Ice tea company rebrands as “Long Blockchain” and stock price triples

Enlarge/ This row of ice tea bottles kind of looks like a blockchain.

Long Island Ice Tea Corp.

The Long Island Ice Tea Corporation is exactly what it sounds like: a company that sells people bottled iced tea and lemonade. But today the company announced a significant change of strategy that would start with changing its name to “Long Blockchain Corporation.”

The company was “shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology,” the company said in a Thursday morning press release. “Emerging blockchain technologies are creating a fundamental paradigm shift across the global marketplace,” the company said.

The stock market loved the announcement. Trading opened Thursday morning more than 200 percent higher than Wednesday night’s closing price.

The company isn’t getting out of the iced tea business. “The Company will continue to operate Long Island Brand Beverages, LLC as a wholly-owned subsidiary,” the company writes in its press release.

The new blockchain efforts are only in their “preliminary stages,” the press release says, and will likely involve investing or forming partnerships with other companies. One potential partner is providing “blockchain infrastructure for the financial services industry.” Another is building a “new smart contract platform for building decentralized applications.”

The former Long Island Ice Tea Company is following the lead of other companies that have seen their value skyrocket after announcing blockchain-related moves. One small financial technology company saw its value skyrocket after it announced a blockchain-related acquisition. In October, a biotech company saw its value skyrocket after it renamed itself “Riot Blockchain.”

The move is reminiscent of the late 1990s, when companies could see their stock prices soar if they added “.com” to their names.

This content was originally published here.

Is TokenPay Partnering with Verge (XVG) a Real Deal?

Is TokenPay Partnering with Verge (XVG) a Real Deal?

The whole excitement on this matter initiated with the first crowdfunding introduced by Verge (XVG). The team specified through Twitter the reason behind their request that they want the said amount to get an essential partnership. The excitement that they carried out in the public did a wonderful job for the team because they were able to accumulate the required amount very quickly. In order to disclose the secret partnership which cost investors a frail 75 million XVG, we are at present waiting for Verge.

Is Verge Partnering up with TokenPay a real deal?

From the time the declaration made by the XVG team that they are beginning with a very vital crowdfunding through which XVG would rapidly increase and this will also aid them to gain a key partnership which the crypto fans were eagerly waiting.

The disclosure of the secret partnership that was stated by Verge in their movement through Twitter as it is considered to be the widespread social networks for crypto fans, is the prize for all those investors and holders who assisted in gathering 75 million XVG before the movement ended.

From that time we are eager to know the amount behind the secret partnership, hence many have begun to presume about the secret partner. And as this assumption was not controlled, even now Verge is getting funds in their crowdfunding movement because investors are pushing XVG; despite that, they have achieved the goal of 75 million. And when the movement came to an end, their expectation rose, and so it turned into an overall view that TokenPay is positioning after the secret partnership.

You are mistaken if you are one in the mass of crypto fans that consider that TokenPay is smacking behind the mystery which has been built by XVG. Surely, TokenPay is not behind the secret partnership and this confirmation will be official as soon as the CEO of TokenPay, Derek Capo tweeted back on this topic.

By saying that TokenPay is by no means the secret partner which the XVG is preparing to disclose, he rejected the accusations. However, he added that TokenPay is preparing to pair up with XVG because the TokenPay team is functioning on numerous projects which will surely contain XVG in the story.

Finally, in his official pronouncement, Capo said that crypto societies must stay united so that they can push cryptocurrencies and blockchain-based technology and making such assets relevant in several “real life” objectives.

Verge and the Unveiling of the Mystery Partnership

A pronouncement was made of the crowdfunding movement and it was believed to help in the additional progress of Verge and also its features. Along with this, another declaration was made that the 75 million XVG may reveal a secret partnership. And through Twitter, another pronouncement was made that the partnership which was attained was because of the devotion of the investors and holders.

Each day, it is coming nearer to the day that is stated, and so the expectation is increasing. As it was previously decided that TokenPay is not at all the secret partner about which all are talking, we just have to wait for 17th April to know about a 75 million XVG partnership.

It is for sure that the crowdfunding movement was declared at the right time when XVG was growing in the market and rising in its value and also mounting in the globe of most demanded and widely held cryptos. Because of the increase in expectation, XVG is growing in agreement with the buildup that is surrounding this mystery.

How is Verge doing at the Current Moment?

As XVG is very successfully dealing in the green at present, it looks that XVG is doing quite well in the market. We can perhaps thank the crowdfunding movement for increasing the value of Verge in the market. After the recent change in the market, in the last 24 hours, Verge has moved up to 0.15%, and this one is among the several increases that this currency has gained in the previous week.

