11:00]
Alex: It's very likely going to be a field exam, which means you're going to have a revenue agent - and those are kind of the best of the best auditors for an IRS audit. And remember - an IRS audit is a civil matter. It is not criminal at this point. Again, it's unlikely that it will become criminal. It is, however, the highest level of audit you're going to get.
If you're going to hire a representative, which you have every right to do, you should contact that person, let them know what's going on and probably have them interface with the auditor. You should receive, as part of the opening notice or letter, the information document request - which is identifying what things to bring for the auditor. Also, it'll tip to what topics might be important. For example the typical things you're going to see will be bank statements, financial or asset account statements, which I view as requesting exchange statements or exchange CSV files. Any documents that show the cost basis for your cryptocurrency trades.
Audits are more art than science. [13:35]
Alex: The auditor has a fair amount of power. So if you play real hardball - that's not going to prevent the auditor from expanding to other years. So when you get that audit notice ,and let's say that you're going to deal with this yourself, the first thing you want to kind of figure out is what are the areas that I wouldn't want to go into, and what are the areas that I don't have good records? That will help guide the way to respond or what information to pull together.
The reality is, and let's just be honest here - for most people reporting cryptocurrency gains, they have all of the information. The IRS does not have much. They might have some records from Coinbase, but it's not as if they have a treasure trove of third party data.
The burden is really going to be, in every audit, on the taxpayer to prove their tax return is correct.
It's difficult to say how lenient the IRS will be regarding past years. [15:35]
Alex: I think the way that I would look at it is that maybe the standard of of records required to really substantiate older years might be a little bit lower for older years as opposed to now because it's different now. There's a lot better information provided by some of the exchanges. There's a lot more software out there to help you, especially for people who are newer to crypto. You should have access to all your bank records. You should still have a lot of emails, reflecting on-ramping off-ramping, or other purchases. You should be able to kind of pull this all together.
I can understand when we have clients who come in and are early adopters and they're missing chunks of information. So I do think that in those types of circumstances, yes, I think there would be a little bit of leniency. But I don't think if you're asking, hey, I reported my gains in 2017 but I never really did it 14, 15 or 16 - I don't think that's going to be viewed very favorably.
It is possible to substantiate your data without all of your records. [19:00]
Alex: I think the first thing is, I mean, outside of cryptocurrency and just generally in audits, how many people have complete records to support everything on their tax return from three years ago? Right? It's just not the reality.
The best source of information in a lot of these cryptocurrency clients are the clients themselves. They kind of know what they did and they can remember. There's some who take good notes and other people don't, but as you go through and ask people: what exchanges have you've been on, what type of coins, if you bought any ICOs, have you ever sold for actual US cash, and have you ever bought goods or services? As you talk through things people tend to recall what happened. We use that information and we cross check that against bank statements, as well as CSV files, to pick out what those transactions look like.
Most people have some sort of records, at least reflecting the transfer in and the transfer back out of that exchange. So you can use historical data and historical pricing information to essentially estimate what that transaction would have been. And then what we do is we provide a written statement summary of what we're doing and why we're doing it.
The other big one that we see all the time - and anybody listening to this, please hear this, do not trade for your friends on your exchange accounts - because that type of commingling causes such major problems. Essentially you are walking into those taxable gains just because you're allowing someone access to the exchange to make sales.
If you need representation for an audit, get representation. [23:00]
Alex: My general rule is that I think experienced representatives are really important. I probably would not hire the CPA that prepared my return unless they were: one, experienced with being a representative in audits. And two, you felt comfortable that they weren't going to go in there with a conflict of interest. But I do think if you're worried about going into audit - hiring a skilled, and experienced rep is really, really important.
If they're experienced with this, they should understand the appropriate ethical standards and go in there and essentially help resolve portions of the audit and move it to a resolution that you can deal with.
Taxpayers actually have a lot of leverage in an audit. And that sounds crazy to say, but there is a lot of truth to that. And so as you're kind of working through the audit itself, you want to make sure that you're not just agreeing to something to be done with it. You're not agreeing to something just because you think that you'll get in more trouble or get a worse result otherwise.
There are important risk-reduction strategies you can utilize to avoid a crypto audit. [28:15]
Alex: The first thing that you really want to do, is just assess; for those of you that are really worried about an audit - just assess what it is you've actually done over the years. When did you start trading, what exchanges were you on, do you have records that reflect on-ramping and off-ramping? And that's going to be your bank account statements. Do you know where you've been, what exchanges you've been on?
For foreign exchanges, there may not be as much of that AML & KYC compliance, but I really believe that you do have reporting requirements under FATCA for FBAR and something called an 8938, which if you listen to the podcast with Tyson, he kind of explains what that is. But it's basically if you have ownership of a foreign bank account or asset, you have certain reporting requirements, whether you've had income or not.
You want to make sure you at least track when you've actually exchanged crypto for cash or vice versa. That's partly because that's one of those areas where when people can get in trouble with some sort of federal investigators - because those types of transactions can be potentially considered money laundering.
For those who believe that they've used like-kind exchange rules to defer taxable gains -you should look on your tax returns to see if you filed the form 8824, which is where like kind exchanges are actually reported. That kind of goes back to the over reporting issue I was talking about before. I think that if you didn't report the actual trades that you're taking like-kind treatment for in past years, I don't know that you've actually taken like-kind treatment to be frank with you. I think, objectively, that might be viewed as just not reporting certain transactions.
You want to make sure that you address these issues sooner rather than later.
1099-K forms can be misleading - to the recipient and, potentially, the auditor. [32:40]
Alex: A 1099-K is actually a merchant processing third party information returns. And it really is typically associated with people who have credit card sales - so it's going to reflect a gross amount and typically on a monthly basis.
It shows the gross amount and what I've seen too is that sometimes transfers actually get caught into that amount as well. So it's not even just gross sales or purchases - it may have other information. So the 1099-K can be really inflated. That's why reconciling that against accounting records is really, really important because that is one of those issues that I think could lead to an exam.
To those who think crypto isn't beholden to tax laws: you are not correct. [37:38]
Alex: The current commissioner of the IRS is Charles Rettig, and he's a really well known practitioner in tax controversy. I know from people that know him well, that he's actually mentioned Reddit as one of the reasons that cryptocurrency enforcement is his number one enforcement priority right now.
The other person that I've seen speak a couple of times is the head of the IRS Criminal Investigation Unit. His name is Don Fort and every year he does a presentation at the National Tax Controversy and Criminal Tax Conference. The last two years cryptocurrency has been number two and number one on his list. As much as the IRS lacks the funding and the manpower that it needs for all the enforcement, the IRS CI are really, really good and they are probably best agency at dealing with cryptocurrency enforcement issues.
I really think that it's gaining steam and I think once the audits from the Coinbase summons kind of get going, I think it's going to be a really scrutinized area. I think the people who have gone through the cost and the pain of disclosing and amending returns and doing everything they can will be happy that they did in a couple of years. I think the other people are going to be sweating it out - I don't know if it's ever really worth it to be honest with you. I would recommend people do their best to get in compliance.
In summary: do your best to report your crypto gains and losses - and don't try to pull one over on the IRS. [42:36]
Alex: For people who have potential issues with past years, one is getting a consistent record and just amending your past years, so they're consistent.
For people who have the foreign account issues - let's just say, for example, had an account with Binance, and that Binance account was never reported. The IRS has disclosure programs that allow you to amend certain returns, pay the tax that you report and pay a penalty, which would be 5% of the the highest account value that you have.
For people who don't want to deal with this, I think taking evasive steps is the best way to get the worst result possible. One of the things that I learned very early in dealing with audits and tax compliance, is that you can always make things worse. I think you really just want to address it and resolve the issue while you have a good opportunity.
We may see criminal prosecution of some of the "big fish" tax evaders from the Coinbase summons. [46:43]
Alex: Yeah, and I think the two things that I'm fairly certain we're going to see: one is we're going to see the IRS use the information provided by Coinbase to start auditing the biggest account holders from that period. I think that's very likely.
Probably the second one that I would say is very likely is that you're going to see limited criminal prosecutions related to cryptocurrency. And these are going to be people that have some sort of level of notoriety, whether actually famous or maybe famous in the cryptocurrency world. That's typically how the IRS and Department of Justice uses limited resources to prosecute criminal tax tax crimes.
Alex is a great guy to reach out to with any audit-related questions, crypto or otherwise. [48:50]
Alex: You can go to my website: www.kugelmanlaw.com. You can email me at [email protected]. I have clients all over the country, international clients. If you need any sort of help, whether that's representing you, or at least doing the nitty gritty audit investigation, we're always willing to talk to people and help them out as best we can.

