PR: Smart Contract Platform Fabric Token Raises More Than $1 Million in Less Than a Day After ICO Open

Smart Contract Platform Fabric Token

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Fabric Token (FT), a New Token Developed on Ethereum, Aims to Provide a Way for Anyone to Create and Deploy Their Very Own Smart Contracts or Decentralized Applications (DAPPs).

The FABRIC TOKEN ECOSYSTEM, a platform, which will allow users to generate smart contracts and DApps, without resorting to technical experts, has raised more than 1.1k ETH (currently equal to more than $1 million USD) in less than a day after ICO open.

The ICO has a hard cap of 8,906.5 ETH, currently equaling close to $8.5 million USD. The Fabric Token ICO will run until the hard cap is reached or until April 1st, 2018.

Unsold tokens will be burned at the end. The FT ICO has a minimum cap of 0.1 ETH and a maximum cap of 9 ETH on contributions. 1 ETH currently purchases 8,000 FT.

The Fabric Token ecosystem is composed of four elements – The Fabric Token itself, TokenGen, DApp Workbench and the Fabric Store. Through the Fabric Token ecosystem, we will solve several essential problems in the adoption of blockchain technology and smart contracts, including multiple difficulties in the development of smart contracts, mainly with the Solidity programming language on the Ethereum blockchain; the lack of an official testing framework for Solidity, and the current problems of both intra- and inter-organizational business processes.

The four main components are as follows:

The Fabric Token, which will be used solely as a utility to make payments for products and services within the FT ecosystem.

TokenGen, which will allow users to easily generate smart contracts for their tokens and fundraisers, therefore shifting their focus from this unexplored and underdeveloped area to the thing that matters most – their idea.

DApp Workbench, which will allow businesses of any size, to easily integrate blockchain and smart contracts within their company’s intra- and inter-organizational business processes as well as model, manage, and improve their workflows using an intuitive drag-and-drop interface with a BPMN diagram representation for the workflows.

The Fabric Store, which will allow third-party developers to create smart contract components, thus further expand the functionality scope of our software, while also promoting the Fabric Token ecosystem to an ever-growing group of users and businesses.

We firmly believe that blockchain technology and smart contracts will play a huge role in the radical improvement of numerous multi-billion dollar industries and government institutions. This provides an imperative for creating a bundle of simplified user interfaces in order to enhance innovation in this developing industry. The Fabric Token ecosystem will empower individuals and businesses with easy access to blockchain technology and smart contracts thus allowing virtually anyone to participate, in one way or another, in building a decentralized and trustworthy world.

Contact Email Address
info@fabrictoken.io
Supporting Link
https://fabrictoken.io/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Smart Contract Platform Fabric Token Raises More Than $1 Million in Less Than a Day After ICO Open appeared first on Bitcoin News.


Source: bitcoin.com
PR: Smart Contract Platform Fabric Token Raises More Than Million in Less Than a Day After ICO Open

N. Korea cyber threat ‘more aggressive than China’: US firm

North Korean hackers are becoming more aggressive than their Chinese counterparts, a leading US cybersecurity firm warned Tuesday, as it identified a Pyongyang-linked group as an “advanced persistent threat”. It was the first time that FireEye had used the designation for a North Korean-based group. Analysts say the isolated and impoverished but nuclear-armed North has […]
Source: bitcoinwarrior
N. Korea cyber threat ‘more aggressive than China’: US firm