Along with the latest change in its value, Verge is continuing to deal against the dollar, while dealing in the green. Also, XVG is trading up against BTC, rising around 2% which says that Verge is developing with a very fast speed competing with the first currency on the list of global coin ranking. Currently, Verge can be purchased at 0.094$ per one XVG unit, whereas it is slowly and steadily going closer to its greatest of 0.23$ per one unit, as was recorded in December 2017.

This content was originally published here.

Litecoin [LTC]’s Charlie Lee to back TokenPay in exchange for WEG Bank acquisition

On July 10th, Founder of the 6th largest cryptocurrency, Charlie Lee announced a partnership between Litecoin and TokenPay wherein the previously acquired 9.9% of the WEG Bank by TokenPay was moved to Litecoin Foundation. In return, Litecoin Foundation will provide TokenPay with its high-tech blockchain services along with intense marketing support to back TokenPay, its operations and the native token.

Charlie Lee's recent tweet | Source: Twitter

Charlie Lee’s recent tweet | Source: Twitter


About two months ago, TokenPay Swiss AG revealed a closed deal with the WEG Bank regarding its 9.9% acquisition of the bank with an eligibility to purchase an estimated 80-90% of the bank post customary regulatory approval.

Litecoin and TokenPay are aiming at the cryptocurrency FinTech sector to innovate unique and modern solutions and deploy them into the existing scenario.

TokenPay believes that this partnership will bring much evolution to their current ecosystem to propel the wheel of success. According to analysts, there are multiple key points of focus for a mutual success in this strategic deal. They are:

  • The TPAY token and its native blockchain
  • The EFIN token and DEX, its decentralized exchange
  • Management of TokenSuisse
  • Structured financial products
  • High-selling consumer debit cards
  • TokenPay Multisignature Transaction Engine [designed for speedy and secure e-commerce transactions via crypto]

According to a German banking law, an entity has to gain the customary regulatory approval before it can acquire more than 9.9% of a bank. For this reason, another 9.9% of WEG Bank has also been acquired by TokenPay. Post the approval, TokenPay will further formulate a plan on its entitled acquisition on the rest of the WEG shares.

TokenPay, in its Medium blog, has also mentioned that Charlie Lee will be working on the TokenPay ecosystem’s built-in features. The TokenPay development team in tune with Charlie Lee’s expertise will deploy new offerings within the ecosystem for new advancements.


The payment platform also plans to add a huge customer-base to its debit card solutions services. The combination of Litecoin’s marketing aid, blockchain technology backup, and logistics in the WEG Bank and a closely-knit relationship with Verge Currency is viable to implement the plan. For the final touch, Litecoin is also a strong tool for creating an effective automation guideline and set standards for the bank to employ, leading to fresh opportunities.

This content was originally published here.

TokenPay [TPAY] speaks up: Clarity on 10% stake in bank, Token Suisse and more

On 16th July, TokenPay CEO Derek Capo, ran a live YouTube broadcast on TokenPay’s official channel to speak about TokenPay as a platform, his former business called eFin, his days as an entrepreneur, failures and more. This is in response to Bitcoin influencer Tone Vays‘ recent Twitter castigation of TokenPay and Litecoin partnership, the respective leaders and their acquisition of stakes in WEG Bank.

Derek Capo, along with crypto-enthusiast Sean Davis, approached the discussion by speaking about TokenPay’s recently released website. It is for the rebranding of TokenPay, which also displays the products that the company is working on. One of the main features is merchant services which are planned to be brought in August.

Merchant services are significant for the adoption of cryptocurrencies in businesses. The TokenPay CEO also added:

“Merchant services is needed in order for businesses to start accepting crypto and then once we start to get the ball rolling there we will get hopefully hundreds of thousands of businesses worldwide to be able to start accepting crypto.”

Since TokenPay is not as popular as Litecoin in the cryptocurrency space, the platform is following the push-pull business strategy to spread its adoption. Litecoin is pushing the adoption of their coin through sales while TokenPay still has a long way to go in terms of recognition of its ecosystem. This is why TokenPay is establishing more and more partnerships, explained Derek.

Next, he clarified the purpose of Token Suisse, which according to Derek, is going to be a regulated, registered broker-dealer. This is why TokenPay purchased the 10% stake of a bank. Post this purchase, TokenPay can issue certificates for coins. For instance, not all crypto-holders, especially institutions that want to actually hold their digital assets in a wallet. The exchanges are centralized, vulnerable to hacks, and do not always possess an insurance.

Many individuals of high net-worth invest in cryptocurrencies to diversify their portfolio. The role of Token Suisse is to issue certificates for that customer base. However, the certificate requires funds worth at least $1 milli0n to be executed. For acquiring such a certificate, Token Suisse may charge a yearly fee or an entry and exit fee. Currently, TPAY is not tradable but can only be invested via certification.

