Tag: latest news

SINGAPORE – December 09, 2018 Huobi Derivative Market (Huobi DM) will be integrated with Huobi Global, the blockchain giant’s flagship cryptocurrency exchange platform, from December 10, 2018 onwards. The move will allow Huobi users to enjoy a seamless user experience and fuller accessibility to a variety of Huobi products.

“As the cryptocurrency market expands and matures, sophisticated traders are increasingly looking for a broader range of tools. Integrating Huobi DM with Huobi Global allows us to better serve those user’s needs by offering them our full range of trading services in one convenient place,” said Livio Weng, CEO of Huobi Global.

Huobi DM allows users the ability to trade on both rising and falling Bitcoin (BTC) and Ethereum (ETH) prices. In addition to allowing users to take long and short positions, it provides tools for arbitrage, speculation, and hedging. Huobi DM currently offers weekly, bi-weekly and quarterly cryptocurrency contracts.

While similar services do exist from other providers, Huobi DM sets itself apart via:

• Superior risk management: including Price Limit, Order Limit, and Position Limit.
• Real-time risk supervision: we constantly monitor contract prices, index prices, abnormal transactions, and positions.
• Investor protections: including a 20,000 BTC Huobi Security Fund to protect users against catastrophic security failures and a dedicated Risk Management Insurance Fund for each trading pair against unfilled liquidation order losses.
• Preferential trading fees and bonus for makers: only 03% for takers. Makers get 0.01% bonus.
• Leverage flexibility: Huobi DM offers 1X, 5X, 10X, and 20X leverage.
• Speed: high memory and 10X matching speed compared to market average speed.

As an introductory special, Huobi will be running a number of promotions for its users. Among other benefits, we will give out 1,000 Huobi Tokens (HTs) to three lucky users who have completed risk certifications and opened contract transactions in December. The top 8,000 users who have completed risk certification and made at least one transaction will get 5 HT over the same period.

Huobi DM is not available to users from the United States of America, Singapore, Israel, Iraq, Hong Kong (China), Cuba, Iran, North Korea, Sudan, Malaysia, Syria, Samoa Eastern, Puerto Rico, Guam, Bangladesh, Ecuador and Kyrgyzstan.

For more information, please visit www.hbg.com

For enquiries please contact: media@huobi.com

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SINGAPORE – December 6, 2018 Huobi Group has announced Livio Weng as the CEO of Huobi Global, the blockchain giant’s flagship cryptocurrency exchange business.

“We’re very pleased to announce this news. Livio’s background and leadership abilities made him a natural fit for this role and we are confident that he will be instrumental in taking Huobi to the next level as we continue to expand into the global marketplace,” said Leon Li, Founder and CEO of Huobi Group.

Weng, who was born in 1987 and who has been with the company since August, will continue his existing duties overseeing marketing, public relations, and business development for Huobi Global’s parent company on top of handling the Huobi Global exchange business. He commented: “I’m deeply humbled by this honor and in Leon’s faith in me. I relish the challenge and opportunity of piloting Huobi Global into the next era of the blockchain revolution.”

Weng is no stranger to high growth technologies, fintech, or business, having previously served in a senior management position with Jiedaibao, a Chinese peer-to-peer financial lending platform that has raised over USD 600 million to date. He also served as Product Director at Sohu Inc and played an integral role in shaping the Kuaizhan mobile site. He was the founder of SXBBM.com, a social networking app targeted at university students.

He became interested in technology and business as a young age, learning computer programming while still in high school and later studying it at Tsinghua University, where he graduated with a master’s degree in software engineering.

“I think that blockchain and crypto are among the most important and world changing technologies of the 21^st century and I’m excited to be on the cutting edge of this change with a pioneering company like Huobi,” said Weng. “Over 2019 and beyond, people should expect to see a number of great new products and services as well as some big changes to Huobi Global.”

About Huobi:

Consisting of ten upstream and downstream enterprises, Huobi Group is the world’s leading blockchain company. Established in 2013, Huobi Group’s accumulative turnover exceeds US $1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries.

For enquiries please contact: media@huobi.com

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Author: Summer Chan

Tencent, widely known for its Internet-related service in China and globally, warns about a potential bug in Neo (NEO) blockchain; the bug will allow hackers to steal the native tokens from a remote location.

