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Korona: Hungary’s Very Own Cryptocurrency

Europe’s newest digital currency, the Korona, which runs on the Lightning Network and is being touted as more stable, safer, and cheaper to use than its competitors, was launched in Budapest, Hungary on February 15th. Korona’s ICO is scheduled for March 26th, and the token will be immediately available for payments and transfers.

According to a recent study by the University of Cambridge Judge Business School, customers are increasingly adopting new forms of payments for cost efficiency reasons. 86% of the payment companies surveyed utilized the Bitcoin network as the main payment source for cross-border transactions. However, it has problems in terms of transaction times, scalability, and the flexibility to build smart contracts on its system.

“Banking as we know it today will eventually evolve into different platforms. We started this project because we saw the opportunity to take cryptocurrency technology into the future,” Jean-Marc Stiegemeier, Korona’s CEO, said during the launch.

Despite being developed primarily by Hungarians, the headquarters of the Korona are in Zug, Switzerland — with plans for the token to be used throughout Europe, and beyond (as per Korona’s whitepaper). According to the team, the token was not incorporated in Hungary because they see Zug as the “crypto-valley” of Europe: Providing a more efficient and stable environment, two things both customers and shareholders are looking for.

“Over the next few years we are going to see a revolution in the banking sector,” Stiegemeier, said. “Within ten years cryptocurrency will be used and accepted worldwide.”

Part of the business model for the Korona is a purpose-built bank and payment platform that will operate under the supervision of Swiss financial authorities. According to the developers, 90% of current cryptocurrencies are “pseudo-currencies,” and not suitable for actual, real-world transactions: “Bitcoin is slow and too expensive for businesses. It costs 20 US dollars for each transaction and it is not efficient for retailers,” Korona’s blockchain advisor and professor at the Corvinus Business School Dr. Tuan Trinh explained.

How does it work?

According to head of technology development Attila Bustya, an e-commerce website will be launched, hosting those websites which normally do not accept cryptocurrency payments. Also, a new integrated Price Comparison System will be created so that users can choose their products for the best and cheapest price globally. “For a top-notch phone we pay more in Europe than in the US, it is not fair,” Bustya said, outlining the value of this new price comparison tool.

“Business clients today find it hard to use cryptocurrency because of high taxation and missing information. We are developing business wallets which will allow businesses to register and receive various services to support their compliance: Support for VAT reporting, invoicing, accounting, and such” he continued.

Recently, China, Canada, and Russia have taken a look at blockchain technology and its national-use potential. And the European Union, although wary of cryptocurrencies, is certainly a supporter of blockchain-based technologies. Earlier this month it created the EU Blockchain Observatory and has also vastly increased funding for related technologies.

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The uncensored Bitcoin Core $BTCC coindesk interview

Here is the remaining interview that was not published by coindesk. – Who’s a part of the team? The team is a diverse collection of Bitcoin developers, contributors and enthusiasts. A federation of soverign individuals who are coming together to further the vision of a decenetralized trust network. – How did this idea come about? The idea for Bitcoin Core ($BTCC) had its inception in the days leading up to the original hardfork of BCH and the 2X fork. At its roots, are many of the same values and passions and people involved in the UASF movement. – Can you tell me more about the Bitcoin Core name choice? Bitcoin Core ($BTCC) is a commitment to the core values of Bitcoin. I realize that it’s a joke, making fun of people who call bitcoin “Bitcoin Core.” But what’s the benefit of making “Bitcoin Core” a real thing? Bitcoin Core ($BTCC) is not a joke. Once BCH forked to create a “big block” version, it allowed for experimentation in this implementation. Bitcoin Core ($BTCC) is a representation of the core values of Bitcoin in action. – Why keep the original bitcoin cash chain alive? The original was kept alive as an experimental test bed, and in case there was ever a use for it to make a positive contribution to Bitcoin. It was, and is, a labor of love. – Aren’t altcoins scams? Great question. The definition of a scam is a “dishonest scheme” or a fraud. A scam is claimimg to be something, or someone, that you are not. With regard to altcoins being scams, anything or anyone who claims to be something that they are not are trying to gain the confidence of another to defraud them. That is where the term con-man comes from. Con-men want you to “trust” them. In fact, they rely on another’s trust, that make false claims to gain the confidence of others to defraud them. Con-men are scammers, and to your question, some alt coins are used to scam people. Con-men use people’s confidence in them to defraud them into investing in their altcoin. Cryptocurrencies, like humans, are vehicles for values. If the founder is a “scammer” then their coin will be a vehicle of the values of that founder. They will use their coin to defraud others. They will make false claims about themselves or their coin that are meant to gain the confidence of investors. That makes it a scam, not an altcoin. So it’s all about the core values. – What happened to Bitcoin Clashic? Bitcoin Clashic was maintained, nourished, experimented on, and its code reworked and updated, in preparation for adding value to the ecosystem. That chain was forked on (date) and renamed to Bitcoin Core ($BTCC). – What are the team’s future plans for development? Having access to “big blocks” gives us the ability to do some really cool things. As our reason for being is precisely not to compete with Bitcoin but to add value to the ecosystem, we want to experiment with two things: 1. speed 2. privacy We see faster blocktimes in our near future, and a bit farther out, confidential transactions by default. We are going to experiment with much faster block times, to make it near instant and useable in point of sale systems. Further, privacy is been partly written off on Bitcoin, we however, hold privacy as a “core value”… we have a vision to bring privacy to bitcoin, and add confidential transactions as a default feature to bitcoin core $BTCC. Who should I attribute the above responses to? The Bitcoin Core developers and contributors. Is everyone on the team anonymous? Yes. Bitcoin Core is focused on the message, developing the code, and the community. We do not promote personality. I see what you’re saying about BTCC not being a “joke” per se. The official site is thebitcoincore.org As BTCC is really for the people, and in the hands of the people, we are seeing multiple instances where the community expresses their voice. Some members of the community decided to have some fun and leverage the publicity. However, the Bitcoin Core developers are committed to delivering a unique value proposition, adhering to core values, and offering increased speed and enhanced privacy. 4) The privacy features sound interesting. BUT, the website says (or at least used to say) Roger Ver / CNBC advocated for BTCC. Which seems like a joke/trolling, since he was talking about bitcoin, not BTCC. The community is diverse and so are the voices within it. Some members of the community took the opportunity to leverage the publicity. 5) And the Bitcoin Core (BTCC) Twitter has a photo of John McAfee in space, lol. I want to hear more about all that and the ideas behind all that. :p Again, as serious as we are about delivering a unique value proposition, the community has multiple voices and obviously some have a great sense of humor. McAfee is one of those crypto-characters that are ripe for some fun memes. TheBitcoinCore.org @BitcoinCore_ This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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