The conversation shifted to eFin, one of the startups of Derek and initially was a credit store for stocks that operated on several algorithms. On this, Derek admitted that the business failed within three to four months, due to a major competition and other factors. Furthermore, the domain name of this business, eFin, was versatile and decided to be built into a decentralized exchange.

Derek explained the reason for his interest in building a decentralized exchange. After stating that many cryptocurrency exchanges are attacked by hackers time and again, he said:

“We realized that there was obviously a demand for having a decentralized exchange but there was no big one out there that was actually doing a really good job, so what we decided to do was build an exchange and build a specific coin that would work within that exchange, apart from other coins that you can have in exchange.”

On the Litecoin-TokenPay deal, Derek said that the deal is important because of Litecoin’s huge reach on every exchange in the world, by default. He also mentioned that Charlie Lee can assist TokenPay to enter new networks, and vice-versa. He cites an example of the importance of having a wide reach by stating that the partnership deal was covered by a plethora of news portals online.

This content was originally published here.

Bitcoin could become illegal almost everywhere, after shocking discovery in the blockchain

The Bitcoin world is coming to grips with a shocking revelation that could potentially threaten the very existence of the world’s foremost cryptocurrency.

An analysis of the Bitcoin blockchain – the publicly accessible ledger of transactions upon which the system is built – has revealed this vast trove of data is irrevocably tainted with unremovable links to illegal child pornography, which are inevitably distributed among and by all users of the currency.

The discovery of this – in addition to other questionable and possibly outlawed content stored within the blockchain – hypothetically makes Bitcoin ownership illegal in almost every country that has laws against the possession and distribution of images of child abuse.

That’s the view of a team led by researchers from Germany’s RWTH Aachen University, who sifted through the blockchain to examine how much “arbitrary data” it contained.

While the open ledger is primarily intended to store financial information related to Bitcoin transactions, non-financial information can also be inserted into the blockchain by users on the system – and to drastic effect.

In their analysis, the researchers uncovered more than 1,600 inserted files on the blockchain, over 99 percent of which are texts or images, including links to child pornography, copyright violations, privacy violations and more.

The data capacity of each ‘block’ on the Bitcoin blockchain itself is a very slim 80 bytes. That’s not enough for actual images to be housed, but plenty for web links or other code pointers and references.

“Our analysis shows that certain content, eg. illegal pornography, can render the mere possession of a blockchain illegal,” the team writes in its paper.

“Since all blockchain data is downloaded and persistently stored by users, they are liable for any objectionable content added to the blockchain by others. Consequently, it would be illegal to participate in a blockchain-based [system] as soon as it contains illegal content.”

The potential ramifications of that statement can’t be emphasised enough. If the researchers’ contention is correct, the problems here aren’t limited to just Bitcoin.

Potentially any cryptocurrency or other technological system based around a user-manipulable (and permanent) blockchain could be susceptible to the same illegality – although this is very new territory legally speaking, which lawyers, judges, and legislators will have to address.

Right now, though, despite the controversial novelty of the researchers’ discovery, it looks like there’s a pretty arguable case that Bitcoin possession does in fact break the law.

As the researchers point out, 112 countries have ratified an optional protocol to the Convention on the Rights of the Child that makes possession of child pornography illegal – and the team’s preliminary analysis of statute law in the US, England, Germany, and Ireland suggests Bitcoin ownership could already be a legal violation in those countries.

In other quarters, some argue that mere links to illegal content should not be conflated with illegal content itself. That’s one point of view, but given the seriousness with which lawmakers treat child pornography, it’s not like Bitcoin doesn’t have a serious issue here.

In any case, it will be up to courts and legislators to determine how to regulate Bitcoin and the problematic contents of its blockchain, now that the topic is facing much greater publicity.

Interpol actually identified this threat of illegal or dangerous (ie. malware) content being embedded in blockchain systems back in 2015.

In their analysis, the researchers didn’t find any malware, but they did turn up evidence of all sorts of random information interspersed in Bitcoin’s public record.

This includes wedding photos, emails, chat logs, cryptographic keys, and WikiLeaks data – in addition to a copy of the famous original Bitcoin paper, whose anonymous author has never been formally identified.

We wonder, did the mysterious creator of Bitcoin ever imagine the paradoxical complexity of this loaded Trojan Horse they were setting loose upon the world?

We’ll probably never know the answer, but we doubt we’ve heard the last of this.

This content was originally published here.