NEO, also known as the ‘Ethereum of China’, is currently ranked number 17th on coin market cap with a market capitalisation of $528 Million. Tencent went on to warn the users about on how to prevent the loss of tokens:

• Upgrade to the highest version of the NEO-CLI client program
• Avoid using remote RPC function, modify the address of BindAddress in the configuration file to 127.0.0.1
• If you have to use remote RPC functions, change the RPC port number, enable Https-based port of JSON-RPC-based interface, or set up a firewall, etc. to protect the security node

On the other side of the globe, Troy Kent, a threat researcher from Awake Security said crypto-mining software could be used to plot sinister cyber-attacks on corporations. During the InfoSecurity North America Conference, he told CNBC:

“With this attack, people are using a tool, a crypto miner that they’re used to seeing on their network. However, they’re not used to responding to it as though it is a legitimate threat, like a botnet or a Trojan.”

He warned the corporations that the cyber-security threat is highly plausible and it could be carried out in stealth mode; at the beginning, the hack may seem like crypto-jacking, which hackers hijack unsuspecting computer to mine for crypto-currencies. Subsequently, the credentials could be compromised to steal company secrets.

To deter such attacks, Kent suggests the use of advanced bug detectors like utilising behavioural and data analytics of the users.

While blockchain fans may argue that the technology has resolve the threat of data-tampering, blockchain technology remains to be a solution looking for a problem and cyber security might be of the least applicable.

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Author: Huixian

Taking up four of the convention halls at Singapore EXPO, Singapore Fintech Festival (SFF) 2018 has attracted approximately 45,000 attendees across the seven seas – double of last year. The third edition of the festival was kick-started by Saqib Shaikh, Software Engineer of Microsoft. He depicted a more inclusive society made possible by innovative technologies. Ravi Menon, Managing Director of MAS, said:

“Shaikh’s story exemplifies the core objective of Singapore Fintech Festival – innovation, inclusion, and inspiration.”

He added that to build on a stronger Fintech ecosystem; MAS is working on six components: people, identity, payments, data governance, applied research and platforms for innovation.

Other global leaders that graced the event include Narendra Modi, Prime Minister of India; Christine Lagarde, Managing Director of International Monetary Fund; Justin Trudeau, Prime Minister of Canada; Ong Ye Kung, Minister for Education of Singapore and Board Member of the Monetary Authority of Singapore (MAS); Heng Swee Keat, Minister for Finance of Singapore; Patrick Njoroge, Governor of Central Bank of Kenya, and Sonexay Sithphaxay, Governor of Bank of the Lao PDR.

Among the international luminaries, many global leaders have shown a keen interest in the developments of blockchain and digital currencies. Christine Lagarde highlighted the importance of digital assets as a backstop against monopolies and regulatory shortcomings. Though the Prime Minister of India, Narendra Modi joked about the herd mentality of investors on the blockchain, during World Congress on Information Technology 2018, he has mentioned that blockchain and IoT will have a profound impact on our daily lives and needs to be rapidly adopted in our workplace.

Other than being a heartthrob, Prime Minister of Canada, Justin Trudeau emphasised his country’s commitment to investing in solutions of tomorrow. Bank of Canada, Bank of England and MAS are working together to examine three models of cross-border payment. According to Sopnendu Mohanty, Chief FinTech Officer of MAS:

“This collaborative effort by the central banks and financial institutions across the three jurisdictions helps us identify gaps and areas of improvements in cross-border payments and sets the foundation for further technical experimentation.”

The world largest Fintech Festival also saw historical exchanges among Singapore and other countries such as the launch of API Exchange (APIX) with India; the technology will enable 2 billion people to gain access to banking facilitaties that were previously unavailable. Thus, the implementation of APIX would promote financial inclusion in 23 countries. Brad Garlinghouse, Ripple’s CEO, attended SFF and said:

“This clear regulatory environment makes it easier to apply blockchain and digital asset technology to solve real-world business use cases, such as improving cross-border payments across the ASEAN region. The East Asian markets received $130 billion in inbound remittance payments last year alone. They are expensive, and the market is ripe for adoption of new technology, like blockchain, to drive costs dramatically lower.”

One of the most important procession of the event was the signing of MOU(s) between MAS, Bahrain, IDB Group and other financial intermediaries. For instance, Inter-American Development Bank Group and Singapore have inked an agreement to boost inclusion in financial services.

MAS has introduced initiatives such as FEAT on the sideline of the event. In the use of artificial intelligence (AI) and data analytics in finance, FEAT is a set of principles used to promote fairness, ethics, accountability and transparency.

What is the basis of digitalisation? The answer is simple – connectivity. Business sans Borders is an initiative designed by MAS, IMDA, and six private sector partners to create a Proof of Concept (POC) for hybrid business data and digital solutions hub.

