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IDEX List RedCab Token | Step Forward for Ride Sharing Company

IDEX, the only Ethereum-based, fully decentralized crypto exchange with real-time trading and high transaction throughput has announced the listing of RedCab LLC’s REDC token.

RedCab, a decentralized peer-to-peer transportation solution entirely powered by blockchain technology, announced the listing this week with the Panama-based exchange.

IDEX is recognized as the most advanced Ethereum DEX in the industry, supporting limit and market orders, gas-free cancels and also the ability to fill many trades at once.

Consisting of a smart contract, trading engine and a transaction processing arbiter, the smart contract is charged with storing all assets and also with executing trade settlement, while all trades must be authorized by the users private key.

RedCab has ambitious plans to expand beyond its native Egypt into Bahrain, the KSA, as well as Asian and European markets.

At this stage, almost everyone has heard of, and possibly even tried out, some of the larger ride-hailing companies on the market, such as Uber, Lyft and Grab, but few actually know the way those companies go about running their business.

A 25 percent profit is made through each driver, which makes it difficult for those working for those companies to earn a respectable living.

With a 15 percent profit cut, RedCab provides drivers with a higher percentage of take-home pay, and have a distinct focus on community, providing users with an entirely different experience than those who use Uber.

One question on many readers minds is likely to be “Why RedCab?”

According to the company itself, “Many start-ups have been rising in the market recently to solve the transportation issue. Most of them are successful as a business, but none of them have succeeded without social collateral damage.

Despite the fact that technology has bridged the gap for transportation needs and has successfully solved some problems in the past ten years, this left us with multiple copycat business models without any iteration or innovation.”

One pet peeve that many have with Uber is the spike in fares when certain conditions occur, such as rain and heavy traffic.

“Customers are not only searching for a trendy service, but looking for a true reliable service with sustainable quality and safety, that offers all transportation options and services with a low competitive price, and because customers hate to be abused; so on a rainy day, or a day with heavy traffic; ‘high rates’ fare is not a good move.”

RedCab seem able and willing to provide drivers with more tangible benefits than we’ve yet seen in this industry;

“Based on a recent survey conducted on drivers working as part-time for one of the major car-hailing services app, 91% of the population have joined the hailing service apps to increase their income and 87% to work flexible shifts. 

Our business model guarantees a 20% increase in the income of drivers with a clear strategy to capitalize on the network dominance where the time of the people who chose to partner with us and drive is managed more efficiently.”

The listing with IDEX is yet another step forward for this company that is looking to take the industry in a new, more community-based direction.

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Lack of Decentralization Exposed with Reversed Transaction

Blockchain protocol EOS, run by Block.one, has just become the subject of a new crypto scandal. It all began on November 9th, when a picture emerged on Reddit of a moderator on EOS reversing a transaction that had already been confirmed.

Decentralized?

According to the Reddit user u/auti9003, a reverse transaction occurred without the owner’s permission. The arbitrator, Ben Gates, referred to the blockchain project’s constitution as a basis for his decision. Gates wrote:

“Under the powers afforded to me as arbitrator under article 6 of the Rules of Dispute Resolution, I, Ben Gates, rule that the EOS account in dispute should be returned to the claimant with immediate effect and that the freeze over the assets within the said account is removed.”

Many EOS users weren’t happy with the findings posted on Reddit. One user by the name of ethswagholder said:

“What a pile of garbage is EOS? Why would anyone use this over a bank account and traditional legal system? These guys raised $4BN to recreate the legal system using a token that is neither censorship resistant, nor immutable. Brilliant.”

>> Sherbank CEO: Expects Industrial Blockchain Adoption in Under Two Years

This isn’t the first time EOS’s model of governance has been questioned. Back in early October, allegations were made accusing the platform’s major block producers (BPs) of “collusion” and mutual voting. It was suggested that the main EOS nodes took part in mutual voting, with a handful of payoffs to remain in power of the EOS blockchain.

Daniel Larimer, CTO of Block.one, confirmed the project’s lack of decentralization in an interview last month. Larimer told Colin Talks Crypto:

“Decentralization isn’t what we’re after. What we’re after is anti-censorship and robustness against being shut down.”