Wyoming House Unanimously Approves Two Pro-Blockchain Bills

In a watershed moment for United States blockchain and cryptocurrency law, Wyoming’s House of Representatives unanimously voted “aye” to pass two blockchain bills – HB 70 the “utility token bill” and HB 19 the “bitcoin bill” –  sending them to the State Senate for consideration. HB 70 defines utility tokens as neither traditional money nor securities; HB 19 exempts cryptocurrency from the 2003 Wyoming Money Transmitter Act (passed in the state before Bitcoin’s invention in 2008).In an interview with Bitcoin Magazine, Wyoming Blockchain Coalition co-founder, and 22-year Wall Street veteran, Caitlin Long, attributed much of the bills’ successes so far to teamwork between Wyoming banking and security regulators and the efforts of House of Representatives member Tyler Lindholm, who is a co-sponsor and advocate of all five blockchain-related bills.Wyoming aims to set the standard for blockchain-friendly regulation in the U.S. and to become a hub for blockchain-based innovation with these two bills. Long explained, “There are already bitcoin miners setting up shop because of [Wyoming’s] cheap electricity, no income tax and no franchise tax.”HB 70: Utility Token DefinitionThe Wyoming HB 70 defines a utility token, or “open blockchain token,” as neither traditional money nor a security if it meets the following conditions:The token has not been marketed by the protocol developers as an investment opportunity.The token is exchangeable for goods or services. (This implies that protocols must offer a working product or service before tokens are issued, similar to Switzerland’s recent ICO framework.)The protocol developer has not entered into a repurchase agreement of any kind or entered into an agreement to locate buyers for the token.Similarly, people who facilitate the exchange of an “open blockchain token” are not deemed traditional broker-dealers of securities.HB 19: Cryptocurrency Exemption HB 19 exempts cryptocurrency from the Wyoming Money Transmitter Act. A 2015 interpretation of this act by the Wyoming Division of Banking made it impractical for cryptocurrency exchanges to operate in the state. As a result, Coinbase suspended operations in Wyoming indefinitely in June 2015. The passage of HB 19 moves Wyoming one step closer to cryptocurrency-friendly exchange regulation. Should the bill receive a majority vote in the Senate, exchanges such as Coinbase could resume operation in Wyoming.Other Bills in the PipelineThe Wyoming House of Representatives is also reviewing bills HB 101 and HB 126 in the House and SF 111 in the Senate.HB 101, the “blockchain filings bill,” promises to update Wyoming’s Business Corporations Act to authorize the creation and use of blockchains to store records, the use of a network address to identify a corporation’s shareholder and the acceptance of shareholder votes signed by network signatures. At a high level, HB 101 specifies requirements for all corporations using electronic network or (blockchain) databases. HB 101 has passed the first reading in the House.HB 126, the “series LLC bill” allows for the creation of “series LLCs.” This type of LLC structure is favorable towards decentralized protocols, as it enables LLCs to establish a compartmentalized series of members/managers, transferable interests or assets, and distributions to members. HB 126 has also passed the first reading in the House.SF 111, the “crypto property tax exemption bill,” has already been approved in the House, and its goal is to exempt cryptocurrency from Wyoming state property taxes. The bill is now awaiting consideration in the Senate.Nothing Is Carved in StoneWhile HB 70 and HB 19 have both passed in the House by a vote of 60–0, they must also pass in the Senate to be recognized as official acts.Long expressed her optimism, while acknowledging the difficulties that lie ahead: I don’t want to sugar-coat that it won’t be difficult. The Senate is a more uncertain chamber. But, we have incredible momentum, and all we need [for the bills to become acts] is a majority vote in the Senate.Should the bill pass in the Senate and become an act in Wyoming, federal regulation and the SEC Howey Test could still nullify all of the advocates’ blood, sweat and tears. However, Long believes that Federal Law with regards to utility hasn’t been established yet — and, that there are people in the blockchain/cryptocurrency industry “flush with cash, interested in litigating this issue.”Long and other Wyoming blockchain proponents hope for a final Senate outcome on HB 70, the “utility token bill,” and HB 19, the “Bitcoin bill,” as early as the middle next week.This article originally appeared on Bitcoin Magazine.
Source: worldnewsoffice
Wyoming House Unanimously Approves Two Pro-Blockchain Bills

Israeli Bitcoin Company Sues Banks for Not Letting it Open Accounts

Israeli Bitcoin Company Sues Banks for Not Letting it Open Accounts

An Israeli company that was created in January has gotten its business rejected by all banks in the country, and is now suing them. Without a bank account, an Israeli exchange would not be able to legally receive fiat transfers from clients, effectively preventing it from starting operations.