Sharing impressions: Blockchain & Bitcoin Conference

Blockchain and Bitcoin conference in Tallinn has positively surprised with an amount of participants and overall mood of the day. Akaiito team has got benefitial knowledge and met a lot of new and interesting people sharing the same passion as we are: blockchain technology and crypto development. Speakers from all over the world has been sharing own experiences, opinions and ideas.

During the conference has been as well touched G20 and its outcome topic. Thierry Vallat (Founder at Cabinet Thierry Vallat) commented, that France and Germany in particular had a wish for implementing crypto sphere regulations, but lack of understanding on high political level what is actually blockchain and is it it bad or good, was so far an obstacle for regulations implementation. He noted as well, that it is obvious that there are more advantages from blockchain technology, than disadvantages. Hopefully, it is just a matter of time untill all nations will come up to this understanding.
Regardless of not so good current situation on crypto market, public mood was very positive. Crypto currencies and ICO are restricted in some countries, but during the conference it was clearly visible, that development is ongoing and blockchain is continuing to change the world. Akaiito in also developing and intend to change the world to better side. Akaiito wants to connect crypto world to real world and make crypto usage more comfortable to all crypto holders.

Akaiito team met interesting people from Asia and we are looking forward for our meeting in Tokyo. Also one Korean start up is opening an office in Tallinn and we are not surprised why team has choosen Estonia for the start of expansion road. Estonia is country very loyal to crypto currencies and blockchain. Therefore future worldwide platform Akaiito is glad to be born in Estonia.

We are very proud, that such a small, but progressive country as Estonia is very active in hosting Blockchain Conferences! Only 2.5 months ago there has been an amazing Moontec Conference, were Akaiito team has a pleasure to participate as well.

This content was originally published here.

TokenPay Responds to False Allegations

It has recently come to our attention that there is a website that has been designed to harm the reputation of the TokenPay company by making false and defamatory statements. This has been done in a well documented attempt to extort us for several hundred thousand dollars worth of cryptocurrency, namely Bitcoin and TPAY (ironically). Unfortunately, some community members believe this nonsense, or FUD. Therefore, we will address these preposterous allegations once and for all point-by-point in this post.

False Allegation #1

“TokenPay Token Sale was Illegal, Deceptive and Fraudulent.”

The allegations are that there was no TokenPay company at the time of the token sale, and therefore Derek Capo cannot be considered CEO because no actual legal entity existed as TokenPay. Furthermore, allegations are made that Derek Capo, as a US citizen, fraudulently sold TPAY coins to Americans and this would be considered illegal by the SEC and other regulators. Also, it is falsely alleged that funds have been misappropriated to founders and stakeholders of the project.

The Facts #1

“TokenPay Token Sale Exceeds Industry Best Practices.”

It is ridiculous and meaningless to even debate corporate titles. A little kid with a lemonade stand can take the title of CEO. There are multiple, and legally unrelated, TokenPay companies that exist around the world. It is common for a startup to wait until it is well funded before formalizing costly administrative procedures. While the initial plan was to offer TPAY coins without geographical restriction in exchange for Bitcoin during the token sale, a few days in to the sale the decision was made to refund American purchasers. US persons were therefore prohibited from participating in the token sale.
TokenPay Technology Ltd. is the only blockchain development company that we are aware of that goes so far as to block the download of its wallets to the USA in the Apple App Store, Google Play and on our own TokenPay.com website. US persons are further prohibited from registering and using TokenPay’s eFIN DEX and other related ecosystem products. Despite crypto-to-crypto wallets not generally considered to be Money Services Businesses, we continue to act on an abundance of caution. The allegations suggest that the SEC, which is a US regulator of the investment industry, would have an interest in our company. However, TokenPay has never sold investment products. We have never been contacted by the SEC and believe that the idea of any regulator’s interest into TokenPay is utterly absurd. We do not rule out the future entry in to new and different markets in a licensed and regulated fashion, but only after extensive legal review.
The TokenPay token sale consisted of the sale or barter of TokenPay’s own developed and fully live, functional and unique TPAY blockchain coin for Bitcoin. Fiat currency was never accepted. This in fact exceeds the industry norm of exchanging a non-blockchain security-like ERC-20 token for Ethereum. To our knowledge, no other company has ever conducted a token sale in this fashion by trading one working blockchain coin for another. Furthermore, given the lucrative bonus structure at the time of the sale, participants were able to exchange Bitcoin for TPAY at a rate that is generally considered to be favorable at all times since the sale. TPAY is an open source blockchain coin that has been responsibly maintained by TokenPay, as developers. Anybody can contribute to its development and adoption, and the community is actively involved in both. TPAY performs exactly as it was intended to do without any technological fails. Users of the product and the associated wallets and other infrastructure are generally very content.
Finally, the suggestion that the TPAY Token Sale generated $34.2 Million is completely false and detached from reality. The sale generated 2017 Bitcoin total. This occurred during a time period where the price of a Bitcoin varied from $9000 to $19000. Regardless of the market price for Bitcoin, it was not until the middle of Q1 2018 that we established the necessary International banking relationships to be able to transact in cryptocurrency. This was not an easy feat and required months of meetings around the globe with dozens of different bankers. By the time we had a workable solution in place, the price of Bitcoin was closer to $7000 and it dropped quickly after that. Only through various hedging within exchanges, were we able to achieve some level of semblance.
All of the Bitcoin collected and earned through Bitcoin hedging initiatives has been invested directly into the ecosystem. The founders work on this project full-time, 24/7, 365 days per year for compensation well below the industry norm. Unlike most projects from the 2017 bubble, the proceeds from the token sale are not viewed as a personal piggy bank and every bit is accounted for. There are no TokenPay Lambos. We are “all-in” on the TokenPay ecosystem and have been extremely transparent on spending, and that spending well exceeds $10 Million in “major purchases and partnerships” in addition to a monthly six-figure development spend. At this time we are directly responsible for the employment of about 40 people, most of them developers. TokenPay is a strategic partner of the Litecoin Foundation and Verge Currency , WEG Bank, TokenSuisse, Blocksize , TokenGaming and more. Many of these are equity deals as well, which affords us a certain amount of influence in decision making and push for TPAY adoption.