If you enjoyed our podcast, be sure to check back frequently for more great discussions about a range of topics in the crypto space. If you have any questions for Alex Kugelman, or want to schedule a consultation with him, he can be reached via his website www.kugelmanlaw.com, or via email at [email protected].
If you would like to request a topic for an interview, or have any questions related to this podcast, be sure to reach out to us at [email protected].
submitted by Sal-BitcoinTax to bitcointaxes [link] [comments]

How To Register And Verify Binance US Account? Get $15

How To Register And Verify Binance US Account? Get $15
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Binance Cryptocurrency Exchange Review – How To Register And Verify Account?
Binance – The World’s Largest Cryptocurrency Exchange
What are Binance Exchange and Binance Coin (BNB Coin)?
Binance Is A Cryptocurrency Exchange

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Key peopleChangpeng Zhao (CEO)ProductsCryptocurrency Exchange
CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the cryptocurrency wallet’s team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.
Binance was founded in China but moved its servers and headquarters out of China and into Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017. By March 2018 the company had established offices in Taiwan.
As of January 2018 it was largest crypto-exchange with a BNB market capitalization of $1.3 billion.
In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China. In addition, Binance plans to move to Jersey to expand its European influence, having achieved a exchange license there, and plans to add fiat pairs including the Euro and the British pound to its supported currencies.
In August 2018, Binance along with three other big exchanges raised $32 million for a stable coin project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of Bitcoin and other popular digital assets.
Binance Coin (BNB Coin) is an ERC20 based token issued by Binance with a total supply of 200,000,000 coins.
BNB coin will be used on the binance cryptocurrency exchange to pay for trading fees, enabling a discount on your trades! As you can see from the illustration ever year the fee discount is reduced but every quarter, Binance will use 20% of its profit to buy back and burn BNB until 100mm BNB are burned. As the total supply of BNB decreases, the value per BNB increases.
In the future, BNB will be used as gas on the binance platform and has use cases have been discussed in various fields, the more applications and use cases BNB coin has, the higher the value will go for BNB coin!
Some Strength Features And Awesome Benefits Of Binance Exchange
Some Strength Features
Safety Stability: Multi-tier & multi-cluster system architecture
High Performance: Capable of processing 1,400,000 orders per second
High Liquidity: Abundant resources and partners
All Devices Covered: Web, Android, iOS, Mobile Web, Windows, macOS
Multilingual Support: Support and FAQs available in multiple languages
Multiple-Coin Support: BTC, ETH, LTC, BNB, XRP, USDT, Nuls, NEB, XVG, TRX, NEBL, NEO, FUN, ETC, BCH, POE, DASH, ELF, ICX, ZRX, APPC & 80+ More
Simple And An Easy To Use User Interface: To Use Trading Platform With Advance Charting Tools by Tradingview
Awesome Benefits
Strong Team: Led by Changpeng Zhao, our team have experience in both wall-street and crypto finance. Binance team also have a track record of successful startups under our belt.
Proven Products: The underlying Binance platform has been deployed on 30+ exchanges already. It supports all devices and multiple languages, offering a seamless user experience.
Superior Technology: Binance’s certified matching engine is capable of processing 1,400,000 orders per second, making Binance one of the fastest exchange in the market today.
Industry Resources: Binance have solid relationships with industry leaders, simply look at the list of investors and advisors who are willing to stand behind Binance platform.
How To Register And Verify Level 2 Identity On Binance?
How To Register Account? – 24h Withdrawal Limit: 2 BTC
Register Binance Exchange Account on website: https://www.binance.us
– Click on “Register” at the top right corner.
– Enter your email address, password (password is the combination of numbers and letters) and tick in box ‘I am over 18…’, then click on “Create Account”.