Security Token (STO) – a token with similar attributes of a company shares- is the new buzzword of the crypto-universe. Many firms and investors have since abandoned the idea of Initial Coin Offerings (ICO), to explore the safer haven. If you are a genuine company seeking to launch STO, Sandbox Express will be an alluring option. This initiative aims to enable firms to conduct regulated activities and embark on experiments more quickly; bypassing existing sandbox application and approval process.

According to a press release by MAS, the two requirements of assessments are:

• technological innovativeness of the financial service, and
• fitness and propriety of the applicant’s key stakeholders.

The applications will be fast-tracked, with approval decisions granted within 21 days. An approved pre-defined sandbox entity will be required to submit periodic progress reports to MAS as well as ensure that the pre-defined sandbox expectations are well adhered.

Apart from the main activities, SFF 2018 has a launched a new segment, MATCH (Meet ASEAN’s Talents and Champions) – a ‘tinder’ for deal-making between venture capitals and technology companies. MATCH has already generated more than 17,000 matches between 380 participating investors and 840 enterprises. As stated in a press release by MAS, ‘these initiatives are complemented by other efforts to grow the local talent pool while providing flexibility on the hiring of foreign specialists in the PE and venture capital (VC) industry. In addition, the introduction of the Venture Capital Investment Model Agreements (VIMA)2 for early stage VC transactions. The VIMA will enable deal and cost efficiencies through a set of standardised and easily accessible documents that investors and enterprises can use and adapt.’

Innovation Lab Crawl, a sub-segment of SFF – witnessed 32 innovation labs unveiling their latest technology to over 10,000 visitors. Lastly, Global FinTech Hackcelerator that showcased cutting-edge technology of the future.

It is no doubt that the Singapore Fintech Festival 2018 has become the fiesta of the year with positive feedback from the exhibitors.

Zoe Fang, Analyst of AMTD Group, said, “While exhibiting at Singapore Fintech Festival, we were able to meet executives and students from around the region, and many meaningful conversations on the outlook of FinTech was struck. We are hoping to come back again next year.”

Ian Simpson, Chair of the Crypto Valley Association (CVA) Communications Working Group, said,

“We see many similarities between Switzerland and Singapore with a strong focus on banking, innovation, and blockchain technology. The quality of attendees and exhibitors reflected the fact that Singapore is a hub for Southeast Asia, much like Switzerland as a blockchain hub the heart of Europe. Most importantly, at the festival, there was a high level of energy and a desire to learn across the board.”

The main takeaway – the implementation of digital assets and blockchain will boost financial inclusion and improve lives

SAP, one of the founders of Sustainability Assurance & Innovation Alliance (SUSTAIN) is developing the Sustainable Palm Oil Blockchain Network (SPOBN) to improve the lives of agriculture in the supply chain.

James Veale, VP of Agri-Business from SAP told Block Asia:

“The biggest challenge in palm oil sustainability is traceability. We already know which palm fresh fruit bunch (FFB) farmers have registered sustainable blocks, we know all the touch points along the supply chain from the farm gate to mill to end customer. The challenge we find is that all the information that makes up the traceability record sits in multiple siloed systems across the supply chain. This makes it hard to have a complete picture of FFB provenance and hence prove palm oil sustainability credentials.

To ensure traceability, SPOBN which uses the distributed ledger of blockchain to track traceability across the entire supply network, from farm gate to consumer.

With an initial rollout planned for the second quarter of 2019, SAP and our partners are excited by this initiative which use the power of blockchain to bring a step change to palm oil sustainability.”

Furthermore, Christine Lagarde has mentioned that the banks were not in a rush to serve the unbank and digital assets ‘offers great promise, through its ability to reach people and businesses in remote and marginalised regions.’ Therefore, we can look forward to financial inclusion as one of the primary outcomes from FinTech.

The successful conclusion of the event could be summed up with a quote by Christine Lagarde:

“Technology will change, and so must we. Lest we remain the last leaf on a dead branch, the others have decided to fly with the wind. Singapore knows this. You know this. It is the true spirit of the Fintech Festival—opening doors to new digital futures; hoisting sails to the winds of change.”

huixian@bitcoinlinux.com

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Author: Summer Chan

Singapore – More than 25 innovation labs open their doors for visitors to witness the growth of technology products and solutions showcased. The labs have also provided networking opportunities for start-ups and innovators to meet.