False Allegation #2

“TPAY Team and Founder Coins were never locked, and are being staked in order to deprive the community of staking rewards.”

The allegations is that the TokenPay Team has never locked its coins, as indicated in the TPAY Whitepaper, and stakes these coins in order to harm the community.

The Facts #2

“Not a single TPAY has ever moved from the Team or Founder wallets.”

It is very simple to prove that the allegations here are false. Simply put, not a single coin or transaction has ever been moved or transferred from the Team or Founders wallets. As a transparent open source blockchain project, this is very easy to see. Here are the links to the TPAY blockchain explorer of the two wallets in question:
https://explorer.tpay.ai/address/TSYSy7rsWuvX3hdbdW8vCUBo5tm6quYXXS https://explorer.tpay.ai/address/TV8c1pxLisfsmysKyXBoPT11xxK1acYSKV
In fact, the initial lockup period of the coins belonging to both of these wallets expired a year after the end of the Token Sale. This would be the end of 2018. Nevertheless, the TokenPay Team and Founders remain committed to the project and have not sold or transferred a single TPAY coin. This is indisputable fact, not an objective opinion. The suggestion that staking the coins shows malicious intent towards the community is nonsensical. With approximately 4 Million TPAY controlled by the Team and Founders, staking is not only responsible, but necessary for the blockchain network security and strength.
Accordingly, TPAY is a blockchain coin, and not an ERC-20. To stake an ERC-20 token for rewards has no technological impact or benefit. But with TPAY, staking is what drives its blockchain network. Because so many are staking TPAY in order to benefit from rewards, the blockchain is extremely fast and secure with multiple nodes all over the globe. For this reason TPAY transactions are nearly instant. Furthermore, we believe that the Team and Founders also deserve to benefit from the rewards of staking like anybody else. It is a decentralized blockchain protocol after all. Finally, the TokenPay Whitepaper promised 5% staking rewards for Year 1 and 1% in Year 2, and actual TPAY staking rewards have well exceeded this by an exceptional multiple as we are well into Year 2 now and even with increased benefits to staking TPAY, the reward payout is still 10%-15%. Therefore, it is again obvious that the community is not being deprived of rewards, but in fact the opposite is true as rewards have greatly exceeded expectations.

False Allegation #3

“2.5 Million TPAY were sold into the market to benefit the Founders in a fabricated domain deal.”

The allegations are that TokenPay enriched its founders by buying domains from itself with TPAY in an apparent act of embezzlement.

The Facts #3

“TokenPay has acquired from an unrelated third party, a nearly $15 Million portfolio of domain names for a new TokenPay ecosystem product”