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– Binance will send you a verification email. Please also check your spam folder if you do not receive the email.
– Click on the “Verify Email” button to confirm your registration

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– After you log in your account, for the account safety reason, please enable the 2-factor authenticator. (Google 2FA or SMS 2FA) – Tutorial of setup 2FA – Click Here
How To Verify Account (KYC Verification)? – Level 2 Identity Verification – 24h Withdrawal Limit: 100 BTC
KYC verification is not compulsory, which means if You chooses not to complete KYC, You can continue to trade on the platform. I do however strongly suggest You complete the KYC verification. In cases where You forgets credentials to access the platform or when Your account is taken over by others because of the leakage of personal information from the You side, the verified KYC information will help You recover Your account quickly.
Users who complete KYC certification will also be participate in the Token sale (IEO) provided by the Binance Launchpad
Besides, completed the KYC verification You enjoy a higher daily withdrawal limit.
+ Non-verified Account: Withdraw 2 BTC per 24hr
+ Verified Individual Account: Withdraw 100 BTC per 24hr
Login Your account
– Go to 【User Center】 click【Identity Verification】
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– Select Identity Verification Type is ‘Personal’

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– Please fill in your personal details and choose the country and region then click on ‘Begin Verification’

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– Based on the issuing country of your ID documents, please choose a valid ID type. For most of the users, you can choose the passport, ID card or driver’s license

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– Upload passport or ID card photo page and image of yourself (Hold up a handwritten note with the phrase Binance plus today’s date), like the example:

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– Please make sure the documents you submit meet these requirements:
+ Photos must be in PNG or JPEG (.jpg .jpeg .jpe .jfif .jif) format.
+ Photos must be clear and high-resolution, with all information clearly visible.
+ Photos and documents must not be edited or manipulated.
+ Color photos only.
+ Documents presented must be original (not copies)
+ No watermark on the photos
+ The ID must be valid (for example, passports that have expired will not be accepted).
+ Your face must be clearly visible.
+ Only one person per photo.
+ The handwritten note must say “Binance” and the current date.
– After you successfully upload the required photos, your page will turn to face verification. Please click “I confirm this is me” to continue the process

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– Important Tips:
+ Check if the internet is disconnected or if the APP was intercepted by any security software.
+ Synchronize the time on your mobile phone or computer.
+ Please do not wear a hat and glasses.
+ Please do the verification in a good light condition.
+ Please do not photoshop your pictures and put time stamps on them.
– After you complete the above processes, please patiently wait for 1-3 days for the result.
+ Please be sure to complete the entire ID verification process within 15 minutes, and do not refresh the browser at any time during the application process.
+ You may attempt the ID verification process up to 3 times per day. If your application is denied 3 times in a day, please try again after 24 hours.
For More Information At
Website: https://www.binance.us
submitted by BinanceUS to u/BinanceUS [link] [comments]

What Might Happen if Bitcoin Loses Its Dominance? – Crypto Disrupt

For the entire history of cryptocurrency, bitcoin has been the dominant coin almost entirely because it was the first fully functional cryptocurrency to go live and showcased the power of the blockchain. According to CoinMarketCap, Bitcoin has mostly had a 90% dominance over the market from 2013 to 2017. This means that for four years, 90% of the money within the cryptocurrency market was in the form of bitcoin. It also means that bitcoin had the highest market capitalization.
However, from March 10th 2017 to June 19th, 2017 its dominance fell to a mere 37%. In the space of just 101 days, bitcoin lost 53% of its dominance. Since then, it has never seen dominance beyond 65%. Bitcoin’s massive fall from grace was the first time that the market got a sense for its vulnerability, and if it wasn’t for such a drop in dominance, we might not have the same thriving and diverse market that we have today. This is because, on June 12th, 2017, Ethereum reached its highest market dominance of 33%. Bitcoin’s loss of dominance allowed for Ethereum’s network to grow and flourish, providing us with hundreds of ERC20 tokens.
At the moment, Bitcoin’s dominance is at 42%. This is still a massive number. In fact, it is absurdly massive. For comparison, there is nothing in the stock market that comes close to such dominance. While Bitcoin is a powerful force in the industry, it is perhaps not powerful enough to stay dominant forever. What would happen if it lost its dominance altogether? What if another coin held dominance?
Bitcoin could lose its relevance Bitcoin will always be remembered as the first cryptocurrency and the coin that brought us blockchain technology, but this alone is not enough to keep it relevant. Right now, bitcoin is used as a gateway into the world of cryptocurrency for investors. People mainly buy into it so that they can exchange it for other cryptocurrencies through services like Binance. This is partially because bitcoin is the most used trading pair, meaning that you need it to make trades with other more obscure coins. If bitcoin lost its dominance, it is likely that it would stop being used as the leading trading pair on exchanges.
No longer a viable store of value People who use bitcoin as a means of storing their wealth might think twice if it was to lose its dominance. At the moment, the most appealing aspect of using bitcoin for this function is that it is worth more than other cryptocurrencies. Without its dominance, people may start looking into other coins as a store of value. It is possible that they would come to the conclusion that a stablecoin is better suited for the job. Stablecoins are cryptocurrencies which are pegged to the price of something external (usually to legal tender or possibly gold). The most (in)famous example of this is Tether, which is pegged at $1.00, but investors are wary of using it as a store of value because of its shady handlings. New stablecoins like Dai are being developed that aim to take over from Tether.
The perk of storing your money in a stablecoin is that you can be confident that it will not fluctuate drastically like every other cryptocurrency.
Bitcoin’s price could drop significantly Not only does bitcoin have market dominance, but it is also the most expensive coin on the market. Technically, bitcoin could remain the most expensive cryptocurrency even with a minority dominance, but this is unlikely. Bitcoin’s price is arguably tied to people’s trust that it will stay dominant. Without its dominance, it loses its proof of relevancy, and therefore its price.
We would have a new dominant coin Naturally, if bitcoin lost its dominance, we would have a new dominant cryptocurrency. A reasonable guess would be that Ethereum would become the new dominant coin since it has the second largest market cap right now. If Ethereum gained market dominance, it is possible that all ERC20 tokens could rise significantly in price too as they rely on Ethereum’s blockchain. This would change the landscape of the market substantially. Ethereum dominance could mean that more Ethereum tokens enter the top ten on CoinMarketCap (currently only one token is there).
How likely is it that Bitcoin will lose its dominance? Bitcoin has only once come close to losing its dominance, which was on June 12th, 2017, when Ethereum’s dominance rose. Since then it has kept a comfortable distance from all other coins. The reason people think bitcoin will lose its dominance is that other coins, like Ethereum, are more functional. You can use this tool to see how close Ethereum is to overtaking Bitcoin in terms of dominance.
With that said, Bitcoin may never lose its dominance. While it does seem likely that one day another coin will be more valued, there is no reason to say that will ever happen. This was merely a discussion regarding what might happen should such a situation arise.
What are your thoughts?
Source: https://cryptodisrupt.com/what-might-happen-if-bitcoin-loses-its-dominance
submitted by pyro0049 to BitcoinMarkets [link] [comments]

Waltonchain All-in-One - Extended

Welcome!