PayPal Innovation Lab: We build a strong culture of innovation by celebrating varied perspectives

PayPal has announced a series of new tech initiatives at its Innovation Lab Crawl during the Singapore FinTech Festival, underlining its commitment to democratize financial services and empower people and businesses to join and thrive in the global economy.

In 2019, the company plans to expand its PayPal Incubator programme by adjusting the length of each incubation programme from nine to five months. This effectively adjusts the capacity of the programme to allow for more start-ups and is in line with the company’s plans to incubate 10 fintech start-ups in the coming year. One of the renowned start-up going through the programme is Rate3, a Singapore-based blockchain network that aim to help companies tokenise their assets.

“As we embark on the third run of the programme, our immediate priority is to keep our innovation incubator programme running successfully for the long-term, given the ever-evolving innovation landscape in the region and globally,” said Jerry Tso, Director of PayPal’s Singapore Development Centre.

The company announced a blockchain-based initiative – WOW – to encourage innovation from within PayPal. Currently launched in PayPal’s corporate headquarters in San Jose, California, the initiative is a reward system where employees with innovative ideas are granted tokens which they can then use to redeem various in-house rewards.

“As we actively seek to drive innovation through close collaborations with players in the wider ecosystem, we want to build a strong culture of innovation from within PayPal too. Our employees are integral to the development of our innovation offering. WOW creates an environment where employees are encouraged to think creatively and innovatively, and where employees are celebrated for their varied perspectives and ideas,” shared Michael Todasco, director of PayPal’s San Jose Innovation Lab.

LongHash Innovation Crawl: We accelerate the development of blockchain technology

LongHash, a global blockchain incubator and early-stage investor, took part in the Singapore Fintech Festival 2018. As the only blockchain specialist in the innovation lab crawl series, LongHash showcased 5 projects with real-life blockchain use cases from their network.

The 2 sessions held at Science Park Drive attracted a crowd from various industries. Apart from the presentations, the audience also witnessed first-hand live demos of products utilising blockchain technology, such as a decentralized market place, merchant payment solutions with cryptocurrency, a platform to combat fake news and solutions to unlock livestock value for the underbanked population.

CEO of LongHash Singapore, Emma Cui said “We are proud to be part of Singapore Fintech Festival’s innovation lab crawl as the only blockchain dedicated incubator. We are seeing more and more real-life applications powered by blockchain technology and the current challenge is in promoting mass adoption. We want to build a platform that accelerates the understanding and development of blockchain technology.”

hello@bitcoinlinux.com

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Author: Hui Xian

Speculative trading is well known as the zero-sum game; a person’s gain is from another’s loss. In the universe of cryptocurrencies, traders constantly engage in speculative trading. However, due to the lack of regulations, traders can manipulate the trading market and cause significant loss to new traders.

To help traders combat the spoofs, bthub and Quantwork offer interactive trading tools such as quantitative analytics and liquidity aggregation engine.

Pump & Dump Executives

The most common type of spoof traders is the pump & dump (P&D) group executives. After amassing a large volume of altcoins, they artificially inflate the virtual assets price by spreading ‘pump’ or ‘buy’ signal in the Telegram groups. They tend to spread false indicators like ‘new partnership announcement’ or even insider news to create a fallacy that the altcoin will become the next Bitcoin.

As the prices of the altcoins become as high as the ‘tall tale’ spin, the P&D executives start to sell the coin off to gain higher profits; this is otherwise known as the dump. During the process of dumping, the overvalued coin begins to lose its value and becomes worthless in a matter of hours. Thus, the slowest players tend to lose out the most in P&D games.

How should traders protect themselves from falling into the trap of P&D?

Quantwork utilises quantitative analysis to design and implement sophisticated financial models that allow traders to determine the trends, price and value of the coin. The QuantWork backtesting engine allows users to apply trading strategies to historical data – collected from top 3 exchanges-  and measure the efficiency of the tactic in predicting actual results. The official strategies are free to use and thus newbie-friendly. Quantwork offers the investor a calculated approach towards investment. With the ability to foretell future trends, traders can allocate their investment more efficiently.

“Quantwork allows copy trading and users don’t have to worry about coding at all,” Alan Wu, the senior product manager of Quantwork said.

The Whale

Another group of traders that can manipulate the market in a colossal manner is called ‘the whale’. Just like the unicorn, the whales have never been seen and apprehended, but they are to blame for the large market swings. In 2013, it was reported that one single entity was responsible for driving the price of Bitcoin from $150 to $1000 in two months. Being the big fish in the water, the actions of the whales send ripples in the cryptocurrency market.