Perhaps the most egregious accusation is that TokenPay fabricated a deal to purchase domains from a related party in order to enrich itself. This could not be further from the truth. We have been talking to and have had a working relationship with an industry renowned domainer named Oliver Hoger for less than a year. Prior to this time, nobody on the TokenPay Team or Founder or any related party has ever been in contact with him. Derek Capo met him on the boat in Amsterdam during the first Verge Currency event. Since that time we made small deals. For instance, EXM.com was announced and it was purchased with TPAY. The domain was acquired for a future ecosystem project. Following this deal we would regularly ask Oliver if he had any more domains. We are e-commerce junkies at heart and know the value in domain names for the TokenPay ecosystem. We also wanted to properly leverage our TPAY for the future benefit and sustainability of the ecosystem at a time when this was favorable.
In August 2018, Oliver approached us with an opportunity to obtain a sizable portfolio of domain names, almost entirely for TPAY. Multiple sellers were involved, and all agreed to accept TPAY. Consistent with our strategy of vertical integration and extensive experience on building consumer facing websites, our plan was to build out a domain name reseller and related services business and integrate it with the TokenPay Merchant platform. We have already launched TokenDomains.com and it features nearly $15 Million worth of resale domains. This valuation is from Estibot, a third party appraiser. We believe that TokenPay unquestionably owns one of the top domain portfolios in the world. We are in the process of adding related services like domain registrations, web hosting and a third party domain reseller platform to our platform. All of this is crypto driven and the proceeds from this enterprise are fed back into the TokenPay ecosystem in a very unique way which we have publicly discussed on social media. We are also building out many e-commerce sites in the same fashion with marquee domain names, like Suitcases.com, VegasDeals.com, Excavation.com and Toothache.com to name only a few.
Here is how it all works and benefits TPAY stakers. Among several other staking based rewards, TPAY stakers are eligible to receive Airdrops of the DOT coin which is tied to the platform revenues of the domain and e-commerce business. These revenues will be collected directly in both cryptocurrency and fiat. The fiat will be converted to TPAY and then further distributed to the holders of the DOT coin that are staking a pre-determined amount of TPAY. This is our staking rewards driven ecosystem. We believe that we have pioneered this and it is the most viable path to real crypto adoption. Staking TPAY has real technological benefits for the blockchain and we will reward these activities with Airdrops and revenue reward incentives.
Due to our always transparent manner of doing business, we immediately disclosed the acquisitions and also the details of the transaction. Approximately 2.5 Million TPAY were transacted in a short period of time, representing funds from our capital expenditures budget, as noted in the TokenPay Whitepaper, and different disclosed buy backs of TPAY that we performed in the months prior to this event. Unequivocally, there were no related party transactions of domains. The seller of the domains was either Oliver Hoger or contacts only known to him where he brokered the deals. We had no prior relationship with Oliver Hoger other than purchasing EXM.com before moving on to this larger deal. The domains that were acquired are not for personal use and represent a major part of our ecosystem. The reason this deal became so controversial is because many of the transacted parties clearly negotiated their TPAY in the open market which caused significant selling pressure absent of sufficient liquidity. We have since, at our own expense, added professional market makers and several new exchanges to the TPAY market. This has the effect of calming volatility. Also, we do not and have never sold any material amount of TPAY directly into the open market.

False Allegation #4

“TokenPay uses Twitter to pump and dump the price of TPAY.”

The allegations are that TokenPay is engaged in a deliberate scheme to use media to hype the price of TPAY and sell it to make a profit.

The Facts #4

“TokenPay has never sold any material amount of TPAY in the market.”

While we have sold some TPAY from time-to-time on different exchanges, the total value of these sales from inception is under $100,000 and hardly significant in a market that regularly trades several hundred thousand dollars per day in volume. We remain interested in the TPAY market, it is fascinating. In fact, our open market buys of TPAY have greatly exceeded this number by a wide margin. So while it is possible that there have been media events that have triggered a move in the price of TPAY, we have never benefited or attempted to benefit from this. We operate with a very strict code of ethics. Our corporate account trading records will prove this fact if ever questioned. The Team or Founders that are privy to any potentially market moving information do not have accounts anywhere TPAY is traded. As well, nearly the entire organization, including many Telegram Admins and Beta Testers have signed corporate NDAs. As mentioned previously, we are committed to enhancing liquidity and have engaged professional market makers to tighten the bid and ask spread of TPAY ahead of the imminent TokenPay Merchant Platform launch.

False Allegation #5

“TokenSuisse and WEG Bank are fake partnerships”

The allegations are that TokenSuisse does not include TPAY in its indexes and that WEG Bank is a failed real estate lending bank that will never be able to issue crypto debit cards.