I would like to warmly welcome everyone to waltonchain
This is an updated, extended community-written post and I will try to update it regularly over time.
Please respect our rules (see sidebar) and feel free to comment, contribute and ask questions.
Don’t forget to subscribe to the subreddit for any news on Waltonchain!
 

Getting Started

What is Waltonchain?

The Waltonchain Foundation is building a cross-industry, cross-data sharing platform by integrating Blockchain with the Internet of Things through self-developed RFID Chips with intellectual property rights.
The in-house developed Waltonchain RFID chips integrate a proprietary, genuine random number generator and an asymmetric encryption logic and hardware signature circuit, all of which are patent-protected.
The combination of self-developed RFID chips and the Waltonchain blockchain will ultimately achieve the interconnection of all things and create a genuine, believable, traceable businessmodel with totally shared data and transparent information.
Waltonchain will unfold a new era of the Value Internet of Things (VIoT).
 
Waltonchain Introduction Video
Launch of Waltonchain
 

The Project

The Waltonchain team has formulated a 4-phase development plan, starting from infrastructure platform establishment to gradually incorporating retail, logistics and product manufacturing, and to finally achieving the full coverage of the business ecosystem.
 
As for the phase 1.0 of the project, the team has developed the clothing system integration scheme based on RFID. The application scenarios at phase 1.0 will establish Golden demonstration template
At phase 2.0, our RFID beacon chip will be massproduced and can be used in clothing, B2C retail and logistics.
At phase 3.0, manufacturers will achieve traceable customization of intelligent packaging.
At the project phase 4.0, with the upgrading and iteration of assets information collection hardware and improvement of blockchain data structure, all assets can be registered in Waltonchain in the future.
 
Original Roadmap Thread

Project-Updates:

Video: WTC-Garment System by Waltonchain & Kaltendin
Video: WTC-Food System by Waltonchain
 

Official Resources

Waltonchain Whitepaper
Waltonchain Official Website
Waltonchain Github
 
Official Official Medium
Official Slack
Official Instagram
Official Facebook
Official Twitter @waltonchain
Official Telegram @waltonchain_en
 
Dedicated community Telegram channel for Waltonchain miners, MN & GMN holders.
@WaltonchainMining
 
 
Chinese Community
本群为沃尔顿链华文官方社群
Chinese Telegram @waltonchain_cn
官方网站 - Waltonchain China - Website
 
Korean Community
공식사이트 - Waltonchain Korea - Website
카카오톡 - Waltonchain Korea - Kakao
트위터 - Waltonchain Korea - Twitter
블로그 - Waltonchain Korea - Naver Blog
인스타그램 - Waltonchain Korea - Instagram
Freyr 공식텔레그램방(한국) - Freyrchain Korea - Telegram
Communities in Progress
Russian Twitter @waltonchain_ru
Russian Website
Japanese Twitter @waltonchain_jp
Japanese Website
Brazilian Twitter @waltonchain_br
 

Waltonchain Wallet

Please note that before the token swap,
DO NOT transfer your ERC20 WTC tokens to the WTC wallet!!
 
Wallet for PC (Github)
Web Wallet - Instruction Manual
Windows Wallet - User Manual
Windows Wallet - Tutorial Video
Wallet for Android
Google Playstore
Github
Android User Manual
Android Wallet - Tutorial Video
 
Wallet for IOS
(pending Apple Store approval)
 
Explorer
Waltonchain Explorer
Waltonchain Blockchain Explorer User Manual
 
Mining
Waltonchain GPU Mining User Manual
Waltonchain Progressive Mining Reward Program
 
Unofficial
Unofficial Guardian Masternode Tracker
waltonchain.tech - Unofficial collection of news and useful resources

The Foundation

>> Waltonchain Organizational Chart <<<--
 
Waltonchain Foundation Ltd. (Singapore) - 沃尔顿链
Waltonchain (HK) Development Co. Ltd. (Head company)
Walton Chain Technology Co. Ltd. (Korea)
Silicon (Shenzhen) Electronic Technology Co. Ltd.
Silicon (Xiamen) Electronic Technology Co.Ltd. (RFID Chip Research)
Silicon (Quanzhou) Electronic Technology Co. Ltd.(IoT Intelligent Switch Chip)
Nanjing Sleewa Information Technology Co. Ltd. (Blockchain)
Quanzhou KEDIHENG Electronic Technology Co. Ltd
Xiamen IOT Technology Co. Ltd.
Xiamen Citylink Technology Co.Ltd.
Xiamen ZhongChuan IOT Industry Research Institute Co.Ltd.
 

The Team

Founder:

Do Sanghyuk (都相爀) – Initiator in Korea
Korean, Vice Chairman of the China - Korea Cultural Exchange Development Committee, Director of the Korea Standard Products Association, Chairman of Seongnam Branch of the Korea Small and Medium Enterprises Committee, Chairman of Korea NC Technology Co., Ltd., Senior Reporter of IT TODAY News, Senior Reporter of NEWS PAPER Economic Department, Director of ET NEWS.
 
Xu Fangcheng (许芳呈) – Initiator in China
Chinese, majored in Business Management, former Director for Supply Chain Management of Septwolves Group Ltd., has rich practical experience in supply chain management and purchasing process management. Currently, he is the Director of Shenzhen Silicon, the Director of Xiamen Silicon and the Board Chairman of Quanzhou Silicon. He is also one of our Angel investors.
 

Senior Experts:

Kim Suk ki (金锡基)
Korean, South Koreas electronics industry leader, Doctor of Engineering (graduated from the University of Minnesota), Professor of Korea University, previously worked at Bell Labs and Honeywell USA, served as vice president of Samsung Electronics, senior expert in integrated circuit design field, IEEE Senior Member, Vice President of the Korea Institute of Electrical Engineers, Chairman of the Korea Semiconductor Industry Association. Has published more than 250 academic papers with more than 60 patents.
 
Zhu Yanping (朱延平)
Taiwanese, China, Doctor of Engineering (graduated from National Cheng Kung University), Chairman of the Taiwan Cloud Services Association, Director of Information Management Department of National Chung Hsing University. Has won the Youth Invention Award by Taiwan Ministry of Education and Taiwan Top Ten Information Talent Award. Has deeply studied blockchain applications over the years and led a block chain technology team to develop systems for health big data and agricultural traceability projects.
 