Also Read: Israel Tax Authority: Bitcoin is Property, Not Currency

Banking Cartel

Israeli Bitcoin Company Sues Banks for Not Letting it Open AccountsBitflash LTD, a new Israeli company which was established to provide digital currency trading services based in Acre, has asked the Tel Aviv District Court on Sunday to order all 11 banks in the country to open a current account without credit for it. The company claims that the banks’ refusal to open an account for it is in violation of the law and shows lack of good faith, as some of them manage similar accounts for competing companies.

The lawsuit states that there is a concern that the banks have illegally incorporated as a cartel and unjustifiably prevent the opening of the account to the plaintiff, thus thwarting its activity and causing it ever increasing damages on every passing day it is unable to operate. Unfortunately for Bitflash, the court ruled last year that a bank can refuse to work with a bitcoin exchange in the case of Bits of Gold vs. Leumi. However, by focusing on the banks as a cartel instead of each individually the company might persuade the court that they should not have the collective power to prevent the growth of a new industry.

Banks All Say No

Israeli Bitcoin Company Sues Banks for Not Letting it Open AccountsAccording to Bitflash, since its establishment over a month ago, it approached a number of branches of each Israeli banking corporation for the purpose of opening an account, but was outright refused on the grounds that its business in digital currencies is not to the liking of branch managers. In some of the branches the company was told explicitly that “the bank’s policy is not to open accounts for those who deal with digital currencies, regardless of the nature of the business.”

According to the plaintiff, through its attorney Alon Huberman, the company emphasized to the representatives of the banks that it has no need for credit, its account will be in perpetual positive credit balance, and that it needs only a current account that will allow the transfer of money from its clients inside Israel to its account. According to company, some of the banks justified the refusal by claiming that they would not be able to trace the source of the funds deposited in the company’s account, but even after it was made clear to them that the account would only be used to transfer funds from individuals and entities with a bank account at the same bank, removing this fear completely, they still refused.

Should banks be allowed to refuse to open accounts for bitcoin companies? Share your thoughts in the comments section below!


Images courtesy of Shutterstock.


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Source: bitcoin.com
Israeli Bitcoin Company Sues Banks for Not Letting it Open Accounts

World’s Most Miserable Country to Launch Its Own Cryptocurrency Today

Venezuela’s state-backed cryptocurrency, Petro, is about to hit the market. Amidst an extreme economic crisis in the South American country, however, there is little reason to expect anything other than failure. State-Issued Crypto Amidst a Crumbling Economy Today, Venezuela is scheduled to launch the world’s first ever state-backed cryptocurrency with its new oil-backed Petro token, which many are construing as a desperate cash grab by a corrupt government amid an ever-worsening economic meltdown. Called Petro,<br />Read More<br />The post World’s Most Miserable Country to Launch Its Own Cryptocurrency Today appeared first on Bitcoinist.com.
Source: worldnewsoffice
World’s Most Miserable Country to Launch Its Own Cryptocurrency Today

George Soros Joins The Cryptoworld With $100 Million Investment In Overstock.Com Inc (OSTK)

George Soros is renowned as a Hedge fund manager and is reckoned as a heavy weight in the world of investments. Just before the year 2017 wound down, Quantum Fund, which is managed by George Soros, invested $100 million in Overstock.com by exchanging one warrant issued by Overstock.com Inc (NASDAQ: OSTK) and receiving 2,471,188 shares […]
Source: bitcoinwarrior
George Soros Joins The Cryptoworld With 0 Million Investment In Overstock.Com Inc (OSTK)