The Facts #5

“TokenSuisse and WEG Bank are official strategic and equity partners of TokenPay Swiss AG that play a vital role in the TokenPay ecosystem”

Firstly, TokenSuisse was known as Coinlab Capital before TokenPay Swiss AG made a deal to acquire part of the company. It is a well known Swiss asset manager, and it has created two different crypto index investment products before any deal with TokenPay. These are the Crypto Star Index and the Crypto Venture Portfolio. Like any other financial index product, changing existing components following the launch is usually not feasible as they have been created with a defined investment strategy. So it is true that TPAY does not exist in these legacy index portfolio products. But this is because the partnership with TokenPay was formed following the product creations. Since then, there has been two new products released by TokenSuisse and both have featured TPAY. One is the Privacy Coins Portfolio, which can be seen at PrivacyCoins.com . It features four industry leading privacy coins at equal portfolio weight, one of which is TPAY and the other three are XMR, DASH and ZEC. The second product released by TokenSuisse since our partnership is the TPAY Tracker Certificate, which is an index product that directly tracks TPAY. It is clear that this partnership is alive and well and delivering above expectations.
It is also alleged that WEG Bank is just a failed mortgage lending shell bank when this could not be further from the truth. In fact, WEG Bank maintains a profitable niche lending business where it offers emergency loans at above market rates to home owners associations. The CEO Matthias Von Hauff deeply understands fintech, and has been working since early 2018 on a sensible structure that will work for many years to come. He recently announced that the bank is now accepting crypto corporate accounts. This is huge news in the banking industry and unfathomable structural, legal and compliance work was put into building the proper systems to enable this product offering. Lisk was the first corporate account beta, and that was successful. Charlie Lee and the Litecoin Foundation is another partner in the bank and TokenPay brought them on board as part of our overall strategic partnership. Other recent equity partners include another crypto project called Nimiq. Debit cards have been discussed by us since inception and we have seen cards (just like crypto bank accounts) come and go with no viable long-term solution.
We strongly believe that WEG Bank will be that long-term viable solution for debit cards and other crypto banking products. The wheels are turning and the results from this partnership has frankly well exceeds any expectations. The competition has literally floundered when it comes to crypto banking on the international playing field. Everything new represents a regulatory challenge. However, with an experienced leader like Matthias Von Hauff at the helm, we are very confident about the future of WEG Bank and the essence of our partnership.

This content was originally published here.

Bringing Crypto to the Masses: Litecoin and TokenPay Form Strategic Partnership

@LTCFoundation and @TokenPay have entered into a strategic partnership to buy a stake in a German bank, WEG Bank AG. We plan to work on many exciting consumer-driven crypto solutions. Stay tuned! 🚀

TokenPay also announced that their partners at TokenSuisse will integrate Litecoin into their German banking platform (WEG AG), their merchant services platform, and their eFin decentralized exchange.

In the official announcement, Lee remarked:

“I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin.”

WEG Bank offers financial assistance to real-estate clients. The bank’s CEO, Matthias von Hauff, said he did not initially anticipate the partnership. However, after much thought concerning the future of the crypto space, an agreement was reached.

“We have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable.”

The strategic partnership will focus on several key aspects of TokenPay, including TPAY cryptocurrency and its blockchain, eFin decentralized exchange (DEX) and the EFIN coin, TokenSuisse asset management, and the WEG Bank FinTech platform, which handles consumer debit cards and the TokenPay Multisignature Transaction Engine.

Litepay’s Underhyped Successor

Litepay, although widely anticipated, did not pan out for The Litecoin Foundation as it never came to materialization, despite the hype surrounding it.

Nevertheless, it seems as though TokenPay may be Litepay’s reticent successor. This partnership provides the infrastructure for something similar to Litepay. It will be interesting to see what the future holds for both parties in this newly founded, symbiotic relationship.

Litecoin, currently ranked #6 by market cap, is up over the past 24 hours. LTC has a market cap of $4.51B with a 24 hour volume of $284.48M.

Litecoin is up 2.21% over the past 24 hours.

Cover Photo by Joel Filipe on Unsplash

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Jacob is an avid computer enthusiast interested in the crypto space and PC gaming hardware. When he’s not working on his site or writing articles you can usually find him in the outdoors with his buddies biking, hiking, and hopefully staying out of trouble. He aspires to help the average Joe learn more about computers.

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Report Claims 85% of the Monero Network Dominated by ASIC Miners

Report Claims 85% of the Monero Network Overshadowed by ASIC Miners

Over the last few years, certain cryptocurrency networks have tried to block ASIC mining with many fruitless attempts to forge ASIC-resistant protocols. Multiple cryptocurrency developers have attempted to brick ASIC miners, but with scant success. A perfect example is the privacy-centric digital currency Monero, a project that has tried to fork the software multiple times in order to gain ASIC resistance. Monero developers have once again failed in that respect as a recent analysis shows more than 85 percent of the Monero network is currently dominated by ASICs.

Despite ASIC Resistance Attempts, ASIC Miners Dominate Monero

In April last year, XMR developers forked the Monero software in order to block companies like Bitmain and Innosilicon from developing XMR-based ASIC miners. The end result was the birth of three other Monero forks with each project claiming to be the original version. Monero also forked again in October last year with another attempt to implement “Cryptonight variant 2” which was supposedly less ASIC friendly. A few months later on Feb. 7, a researcher published an analysis of the XMR network which detailed once again the protocol’s hashrate was dominated by ASIC machines.