Chief Experts

Mo Bing (莫冰)
Chinese, Doctor of Engineering (graduated from Harbin Institute of Technology), Research Professor of Korea University, Distinguished Fellow of Sun Yat - sen University, Internet of Things expert, integrated circuit expert, Senior Member of Chinese Society of Micro-Nano Technology, IEEE Member. Has published more than 20 papers and applied for 18 invention patents. Began his research of BitCoin in 2013, one of the earliest users of btc 38.com and Korea korbit. Served as Technical Director of Korea University to cooperate with Samsung Group to complete the project Multi sensor data interaction and fusion based on peer to peer network. Committed to the integration of block chain technology and Internet of Things to create a real commercialized public chain.
 
Wei Songjie (魏松杰)
Chinese, Doctor of Engineering (graduated from the University of Delaware), Associate Professor of Nanjing University of Science and Technology, Core Member and Master Supervisor of Network Space Security Engineering Research Institute, Block Chain Technology expert in the field of computer network protocol and application, network and information security. Has published more than 20 papers and applied for 7 invention patents. Previously worked at Google, Qualcomm, Bloomberg and many other high-tech companies in the United States, served as R D engineer and technical expert; has a wealth of experience in computer system design, product development and project management.
 

Core Members

Shan Liang (单良)
Graduated from KOREATECH (Korea University of Technology and Education) Mechanical Engineering Department, Venture Capital PhD, GM of Waltonchain Technology Co., Ltd. (Korea), Director of Korea Sungkyun Technology Co., Ltd., Chinese Market Manager of the heating component manufacturer NHTECH, a subsidiary of Samsung SDI, economic group leader of the Friendship Association of Chinese Doctoral Students in Korea, one of the earliest users of Korbit, senior digital money player.
 
Chen Zhangrong (陈樟荣)
Chinese, graduated in Business Management, received a BBA degree in Armstrong University in the United States, President of TIANYU INTERNATIONAL GROUP LIMITED, leader of Chinese clothing accessories industry, Chinas well-known business mentor, guest of the CCTV2 Win in China show in 2008. Researcher in the field of thinking training for Practical Business Intelligence e-commerce and MONEYYOU course, expert on success for Profit Model course. Began to contact Bitcoin in 2013 with a strong interest and in-depth study of digital money and decentralized management thinking. Has a wealth of practical experience in the business management, market research, channel construction, business cooperation and business model.
 
Lin Herui (林和瑞)
Chinese, Dean of Xiamen Zhongchuan Internet of Things Industry Research Institute, Chairman of Xiamen Citylink Technology Co., Ltd., Chairman of Xiamen IOT. He successively served as Nokia RD Manager and Product Manager, Microsoft Hardware Department Supply Chain Director. In 2014, started to set up a number of IoT enterprises and laid out the industrial chain of the Internet of Things. The products and services developed under his guidance are very popular. Assisted the government in carrying out industrial and policy research and participated in planning of multiple government projects of smart cities, IoT towns and project reviews.
 
Ma Xingyi (马兴毅)
Chinese, China Scholarship Council (CSC) special student, Doctor of Engineering of Korea University, Research Professor of Fusion Chemical Systems Institute of Korea University, Korea Sungkyun Technology Co., Ltd. CEO, Member of Korea Industry Association, Associate Member of the Royal Society of Chemistry, has published his research results in the worlds top journal Nature Communications and participated in the preparation of a series of teaching materials for Internet of Things engineering titled Introduction to the Internet of Things. His current research direction covers cross-disciplines that combine blockchain technology with intelligent medical technology.
 
Zhao Haiming (赵海明)
Chinese, Doctor of Chemical Conductive Polymer of Sungkyunkwan University, core member of Korea BK21th conductive polymer project, researcher of Korea Gyeonggi Institute of Sensor, researcher of Korea ECO NCTech Co., Ltd., Vice President of the Chinese Chamber of Commerce, Director of Korea Sungkyun Technology Co., Ltd. He has been engaged in transfer of semiconductor, sensor and other technologies in South Korea. He is an early participant of the digital currency market.
 
Liu Cai (刘才)
Chinese, Master of Engineering, has 12 years of experience in design and verification of VLSI and a wealth of practical project experience in RFID chip design process, SOC chip architecture, digital-analog hybrid circuit design, including algorithm design, RTL design, simulation verification, FPGA prototype verification, DC synthesis, backend PR, package testing, etc. Has led a team to complete the development of a variety of navigation and positioning baseband chips and communication baseband chips, finished a series of AES, DES and other encryption module designs, won the first prize of GNSS and LBS Association of China for scientific and technological progress. Finally, he is an expert in the consensus mechanism principle of blockchain and the related asymmetric encryption algorithm.
 
Yang Feng (杨锋)
Chinese, Master of Engineering, worked at ZTE. Artificial intelligence expert, integrated circuit expert. Has 12 years of experience in VLSI research and development, architecture design and verification and 5 years of research experience in artificial intelligence and the genetic algorithm. Has won the Shenzhen Science and Technology Innovation Award. Has done an in-depth research on the principle and realization of the RFID technology, the underlying infrastructure of blockchain, smart contracts and the consensus mechanism algorithm.
 
Guo Jianping (郭建平)
Chinese, Doctor of Engineering (graduated from the Chinese University of Hong Kong), Associate Professor of the Hundred Talents Program of Sun Yat-sen University, academic advisor of masters degree students, IEEE senior member, integrated circuit expert. Has published more than 40 international journal conference papers in the field of IC design and applied for 16 patents in China.
 
Huang Ruimin (黄锐敏)
Chinese, Doctor of Engineering (graduated from the University of Freiburg, Germany), academic advisor of masters degree students, lecturer of the Department of Electronics of Huaqiao University, integrated circuit expert. Mainly explores digital signal processing circuit and system implementation and works on digital signal processing technology long-term research and development.
 
Guo Rongxin (郭荣新)
Chinese, Master of Engineering, Deputy Director of the Communication Technology Research Center of Huaqiao University. Has more than 10 years of experience in design and development of hardware and software for embedded systems, works on the long-term research and development of RFID and blockchain technology in the field of Internet of Things.
 
Dai Minhua (戴闽华)
Chinese, graduated in Business Management, received a BBA degree from Armstrong University, senior financial expert, served as Vice President and CFO of Tanyu International Group Co., Ltd. Has 13 years of financial work experience, has a wealth of experience in developing and implementing enterprise strategy and business plans, as well as achieving business management objectives and development goals.
 