Wyoming House Unanimously Approves Two Pro-Blockchain Bills

Wyoming House Unanimously Approves Two Pro-Blockchain Bills

In a watershed moment for United States blockchain and cryptocurrency law, Wyoming’s House of Representatives unanimously voted “aye” to pass two blockchain bills – HB 70 the “utility token bill” and HB 19 the “bitcoin bill” –  sending them to the State Senate for consideration. HB 70 defines utility tokens as neither traditional money nor securities; HB 19 exempts cryptocurrency from the 2003 Wyoming Money Transmitter Act (passed in the state before Bitcoin’s invention in 2008).

In an interview with Bitcoin Magazine, Wyoming Blockchain Coalition co-founder, and 22-year Wall Street veteran, Caitlin Long, attributed much of the bills’ successes so far to teamwork between Wyoming banking and security regulators and the efforts of House of Representatives member Tyler Lindholm, who is a co-sponsor and advocate of all five blockchain-related bills.

Wyoming aims to set the standard for blockchain-friendly regulation in the U.S. and to become a hub for blockchain-based innovation with these two bills. Long explained, “There are already bitcoin miners setting up shop because of [Wyoming’s] cheap electricity, no income tax and no franchise tax.”

HB 70: Utility Token Definition

The Wyoming HB 70 defines a utility token, or “open blockchain token,” as neither traditional money nor a security if it meets the following conditions:

  1. The token has not been marketed by the protocol developers as an investment opportunity.
  2. The token is exchangeable for goods or services. (This implies that protocols must offer a working product or service before tokens are issued, similar to Switzerland’s recent ICO framework.)
  3. The protocol developer has not entered into a repurchase agreement of any kind or entered into an agreement to locate buyers for the token.

Similarly, people who facilitate the exchange of an “open blockchain token” are not deemed traditional broker-dealers of securities.

HB 19: Cryptocurrency Exemption

HB 19 exempts cryptocurrency from the Wyoming Money Transmitter Act. A 2015 interpretation of this act by the Wyoming Division of Banking made it impractical for cryptocurrency exchanges to operate in the state. As a result, Coinbase suspended operations in Wyoming indefinitely in June 2015.

The passage of HB 19 moves Wyoming one step closer to cryptocurrency-friendly exchange regulation. Should the bill receive a majority vote in the Senate, exchanges such as Coinbase could resume operation in Wyoming.

Other Bills in the Pipeline

The Wyoming House of Representatives is also reviewing bills HB 101 and HB 126 in the House and SF 111 in the Senate.

HB 101, the “blockchain filings bill,” promises to update Wyoming’s Business Corporations Act to authorize the creation and use of blockchains to store records, the use of a network address to identify a corporation’s shareholder and the acceptance of shareholder votes signed by network signatures.

At a high level, HB 101 specifies requirements for all corporations using electronic network or (blockchain) databases. HB 101 has passed the first reading in the House.

HB 126, the “series LLC bill” allows for the creation of “series LLCs.” This type of LLC structure is favorable towards decentralized protocols, as it enables LLCs to establish a compartmentalized series of members/managers, transferable interests or assets, and distributions to members.

HB 126 has also passed the first reading in the House.

SF 111, the “crypto property tax exemption bill,” has already been approved in the House, and its goal is to exempt cryptocurrency from Wyoming state property taxes. The bill is now awaiting consideration in the Senate.

Nothing Is Carved in Stone

While HB 70 and HB 19 have both passed in the House by a vote of 60–0, they must also pass in the Senate to be recognized as official acts.

Long expressed her optimism, while acknowledging the difficulties that lie ahead:

I don’t want to sugar-coat that it won’t be difficult. The Senate is a more uncertain chamber. But, we have incredible momentum, and all we need [for the bills to become acts] is a majority vote in the Senate.