Report Claims 85% of the Monero Network Dominated by ASIC Miners
XMR network nonce distribution vs. block 1,500,000 to block 1,761,369 vs. network hashrate. Source.

The analysis was written by a pseudonymous critic who used nonce forensics to figure out whether or not XMR’s nonce distribution processed at random numbers. In the blockchain world, a nonce is a random number that is employed just once in cryptographic communication and many patterns can be analyzed from queried data sets. For example, the BTC network exerts a 32-bit (4-byte) field, a value that is customized by miners so that the hash is less than or equal to the current target of the network. ASIC miners produce patterns, which are easily identified and distinct when looking at data sets.

Report Claims 85% of the Monero Network Dominated by ASIC Miners
The author notes a sudden increase of XMR network nonces in the sub 1.342*10⁹ area while all other areas dramatically decrease.

ASIC miners do try to hide by mimicking nonce selection with patterns that resemble non-ASIC machines. The April XMR fork that produced an extremely controversial four-way split saw large mining farms rejoin the network in just three days. The author notes, though, that miners had realized how to obfuscate nonce patterns. “ASIC manufacturers had learned from past mistakes and implemented random nonce picking,” the analysis explains. The report also adds that after the October fork last year, XMR developers had some success with the new Cryptonight variant, but ASIC miners quickly returned on “December 31st, 2018 near block 1,738,000.”

“At the time of writing the network hash rate has increased to 810 Mh/s or 255 percent since the first signs of the ASICs at the end of December 2018, or approximately 40 days ago,” the study explains.

The report further details:

With the given numbers and methodology we can finally conclude that the current network hashrate likely consists of 85.2 percent ASICs (5400 ASIC machines) and some die-hard GPU miners and botnets.

Report Claims 85% of the Monero Network Dominated by ASIC Miners
XMR network showing ASIC-free periods and then the hashrate dominated by ASICs.

ASIC Resistance Continues to Fail

The Monero network is not the only project that has failed to thwart ASIC miners. In May last year, the Bitcoin Gold (BTG) protocol felt threatened by ASIC miners after the creation of the Equihash-based Antminer Z9 mining rig. Not too long after that, the BTG network was hijacked by a 51 percent attack and double spends. Similarly, another project that has tried to avoid ASIC domination is the Zcash protocol, but as of May 2018, research detailed that 30 percent of the network was mined by ASIC machines. Ethereum users last year were also concerned when Bitmain released its Antminer E3, a miner that processes the Ethhash (ETH) hashing algorithm. One Ethereum proponent explained at the time that “a regularly scheduled PoW change, like Monero” was needed.

Report Claims 85% of the Monero Network Dominated by ASIC Miners
ASIC resistance has never fared well since the creation of Litecoin (LTC).

ASIC resistance promises have continuously enticed manufacturers to produce machines that mine these coins. Another great example is when Sia network developers attempted to brick companies like Bitmain from creating Sia-based ASICs. Of course, the ASIC resistant endeavor met with disaster and the developers created the Obelisk algorithm. Ironically, ASICs rigs that mine Obelisk today are the most profitable ASIC mining rigs on the market and a decent machine will rake in $42 a day. Old school veterans will also never forget Charlie Lee’s attempt to create an ASIC-resistant cryptocurrency when he developed the Litecoin (LTC) network’s scrypt algorithm. When LTC first launched, ASIC resistance was supposed to be one of the project’s greatest benefits, but not too long after the launch, it turned out to be minable by application-specific semiconductors.

Once again, Monero developers are faced with a decision of whether to continue trying to fork off so ASIC miners cannot dominate the network. The threat comes at a time when ASIC mineable networks with very low hashrates are extremely susceptible to 51 percent attacks and reorganizations. With lots of studies detailing how easily ASIC farms command these protocols, the question remains: is ASIC resistance just a cat and mouse game that’s destined to bring little more than fleeting results?

What do you think about the research paper that explains ASIC miners control more than 85 percent of the XMR hashrate? Do you think developers should continue fighting ASICs or is ASIC resistance a waste of time? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, MoneroCrusher, Pixabay, and Jamie Redman.  


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Bitcoin alternative Ethereum tops $500 on UBS-led blockchain pilot

Ether, the digital token of the Ethereum blockchain, just reached a major milestone.

Jaap Arriens | NurPhoto via Getty Images

Ether, the digital token of the Ethereum blockchain, is the second-largest cryptocurrency in the world by market value.

This content was originally published here.