Liu Dongxin (刘东欣)
Chinese, received an MBA from China Europe International Business School, Visiting Scholar of Kellogg School of Management at Northwestern University, strategic management consulting expert, investment and financing expert. His current research interest lies in the impact of the blockchain technology on the financial sector.
 

Angel Investors

Song Guoping (宋国平)
Qiu Jun (邱俊)
Yan Xiaoqian (严小铅)
Lin Jingwei (林敬伟)
He Honglian (何红连)

Advisory Team

Ko Sang Tae (高尚台)
Liu Xiaowei (刘晓为)
Su Yan (苏岩)
Zhang Yan (张岩)
Ma Pingping (马萍萍)
Peng Xiande (彭先德)
Fu Ke (傅克)
Xiao Guangjian (肖光坚)
Li Xiong (李雄)
 
The Team (pt.I)
The Team - The Engineers (pt. II)
The Team - Angel Investors & Advisors (pt. III)
WaltonChain Office Tour
Meet the team #1: Xu Fangcheng
Meet the team #2: South Korean Team
Meet the team #3: Wei Songjie
Meet the team #4: Suk Ki Kim
Meet the team #5: Lin Herui
Meet the team #6: Bing Mok (CEO)
 

Partnerships, Affiliations & Corporate Interests

Government Affiliations
Fujian IoT Industry Association
Air purification and smart monitoring project with Jinhu Provincial Government
"Smart Oceans" blockchain R&D project with Fujian Provincial Government
Building "Blockchain Silicon Valley" with Taiwan Cloud and Fujian Provincial Government
KISA and Korean IoT research centre
Taiwan Cloud Association
Korea University engineering department
Korea Blockchain Enterprise Promotion Association (authorized by South Korean National Assembly)
 
Smart Logistics / Smart Warehouse
Xiangyu Group
Fuyao Glass Industry Group co., Ltd
Kehua
Lipson Plastic
NanKang City Furniture industry
Direct delivery
Fujian Soonbox Logistics Park
Huodull Technology
 
Smart Retail
Guangdong Original Clothing Trading Center
Shenzhen M&A Association of Listed Companies
Septwolves
Fuguiniao
SMEN
TANYU
JoeOne
Lalabobo
Ishijah
Kaltendin
 
Technical Alliance
Alibaba Cloud
China Mobile IoT Alliance
Xiamen Branch of China Telecom Corporation Limited
Zhangzhou Branch of** China Telecom** Corporation Limited
NC Technologies
Shenzhen Card Cube Smart Technology co., Ltd
NIDS Sensor Technology
Sungkyun Technologies
NH Tech
Jiangsu Zhongke Internet of Things Technology Venture Capital Co., Ltd.
Fujian C-TOP Electronics co., Ltd.
 
Finance
Sinolink Securites
Gingko Capital (Investment Arm of Waltonchain) -> Investments
Gingko Investment List on Reddit
 
Blockchain Partner
Mobius
Freyrchain
Loci
Coinlink
SwftCoin
Morganchain
Aston
 
Media Partner
JU&KE Creative Design
Yunnan Yunshanghuaxia Trading co., Ltd.
ArtCrypto
Fanfangxiang Culture & Media co., Ltd.
 
Waltonchain Government Affiliations Infographic
Waltonchain Business Affiliations Infographic
Summary of Some of Waltonchain's Government and Business Partnerships
 
Child Chains
Freyrchain - Freyrchain - The world’s first blockchain-based collectibles data authenticity platform
Fashionchain Fashionchain - Fashionchain restructures the strongly-centralized pyramid structure inherent in the fashion industry ecology into a decentralized structure in which all parties connect point to point directly.
 
Click here for the News, PR & Awards Thread.
Click here for a Timeline of Official - Waltonchain-Medium - Posts.
 
Videos
Waltonchain Annual Meeting Presentation Video
Waltonchain Introduction Video
Waltonchain Visit and Product Demo! (Part 1 of 2) - Boxmining
Waltonchain Interview and Demo (Part 2 of 2) - Boxmining
Waltonchain Coinnest Meetup with Mo Bing
Dr. Mo Bing's First Live Interview with Coinnest CEO
Waltonchain CEO Mo Bing announcing the official launch of Waltonchain Mainnet
List of AMAs
First Reddit AMA - October 1, 2017
Technical AMA - October 9, 2017
Hardware AMA Summary - October 17,2017
Extended Hardware AMA - October 24, 2017
Retail Demo AMA - November 27, 2017
Masternode AMA - December 7, 2017
Slack AMA Live Thread - January 3, 2018
Waltonchain Beta Release AMA Part 1 - January 5, 2018
Waltonchain Beta Release AMA Part 2 - January 15, 2018
Waltonchain February Q&A - February 18, 2018
Waltonchain March AMA Part 1 - March 19, 2018
Waltonchain March AMA Part 2 - March 27, 2018
Progress Reports
Waltonchain Work Progress in Q2 2018
Waltonchain Work Progress in Q1 2018
Waltonchain: New Logo · New IC strategy ·New Journey!
The Summary of Waltonchain in 2017
Waltonchain Project Progress Report (Nov. – Dec. 2017)
Professor Kim Suk Ki Arrived at Xiamen for Project Review and to Provide Guidance
A letter to the waltonchain family
A Letter from Waltonchain Foundation
Waltonchain Alpha Version Internal Testing
Noteworthy Posts
Waltonchain’s Bigger Picture: OBOR
Waltonchain: Ushering an Era of IoT Mass Market Adoption
What is Waltonchain and Why Should We Care?
Waltonchain and the Chinese Government: Cooperation, Collaboration and a Bright Future
Top 5 Cryptocurrencies Set For Success In 2018 - Invest in Blockchain
 
Exchanges
Binance, Coinnest, HitBTC, LATOKEN, OKEx, Kucoin, COSS, Coinlink, Allcoin, Coinrail, Cobinhood, Huobi
 

Frequently Asked Questions

 
 
Walton Knights
u/fent11
u/NetworkTraveler
u/yayowam
u/Crypto_RALLY
u/TheSideQuest
RikkiTikki (slack)
Crypto Buff (telegram)
submitted by istaan69 to waltonchain [link] [comments]

Bitcoin & IRS Auditing - A Podcast Discussion

I recently interviewed Alex Kugelman, a tax controversy lawyer - I asked him about IRS audits in relation to crypto trading. Below is a link to the podcast interview itself, as well as a summary I wrote up. Thought this would be a good place to post (let me know if I'm wrong about that).
BitcoinTaxes Podcast Link

