Why Apple Pay is a threat to Bitcoin news

Apple PayApple Pay is not even on the market yet and may already have won the battle against Bitcoin. Just like the digital currency, Apple Pay is a payment system, which people are likely to use more than Bitcoin.

Cupertino has taken great care to ensure that this will happen and to focus on three key areas: Front-end experience, financial institutions and traders.

So what will the Commnity of Bitcoin news do?

Apple’s Holy Trinity. Apple has the customer experience on its side. With the new iPhone, the Bitcoin news about the payment system will be rolled out and together with Apple Watch, Apple has attracted an incomparable amount of media interest.

On the first weekend alone, 10 million iPhone 6s were sold. The watch is also selling in droves. Of course not all users will also make use of Bitcoin news, but some will use it with great certainty and not so many people own Bitcoin.

Then there are the dealers. Long before Apple announced the payment system, the company had already signed contracts with well-known companies. Companies like Whole Foods, Bloomingdeals, Staple, Walgreens and Subway have already signed.

Thumbs up for security

Apple has also been waiting for the right time to introduce Apple Pay: Point-of-Sale (POS) systems require Near Field Cummunication (NFC) and the systems that support this technology can be very expensive. Many companies need to upgrade their systems by the deadline next October anyway. This is because American companies will then be required to set up the chip and pin technology that is already supported by most major credit card providers as a security feature. If the companies have not upgraded their systems to the aforementioned deadine, they can be held responsible for card misuse. So far, the credit card providers are still liable. If the companies have to make an update anyway, the simultaneous installation of an NFC system will certainly be cheaper.

On the financial side, Apple has already secured Visa, MasterCard and Amex.

Moreover, because Apple makes use of so-called tokens and a temporally dynamic number, no credit card part is transmitted to the merchant. This feature promises the customer a high level of security.

Then there is of course the biometric iTouch system, which is needed to identify the user. iTouch also has its critics, of course, but it is far better than the previous method of verifying the user’s signature. Most employees don’t even pay attention to the correspondence of the signature. Even the outdated PIN procedure, which can easily be spyed on, is no longer a match for the iTouch procedure.

Binance and Chainalysis fight against Bitcoin secret

Binance, the world’s largest Bitcoin exchange by market capitalization, is planning measures against money laundering with crypto currencies. By integrating the Chainalysis KYT software, the exchange is expanding its compliance with classic financial market regulations.

Binance crypto exchange and the Bitcoin secret

As Chainalysis announced yesterday, Thursday, 18 October, the company is now working with the Bitcoin secret. Binance uses the Chainalysis software KYT („Know Your Transaction“) to establish compliance in the area of money laundering. According to the company, KYT is software specially developed for the transfer of Bitcoin secret money laundering activities. Chainalysis on Medium describes how it works as follows:

„Chainalysis KYT provides real-time feedback on the underlying purpose of transactions and feeds this feedback into the stock exchange transaction processing engine. Compliance staff use our dashboard to generate high-risk customer alerts and export suspicious activity reports.“

Chainalysis KYT is based on a set of proprietary algorithms that use a number of open source resources to identify and report suspicious patterns in the transaction behavior of monitored wallets.

Since this year, the tool has also included the monitoring of BCH in addition to the analysis of BTC.

Binance drives professionalization forward

We have already reported in detail on Binance’s expansion efforts in Africa. The cooperation with Chainalysis must therefore be seen in the light of the exchange’s growth intentions. These are accompanied by strict regulations, which the exchange must comply with. Binance CFO Wei Zhou adds:

„By working with Chainalysis, we can build a compliance program that will enable the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and promote the freedom of money worldwide, while complying with the legal requirements in the countries where we operate“.

It is precisely these legal requirements that may have led Binance to partner with Chainalysis. The tool helps the Exchanges to comply with the legal know-your-customer and anti-money laundering regulations. This type of compliance could ultimately enable stock exchanges to get hold of their longed-for bank licenses.

IAMPASS: IOTAs Tangle as basis for Smart Cities

The IOTA Foundation has announced a new partnership. With this partnership, they want to further their efforts in the area of smart homes and digital identity. With IAMPASS, the areas of Digital Identity, Smart Cities and IOTAs Tangle will come together better.

Digital identity, Internet of Things and Smart Homes – these are probably the key words when it comes to our digital future. The fact that the IOTA Foundation with its Tangle wants to offer the technical infrastructure for this should be familiar to most people interested in cryptography by now. With a new partnership, this goal should now come a few bytes closer.