Well, that should give you some peace—ha! Larimer still claims EOS is more decentralized than Bitcoin (BTC) and Ethereum (ETH) because it takes 11 BP’s to control the network. For Bitcoin and Ethereum, it would only take around three to four pools.

Featured Image: Depositphotos/© garloon

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Bitcoin and Blockchain | Banks Must Embrace or “Bite the Dust”

With all the constant news about the price of Bitcoin, it’s possible to forget what it was invented for. Cryptocurrency trading plays only a small role in what Bitcoin and blockchain technology can do for our world. Most importantly, they can end the hegemony central banks have on the way we make payments to each other.

Today, there are supposedly thousands of cryptocurrencies available. Many of which seeks to fix the issues central banks have created. However, they don’t all have the same goals. While some may wish to obliterate our current banking system, others simply want to improve it. Banks must find a way to work with these co-operative cryptocurrencies or they will likely face extinction.

The Current Banking System is Too Complicated

In 2015 a global financial literacy test found that 57% of adult Americans are financially illiterate. It’s not surprising then that most people don’t know how complicated it is to transfer money between banks. It’s painstakingly complicated, it’s the reason why payments can take so long – days or even weeks in some circumstances.

When money doesn’t leave a bank, transfers are easy. For example, if two people use the same bank and transfer funds between themselves it’s very straightforward. The bank simply debits the payer funds and credits the receiver.

But when we need to pay someone who uses a different bank this becomes an issue. You would assume that it would work the same way, but unfortunately not. Instead, each bank must have an account with each other to give and receive funds.

To pay someone who belongs to another bank, the funds must first be given to the bank. The bank then takes that money and puts it in their own account in the other bank. Once that money is there, it is transferred to the receiver. This means funds can sometimes be swapped between different hands numerous times before they reach their destination. This entire process becomes even longer when there are large quantities of funds involved.

Blockchain technology can simplify this process, making transactions more direct. Additionally, this also makes transactions cheaper as well.

Blockchain Technology is Ripe for the Globalized World

The old method that is currently in place does not fit in with the world we now live in. Companies are increasingly multinational with offices in many different countries. The process above becomes even more complex when it includes foreign banks. These banks may not have accounts with each other, which might mean a third country may need to be involved.

This is an irrelevant issue for blockchain technology which overcomes this issue. With Bitcoin, overseas transactions can take place at the same speed as domestic transactions.

Funds will be safer

Blockchain technology has also been highlighted as a safer alternative to transferring funds as well.

Decentralized vs. Centralized

One of the key selling points blockchain is that it is decentralized. Centralized networks, such as banks, put themselves at risk because they are easier to hack. Once inside a centralized network, a hacker has access to everything. It only takes one weakness to be manipulated.

By being decentralized, all information is shared amongst everyone all the time. This means that no one is in control of the network. For a hacker to manipulate the information on the network, they would need to control at least 51% of it. This is no easy feat and would require an extremely powerful computer.

Restoring Trust with Transparency

Trust is a major issue for many banks, especially after the 2008 crash. In 2017, a YouGov survey uncovered a number of interesting insights into global trust in banks. While 74% of Americans trust banks, only 37% of Europeans do.

Blockchain technology is also able to restore people’s trust in banks. Most blockchain’s use what is called a distributed ledger. This ledger is used to record every single transaction that takes place and can be viewed by anyone.

With such a powerful tool, banks can be properly regulated. This not only reduces illegal activity, such as money laundering. It also shows clients how their money is being used and transferred.

Cryptocurrencies Working with Banks

Some cryptocurrencies have been designed specifically to work with banks. One of the largest already doing this is Ripple, which is also considered the third largest cryptocurrency. Ripple works by acting as an exchange for money transfer. By doing this, transactions are more direct, much faster and cheaper as well.

Bitcoin’s Position

Bitcoin was designed as an alternative to fiat money. In an ideal world, users would not need to have banks or bank accounts, they would only need bitcoin. This, of course, puts it at odds with the banking world.

Despite the above, it is still possible Bitcoin can integrate with it. Some banks are already doing it and it could ensure their survival. Though, for wide-scale adoption to happen, it is likely Bitcoin will need to be a lot more stable.

Until that point is reached, Bitcoin is prime to be traded. Traders can utilize BitMex signals and Deribit Signals to make the most of it.