Highlights:
IRS audits are a real possibility for anyone who has traded cryptocurrencies. Our guest today is Alex Kugelman, a tax controversy lawyer with an abundance of knowledge concerning cryptocurrency audits. He's here to share his expertise on IRS cryptocurrency audits, including risk reduction strategies as well as enforcement predictions and misconceptions.
Alex Kugelman specializes in IRS audits. His experience includes four years of Federal government court experience at the U.S. Tax Court and a U.S. District Court. [00:40]
Alex: I'm an attorney out in California. I clerked for a US District Court judge and as well as the United States Tax Court. I've been in private practice exclusively doing tax controversy work for the past five years or so. I kind of got involved with crypto towards the end of 2016. I tended to represent clients mainly with compliance & disclosure issues with respect to cryptocurrency. I just really like it. Really interesting area.
The Coinbase summons in 2018 played a major role in Alex's interest in crypto audits. [01:19]
Alex: What started me into the crypto space was when the IRS first issued summons for Coinbase. We started getting some interesting calls regarding that. And at that time I thought to myself, this might be an interesting area. So I started following the actual summons enforcement proceeding at the District Court here in San Francisco - from there kind of worked with people under different types of compliance, including international disclosures. Now we're starting to see some of the first cryptocurrency audits come through.
First, let's get a brief rundown of how IRS audits work. [02:00]
Alex: It is important to understand the IRS as an administrative agency and all different layers of it. So when it comes to an audit the term that the IRS uses is an examination and there's three basic levels.
The first is a correspondence exam. That's where you get a letter that says, dear taxpayer, so-and-so reported that you had $100 of interest income that wasn't on your tax return - we're going to increase your tax. If you want to challenge that, you can. And that's basically termed an under reporter notice. That's probably not going to be a cryptocurrency audit if you get that notice.
The next one is an office exam. That is someone in the local IRS office sending you a letter that says, we have selected a certain tax return for audit and we're going to look at these issues. We'd like you to call us to schedule an appointment. That's going to be usually a tax compliance officer that is doing that.
The third and probably the most serious level of exam is a field examination. That's also going to be a local IRS representative, typically a revenue agent. There, the revenue agent may come to your work or ask come to your work or business to kind of conduct the audit.
All three of those are going to start the same: a letter that's sent to you at your most recent address provided to the IRS.
Cryptocurrency audits follow a similar protocol. [05:40]
Alex: I think it's likely that most crypto audits are going to start with one of two things happening. One is that there is information from the Coinbase summons that is inconsistent with what was on a taxpayer's tax return. I think for someone who's involved with that issue, they're going to have a good sense of that one because they should've gotten an email notice from Coinbase.
Or two, the audit notice is going to identify older tax years - 2013, 2014 or 2015 because those are the years that the information related to.
Another reason I think people will get audited is going to be because information on the return is incomplete, in the sense that the taxpayer or the cryptocurrency owner reports some transactions, without enough detail to figure out the actual cost basis.
Does reporting your data in an aggregated fashion increase your chances of being audited? [06:45]
Alex: I mean one - to the extent that there's going to be a lot of taxpayers - a lot of people use TurboTax, right? If that's the way TurboTax is preparing all of those returns, it would seem to me you're kind of in a herd of people like that. And at least it's consistent with what a lot of people are doing. The second part of that is going to be at least those people who have prepare the returns in that manner, they're going to, or should have, the underlying data. So even if it's an aggregate reporting of each asset class as opposed to each individual trade, if there ever were questions then you're going to have your CSV files, you're going to have your Bitcoin.tax exports, you're going to have all the information that you need to back that up.
Alex is an advocate of over-reporting your information to the IRS. [09:30]
Alex: I'm a big proponent of over-reporting - and I don't mean paying too much tax. I just mean including too much information. Because at some point there's kind of two ways that your returned can be flagged: a computer flags the return for some reason or there's a special unit or a person who actually flags it. At the end of the day, a human being will be looking at that return and deciding whether it actually is going to go all the way through to an audit. I want them to completely understand what's being reported, why it's been reported, and if there's too much information, that's fine - it's less likely that someone's going to have more questions.
A crypto audit is very likely to be a field exam - and it's important to hire a good rep. [11:00]
Alex: It's very likely going to be a field exam, which means you're going to have a revenue agent - and those are kind of the best of the best auditors for an IRS audit. And remember - an IRS audit is a civil matter. It is not criminal at this point. Again, it's unlikely that it will become criminal. It is, however, the highest level of audit you're going to get.
If you're going to hire a representative, which you have every right to do, you should contact that person, let them know what's going on and probably have them interface with the auditor. You should receive, as part of the opening notice or letter, the information document request - which is identifying what things to bring for the auditor. Also, it'll tip to what topics might be important. For example the typical things you're going to see will be bank statements, financial or asset account statements, which I view as requesting exchange statements or exchange CSV files. Any documents that show the cost basis for your cryptocurrency trades.
Audits are more art than science. [13:35]
Alex: The auditor has a fair amount of power. So if you play real hardball - that's not going to prevent the auditor from expanding to other years. So when you get that audit notice ,and let's say that you're going to deal with this yourself, the first thing you want to kind of figure out is what are the areas that I wouldn't want to go into, and what are the areas that I don't have good records? That will help guide the way to respond or what information to pull together.
The reality is, and let's just be honest here - for most people reporting cryptocurrency gains, they have all of the information. The IRS does not have much. They might have some records from Coinbase, but it's not as if they have a treasure trove of third party data.
The burden is really going to be, in every audit, on the taxpayer to prove their tax return is correct.
It's difficult to say how lenient the IRS will be regarding past years. [15:35]
Alex: I think the way that I would look at it is that maybe the standard of of records required to really substantiate older years might be a little bit lower for older years as opposed to now because it's different now. There's a lot better information provided by some of the exchanges. There's a lot more software out there to help you, especially for people who are newer to crypto. You should have access to all your bank records. You should still have a lot of emails, reflecting on-ramping off-ramping, or other purchases. You should be able to kind of pull this all together.
I can understand when we have clients who come in and are early adopters and they're missing chunks of information. So I do think that in those types of circumstances, yes, I think there would be a little bit of leniency. But I don't think if you're asking, hey, I reported my gains in 2017 but I never really did it 14, 15 or 16 - I don't think that's going to be viewed very favorably.
It is possible to substantiate your data without all of your records. [19:00]
Alex: I think the first thing is, I mean, outside of cryptocurrency and just generally in audits, how many people have complete records to support everything on their tax return from three years ago? Right? It's just not the reality.