Should the bill pass in the Senate and become an act in Wyoming, federal regulation and the SEC Howey Test could still nullify all of the advocates’ blood, sweat and tears. However, Long believes that Federal Law with regards to utility hasn’t been established yet — and, that there are people in the blockchain/cryptocurrency industry “flush with cash, interested in litigating this issue.”

Long and other Wyoming blockchain proponents hope for a final Senate outcome on HB 70, the “utility token bill,” and HB 19, the “Bitcoin bill,” as early as the middle next week.

This article originally appeared on Bitcoin Magazine.


Source: bitcoinmagazine
Wyoming House Unanimously Approves Two Pro-Blockchain Bills

World’s Most Miserable Country to Launch Its Own Cryptocurrency Today

Venezuela’s state-backed cryptocurrency, Petro, is about to hit the market. Amidst an extreme economic crisis in the South American country, however, there is little reason to expect anything other than failure.


State-Issued Crypto Amidst a Crumbling Economy

Today, Venezuela is scheduled to launch the world’s first ever state-backed cryptocurrency with its new oil-backed Petro token, which many are construing as a desperate cash grab by a corrupt government amid an ever-worsening economic meltdown.

Called Petro, each digital token — according to Venezuelan President Nicolas Maduro — will be backed by one barrel of the country’s national petroleum.

100 million Petro tokens will be issued, with an estimated total market value of roughly $6 billion.

Petro

Though it might sound good on paper, there is little reason to expect anything other than speculative gains and long-term failure from the oil-backed cryptocurrency.

The volatile cryptocurrency market is largely governed by trust. Once lost, the value of a cryptocurrency can easily lose upwards of 95% of its value in as little as a day — and there is very little reason to trust the Venezuelan government.

Maduro’s socialist regime is currently cracking down on domestic freedoms, and the country’s finances have been crippled by international sanctions — making Venezuela the world’s most miserable economy for the last four years.

As noted by CNBC, Venezuelan citizens are currently dealing with widespread food shortages in addition to hyperinflation — expected to hit 13,000 percent this year — which has rendered the country’s traditional currency all but worthless.

According to Harry Colvin, director and senior economist at Longview Economics, the chances of success for Petro are slim to none, telling CNBC:

Venezuela has been known for misappropriation of assets in the past and the central bank has just created hyperinflation so I imagine there’ll be trust and transparency issues … If Maduro loses the election in April — or is forced out of power — then petros would probably be made illegitimate.

Providing even less confidence in the state-issued cryptocurrency is the fact that the oil allegedly backing the tokens hasn’t even been pumped yet, and the Venezuelan government isn’t in complete control of the venture.

Meanwhile, some financial analysts have pointed out that Venezuela’s cryptocurrency experiment will be nothing like Bitcoin.

Of course, Maduro himself thinks his cryptocurrency will be a resounding success, stating, “The future is now … Venezuela is moving forward as an economic powerhouse,” despite widespread cases of food shortages and a rapidly increasing unemployment rate.

More National Cryptos Incoming?

Nevertheless, the project illustrates the potential for more legitimate, state-issued digital currencies in the future — just not from ones in the midst of an economic meltdown.

Garrick Hileman, a cryptocurrency researcher at the University of Cambridge, believes Petro — despite its faults — “validates cryptocurrencies.” He told CNBC:

In some ways I think this further validates cryptocurrencies but at the same time there are a tremendous number of questions around the petro. Will it be redeemable for the assets that are underlying it? What exchanges will it be traded on? How decentralized will it actually be? More questions than answers for the petro at this stage.

What do you think about Petro, the world’s first ever state-issued cryptocurrency? Do you think the project is doomed to fail? Let us know in the comments below!


Images courtesy of Bitcoinist archives, Shutterstock, AdobeStock.

The post World’s Most Miserable Country to Launch Its Own Cryptocurrency Today appeared first on Bitcoinist.com.


Source: bitcoinist
World’s Most Miserable Country to Launch Its Own Cryptocurrency Today