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The “Blockchain of Blockchains” is Here…

Over the past few months, we’ve witnessed a significant decrease in the price of many cryptocurrencies – most notably, Bitcoin, which has fallen from a staggering high of almost $20,000, back down to a modest $10,000 as of 23rd February 2018.

Whilst it makes sense to assume this price drop would also affect ICOs. However, this has definitely not been the case.

As it turns out, ICOs are still flourishing, and many investors are still turning a healthy profit. More importantly, it’s becoming increasingly clear that the price fluctuations and potential gains of Bitcoin are far from the most exciting thing about blockchain technology.

So far, ICOs have raised over $1.7 billion. Last month alone, there were over 90 new ICOs.

The Rise of the Blockchain – The “Internet 2.0”

Over the past year or so, blockchain technology has been gaining popularity on a huge scale. The rise of blockchain provides many advantages to society. The most notable advantage is that it increases the level of trust and security between organizations.

The technology is so revolutionary that it moves us away from the “Internet of Information” and towards the “Internet of Values” – also known as the “Internet 2.0”.

The Internet of Information brought about huge change into our daily lives – and the Internet of Values is about to change it all over again, by introducing digitization, decentralization, decentralization, and inclusiveness into the process.

Blockchain provides us with a secure, direct way of exchanging money, digital assets, and other property, without the involvement of middlemen and third parties (such as banks, the government, etc).

Blockchain is growing so rapidly that The World Economic Forum’s whitepaper, “Realizing the Potential of Blockchain” published in 2017 has predicted that by 2027, 10% of the world’s GDP will be stored on blockchains.

Without a doubt, one of the most promising and exciting uses of blockchain technology is within the financial sector.

However, thus far we have yet to see any real progress that bridges the gap between centralized and decentralized organizations.

Fusion is a “Blockchain of Blockchains”…

FUSION is a public chain that can connect all other blockchains and off-chain data sources and provide complete financial functionalities.

It is designed to solve the three main issues within blockchain ecosystems: interoperability, scalability, and usability. As it stands, these are acting as bottlenecks to the Internet of Value. As we move ever-closer to the new age of the Internet of Value, FUSION aims to create a new system that enables the transfer of value in terms of tokens.

It will be a faster, more scalable, and ultimately more efficient system than other solutions. This is largely as a result of its unique Proof of Stake (PoS) and Proof of Work (PoW) hybrid consensus mechanism. It will fulfill virtually all of the functions of traditional financing, but in a distributed, more efficient, and less expensive manner than before.

The application was founded by DJ Qian – a superstar Chinese entrepreneur who was formerly behind Quantum and VeChain. So far, FUSION has been overwhelmingly successful. Within the first 24 hours of launch, their ICO managed to raise over $50 million.



Moving Towards the Era of Cryptofinance

Cryptofinance is defined as the on-chain financial activities of the Internet of Value, and their related off-chain financial activities. Cryptofinancial applications will be the main applications of the Internet of Value.

The most important feature of CryptoFinance is that financial products will mainly be represented on blockchains, and transactions will primarily be accomplished through smart contracts. Off-chain assets will be tokenized into cryptofinancial assets, while on-chain financial products will mostly be represented by smart contracts.

However, blockchain cannot solve all of our problems, and centralization will remain an important feature of our society for the foreseeable future. As a result, it is expected that in the future centralized organizations will co-exist with blockchain communities, and it is this that will ultimately form the Internet of Value.

As development progresses, it is likely that traditional financial institutions will gradually be transformed into service providers for cryptofinance.

It will be a huge step forward, but we might be much closer than most people would think.

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Police Arrest Four Ukrainians for Running Fake Cryptocurrency Exchanges

Law enforcement in Ukraine has arrested four young men who were running at least six fake cryptocurrency exchanges. The cryptocurrency sphere is an exciting space, and many people are eager to begin buying and selling virtual currencies. However, such an influx of money and inexperienced newcomers also bring out the criminal element, seeking to gain funds at the expense of those new to the space. Scams abound, but police in Ukraine have done their part by arresting some individuals who ran a number of fake cryptocurrency exchanges. Using Programming Skills to Set up Scams In the city of Dnipro, Ukraine, police announced that they had arrested four men between the ages of 20 and 26. The quartet had set up a number of fake cryptocurrency exchanges. Police know of six fake exchanges that they operated, but there is a definite possibility that there may be more. The six fake exchanges include: moneycraft.info, wowex.online, swapex.net, myexchanger.lv, iconvex.net, and likechange.biz. Police say that the criminals had “special knowledge and skills in the field of programming” and “have created their own CMS-system for managing the content of exchange sites.” Unsure of Amount Stolen Police are asking those who were scammed by the fake cryptocurrency exchanges to come forward and file complaints. As of now, law enforcement does not know exactly how much the four men were able to steal from their victims. Police may be able to glean such information from the equipment that was seized during the arrests. It was reported that flash drives, computers, smartphones, and other equipment were confiscated when police raided the homes of the four men. The reality is that crime and scams are rampant in the cryptocurrency sphere. One should always do due diligence before spending any money. The world of virtual currencies is still akin to that of the Wild West, which means that danger is just as close as excitement and opportunity. Have you ever been scammed by a fake exchange, wallet, or ICO? Let us know in the comments below. Images courtesy of Shutterstock. The post Police Arrest Four Ukrainians for Running Fake Cryptocurrency Exchanges appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

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