The best source of information in a lot of these cryptocurrency clients are the clients themselves. They kind of know what they did and they can remember. There's some who take good notes and other people don't, but as you go through and ask people: what exchanges have you've been on, what type of coins, if you bought any ICOs, have you ever sold for actual US cash, and have you ever bought goods or services? As you talk through things people tend to recall what happened. We use that information and we cross check that against bank statements, as well as CSV files, to pick out what those transactions look like.
Most people have some sort of records, at least reflecting the transfer in and the transfer back out of that exchange. So you can use historical data and historical pricing information to essentially estimate what that transaction would have been. And then what we do is we provide a written statement summary of what we're doing and why we're doing it.
The other big one that we see all the time - and anybody listening to this, please hear this, do not trade for your friends on your exchange accounts - because that type of commingling causes such major problems. Essentially you are walking into those taxable gains just because you're allowing someone access to the exchange to make sales.
If you need representation for an audit, get representation. [23:00]
Alex: My general rule is that I think experienced representatives are really important. I probably would not hire the CPA that prepared my return unless they were: one, experienced with being a representative in audits. And two, you felt comfortable that they weren't going to go in there with a conflict of interest. But I do think if you're worried about going into audit - hiring a skilled, and experienced rep is really, really important.
If they're experienced with this, they should understand the appropriate ethical standards and go in there and essentially help resolve portions of the audit and move it to a resolution that you can deal with.
Taxpayers actually have a lot of leverage in an audit. And that sounds crazy to say, but there is a lot of truth to that. And so as you're kind of working through the audit itself, you want to make sure that you're not just agreeing to something to be done with it. You're not agreeing to something just because you think that you'll get in more trouble or get a worse result otherwise.
There are important risk-reduction strategies you can utilize to avoid a crypto audit. [28:15]
Alex: The first thing that you really want to do, is just assess; for those of you that are really worried about an audit - just assess what it is you've actually done over the years. When did you start trading, what exchanges were you on, do you have records that reflect on-ramping and off-ramping? And that's going to be your bank account statements. Do you know where you've been, what exchanges you've been on?
For foreign exchanges, there may not be as much of that AML & KYC compliance, but I really believe that you do have reporting requirements under FATCA for FBAR and something called an 8938, which if you listen to the podcast with Tyson, he kind of explains what that is. But it's basically if you have ownership of a foreign bank account or asset, you have certain reporting requirements, whether you've had income or not.
You want to make sure you at least track when you've actually exchanged crypto for cash or vice versa. That's partly because that's one of those areas where when people can get in trouble with some sort of federal investigators - because those types of transactions can be potentially considered money laundering.
For those who believe that they've used like-kind exchange rules to defer taxable gains -you should look on your tax returns to see if you filed the form 8824, which is where like kind exchanges are actually reported. That kind of goes back to the over reporting issue I was talking about before. I think that if you didn't report the actual trades that you're taking like-kind treatment for in past years, I don't know that you've actually taken like-kind treatment to be frank with you. I think, objectively, that might be viewed as just not reporting certain transactions.
You want to make sure that you address these issues sooner rather than later.
1099-K forms can be misleading - to the recipient and, potentially, the auditor. [32:40]
Alex: A 1099-K is actually a merchant processing third party information returns. And it really is typically associated with people who have credit card sales - so it's going to reflect a gross amount and typically on a monthly basis.
It shows the gross amount and what I've seen too is that sometimes transfers actually get caught into that amount as well. So it's not even just gross sales or purchases - it may have other information. So the 1099-K can be really inflated. That's why reconciling that against accounting records is really, really important because that is one of those issues that I think could lead to an exam.
To those who think crypto isn't beholden to tax laws: you are not correct. [37:38]
Alex: The current commissioner of the IRS is Charles Rettig, and he's a really well known practitioner in tax controversy. I know from people that know him well, that he's actually mentioned Reddit as one of the reasons that cryptocurrency enforcement is his number one enforcement priority right now.
The other person that I've seen speak a couple of times is the head of the IRS Criminal Investigation Unit. His name is Don Fort and every year he does a presentation at the National Tax Controversy and Criminal Tax Conference. The last two years cryptocurrency has been number two and number one on his list. As much as the IRS lacks the funding and the manpower that it needs for all the enforcement, the IRS CI are really, really good and they are probably best agency at dealing with cryptocurrency enforcement issues.
I really think that it's gaining steam and I think once the audits from the Coinbase summons kind of get going, I think it's going to be a really scrutinized area. I think the people who have gone through the cost and the pain of disclosing and amending returns and doing everything they can will be happy that they did in a couple of years. I think the other people are going to be sweating it out - I don't know if it's ever really worth it to be honest with you. I would recommend people do their best to get in compliance.
In summary: do your best to report your crypto gains and losses - and don't try to pull one over on the IRS. [42:36]
Alex: For people who have potential issues with past years, one is getting a consistent record and just amending your past years, so they're consistent.
For people who have the foreign account issues - let's just say, for example, had an account with Binance, and that Binance account was never reported. The IRS has disclosure programs that allow you to amend certain returns, pay the tax that you report and pay a penalty, which would be 5% of the the highest account value that you have.
For people who don't want to deal with this, I think taking evasive steps is the best way to get the worst result possible. One of the things that I learned very early in dealing with audits and tax compliance, is that you can always make things worse. I think you really just want to address it and resolve the issue while you have a good opportunity.
We may see criminal prosecution of some of the "big fish" tax evaders from the Coinbase summons. [46:43]
Alex: Yeah, and I think the two things that I'm fairly certain we're going to see: one is we're going to see the IRS use the information provided by Coinbase to start auditing the biggest account holders from that period. I think that's very likely.
Probably the second one that I would say is very likely is that you're going to see limited criminal prosecutions related to cryptocurrency. And these are going to be people that have some sort of level of notoriety, whether actually famous or maybe famous in the cryptocurrency world. That's typically how the IRS and Department of Justice uses limited resources to prosecute criminal tax tax crimes.
Alex is a great guy to reach out to with any audit-related questions, crypto or otherwise. [48:50]
Alex: You can go to my website: www.kugelmanlaw.com. You can email me at [email protected]. I have clients all over the country, international clients. If you need any sort of help, whether that's representing you, or at least doing the nitty gritty audit investigation, we're always willing to talk to people and help them out as best we can.
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If you would like to request a topic for an interview, or have any questions related to this podcast, you can reach out to me at [email protected].
submitted by Sal-BitcoinTax to btc [link] [comments]

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