Conclusion

Blockchain technology benefits many industries for the better, most of the time making them more efficient. Banking is another industry that urgently needs to be simplified and blockchain looks like the perfect way to do that.

There are several benefits to adopting blockchain technology: banks can simplify transactions between themselves, making the process quicker and cheaper; banking institutions will be impenetrable to hackers, ensuring their client’s funds are safe; banks will be able to increase trust in their clients by utilizing a distributed ledger.

The banking sector will find it tough to accept the changes and some may fight them. This may even result in some banks closing and some new ones opening. It should be considered that different countries may adopt blockchain at a slower rate and may use a different blockchain. But the result will be the same, banks must embrace change or “bite the dust”.

Feaetured Image: depositphotos/ nils.ackermanm.gmail.com

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Blockchain Adoption | Sberbank CEO Anticipates 1-2 More Years

The head of Russia’s Sberbank has set tongues wagging after he emerged bullish about the future of blockchain adoption. CEO Herman Gref is forecasting industrial scale adoption in as little as one or two years.

Blockchain Adoption

Gref believes the technology is on the cusp of entering the industrial development stage of its evolution. Speaking to journalists this week, he said:

“The hype around the technology [blockchain] is now over, and the technology is entering the stage of industrial development. It needs a year or two to be implemented at the industrial scale.”

The head of Sberbank furthered that the global markets are “not yet ready” for large-scale blockchain adoption due to the “immaturity of the technology.” However, in under two years, the technology will be ready.

Sberbank and Blockchain

Since 2017, Sberbank, along with other major Russian banks and institutions, has been actively trialing blockchain. In December of that year, Sberbank partnered with Russia’s Federal Antimonopoly Service to store documents and transfer data on the blockchain.

Then, in June 2018, the bank partnered with Alfa Bank to test investment options with cryptocurrency for retail investors.

>> Coinbase CTO Believes Home Cryptocurrency Mining is the Future with Coinmine

Four months later, Sberbank became an advisor to Rosseti to help it trial blockchain solutions. At that time, the bank gave a time frame of three to five years for blockchain adoption.

But now, Gref is saying one-to-two years, indicating successful trials and a fast maturity.

Russia’s Finance and Blockchain

The Russian finance sector seems to be quickly moving towards the technology as another bank, the Russian branch of Raiffeisen Bank, announced its use of blockchain. The bank said it will first implement the technology to log digital mortgages and bank guarantees. However, it has plans to extend its use to other areas in the months to come.

Featured Image: Depositphotos/© Piter2121

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Home Cryptocurrency Mining | Coinbase CTO Says Coinmine is the Future

Coinbase’s CTO, Balaji Srinivasan, has just announced his thoughts of the future of home cryptocurrency mining. Bitcoin mining and crypto mining in general are a huge industry, which exploded last year when digital currency interest hit mainstream. A new startup is trying to take another stab at popularizing at-home cryptocurrency mining, a business model that has not been successful in the past.

Home Cryptocurrency Mining: Coinmine

Srinivasan told CoinDesk that he is placing his bets on this new at-home crypto mining startup, Coinmine.

Srinivasan said:

“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit—or at least mine a decent amount of some crypto—via a decentralized home mining device like Coinmine.”

Back in 2015, Coinbase’s CTO founded 21.co, a startup with ambitious plans to embed Bitcoin miners in everyday devices such as laptops and cell phones. With his experience in the space, Srinivasan backed Coinmine in its angel round.

Coinmine One

Coinmine just announced pre-orders for its first home miner on Wednesday.

The home cryptocurrency miner currently up for pre-order looks very similar to a home DVR system or even an Xbox One. The product will be called Coinmine One and retails for $799. Shipping for these products will begin in mid-December.

>> Bitcoin Hits the Lowest Level of the Year Thus Far—Entire Market Down

Coinmine’s system is built to run two tokens: proof-of-work and proof-of-stake. Proof-of-stake tokens will only be enabled with updates that will be released in 2019. The networks that will be staking first are casper, dfinity, tezos, filecoin, spankchain, cosmos, foam, and polkadot.

When plugged in, users will automatically be placed into mining pools. The product will be very plug-and-play but also cedes a significant amount of control. Coinmine will take a 5 percent cut of users’ mining earnings.

Featured Image: Depositphotos/© IgorVetushko

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