A dream for the Bitcoin loophole

The Tangle will soon be the basis for a new identification system like this https://www.onlinebetrug.net/en/bitcoin-loophole/. A dream for all data collectors: The vein patterns in the palm of the hand should be used to perfectly identify, register and digitally image people on the tangle. With IAMPASS all this should become possible – one expects a secure and no longer manipulable illustration of Bitcoin loophole identity data.

IOTA: Digital Identity and the Tangle

In connection with Smart Cities, the project is still thinking ahead. A process called Masked Authenticiated Messaging will make it possible to recharge smart cars via the digital account. IOTA recently announced this in a blog post.

The advantages of a decentralized administration of identity are obvious. The distribution is moving away from centralized mountains of data to decentralized individual nodes that are designed to simplify identification.

Toan Nguyen, Director Business Development & Cloud Platform of IAMPASS:

„Distributed ledger technologies are becoming a key component of new initiatives in smart cities and digitization. This is especially true for data management and security. IOTA’s Tangle is particularly suitable for the emerging security applications for digital identity and personal data. Together, we expect the IOTA ecosystem and IAMPASS to help drive the next phase of digital identity management for high-security environments such as data centers and the smart city.“

So when IAMPASS‘ plans work out, it will soon be possible to identify yourself by the arrangement of veins on the palm of your hand, recharge your smart car and let it drive you into a fully networked smart home. (Provided the necessary small change is there).

Nano-Theft on BitGrail: Lawsuit against the Nano-Core Team

In the United States, a class action lawsuit was filed in the District Court of the Eastern District of New York by Nano Investors (XRB, formerly Raiblocks). The plaintiff, like Exchange BitGrail, is demanding a hard fork from the Nano Core team to compensate the investors. The consequences of such a judgement are not foreseeable for Nano and the crypto economy.

Nano, formerly RaiBlocks, is a blockchain-based system in which individual wallet hosts own their own blockchain. The individual blockchains of the users are compared with each other via a blockchain lattice. According to the team behind Nano, the scaling problem will be solved and free transactions will be possible. BTC-ECHO presented the system in more detail some time ago.

Demanding a hard fork to save the money

With this lawsuit one wants to enforce a kind of „rescue fork“ into a new crypto currency by the Nano-Core team in order to compensate the investors. BitGrail operator Francesco „The Bomber“ Firano revealed the theft on 09.02.2018. Subsequently, there was a conflict with the nano developers over the question of whether the blockchain should be adapted afterwards to the advantage of the investors. Nano then accused Firano on the official blog of wanting to mislead the developer team and the community.

Silver Miller will contact numerous other alleged co-plaintiffs during the investigation phase. The firm sees itself as a strong defender of crypto fraud. The firm is currently involved in various legal disputes against large crypto exchanges such as Coinbase and Kraken as well as ICO promoters such as Monkey Capital and Tezos. In addition, the firm advertises with a fee on a success basis: This is therefore only due if the plaintiff receives compensation in full or at least in part.

Rescue of investors or attack on decentralization?

Due to the loss of possibly several hundred euros, it is understandable that investors are now reacting emotionally. There is, however, to consider, with which carelessness the affected persons want to put the decentralization of a blockchain-based web system into the centralized hands of the judiciary. It is therefore questionable whether the philosophy of a decentralised blockchain can be justified. There is a danger that such a precedent will emerge with which one wants to control decentralized systems.

In mid-February 2018, 17 million nano (then worth 160 million euros) were stolen from the crypto exchange. The BitGrail team then requested a hard fork from the Nano Development team to undo this theft, which the team behind Nano rejected. This Hard Fork was not simply rejected, but was considered impossible from the developer’s point of view.

This classification, however, does not seem to be shared by all. By Alex Brola as the named plaintiff, represented by the law firm Silver Miller, a lawsuit was filed. Brola bought on 10.12.2017 Nano worth 50,000 US dollars. He is not suing against the Italian Exchange BitGrail itself, but against the Nano-Core team. The lawsuit alleges the improper sale of unregistered securities and the fact that Exchange has been negligently failed to provide reliability.

Whatever side of this debate you may be on, the whole BitGrail case is one of many examples that show that you should not keep large sums on an exchange. These should be transferred to wallets where you have the power over the private key.