How to avoid falling victim to the whale’s manipulation?

bthub provides liquidity aggregation engine for traders to match and trade at the most optimal price. The engine aggregates the market depth and helps traders to obtain better ask and bid price among the partnered exchanges. Traders will not have to go through the tedious process of cross-checking multiple exchanges for the bid/ask price of the coin as bthub will automatically shortlist the best price for you.

However, the best price feeds are worth nothing if the aggregator could not handle the update frequency. Through the use of smart order routing, the hedging orders are being automatically matched and executed at the targeted price and in milliseconds. With the use of bthub, traders can avoid falling victim to the massive swings in the market by reacting swiftly.

The bthub brand conference is hosted by BitTemple Singapore. 

huixian@bitcoinlinux.com

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VMware, Inc. (NYSE: VMW), often referred to as the ‘king of cloud’ and a leading innovator in enterprise technology, is enabling its distributed ledger multi-cloud platform to deliver blockchain-as-a-service.

vFORUM 2018 – Singapore Edition

On October 4, 2018, vFORUM was held at the most iconic building in Singapore, Marina Bay Sands Convention Centre. The event presented cutting-edge technologies in network security and drew the attention of tech enthusiasts and enterprises worldwide.

To help banks and FSIs strike a balance between innovation and scalability, VMware announced new advancements to help customers implement a more secure, end-to-end software-based network architecture, a Virtual Cloud Network (VCN), that will enable pervasive connectivity and intrinsic security for hyper-distributed apps and data, regardless of the cloud environment.

Banks, FSIs and businesses that put agility, innovation and security at the core stand to benefit from the VCN by unlocking value from current networking technologies, significantly reducing network complexity, and redefining network security.

In late August, VMware launched Project Concord, a permissioned blockchain platform that can address the Byzantine Fault. Mr Mike DiPetrillio, Senior Director of Blockchain at VMware, cautioned on overselling the concept of blockchain such as resolving world hunger and narrowed its benefits down to five applicable use cases:

• Guaranteed and verified data dissemination, e.g. information embargo
• Asset and product tracking, e.g. food tracking
• Asset transfer, e.g. payment and deed transfer
• Certified claims, e.g. background checks
• A combination of the use cases, e.g. supply chain

In this new technology paradigm, VMware not only focuses on optimising cost for enterprises but also helps enterprises to reach business advancement with innovative tools. The permissioned blockchain is built with Byzantine Fault Tolerance (BFT) through simplifying and streamlining communication between nodes.

Consequently, Project Concord enables scalability and overall network throughput. As compared to other BFT platforms that support up to eight nodes, VMware can support 200 WAN nodes, and reach network latency of 600 milliseconds. With high scalability, Project Concord is able to support operations of enterprises.

Project Concord is also an open sourced and energy efficient engine. Thus, customers do not have to break the bank on energy cost as mining takes lesser time to execute. The permissioned blockchain allows firms to utilise multi-blockchain management such as Hyperledger and Quorum. Mr Bruce Davie, VMware’s Vice President & Chief Technology Officer of APAC & Japan said:

“We unlocked the possibilities of technology by allowing customers to utilise other networks such as Amazon Web Services (AWS). Hence, customers can accelerate micro-segmentation planning and deployment.”

Let’s get nerdy

The hybrid cloud-native application architecture integrates blockchain node with the functionalities of private cloud. In addition, the developer-ready infrastructure includes application, PKS/VIOK, PAS & Dispatch, vRealise Suite/VIO, vSphere Suite and vxRail/vxRack. Other applications that could leverage blockchain are: integrating monolith and blockchain data to retrieve data on blockchain; completely decentralised applications such as Web3.

“However, the main hurdle of deploying the blockchain architecture on enterprise is the lack of mature DevOps,” Mr Mike concluded on the highlights of the current industry landscape.

Mike deep dived into the sophisticated blockchain service architecture of the future and presented a chart of deployment models and integration results. One of the examples is the birth of off-chain storage through a combination of private cloud, data centre service and blockchain-as-a-service.

How would the hybrid of cloud and blockchain services affect the financial institutions?

The hybrid of cloud and blockchain services can transform the financial services by countering fraudulent activities. Blockchain offers a common plane of data and is tamper-proof. Thus, it is a framework for establishing trust between multiple institutions. Moreover, cloud services compliment the blockchain as an online storage vault. This enables banks and financial institutions to get an accurate overview of information flow such as establishing account ownership and fending off money laundering attempts.  With regards to the future developments of VMware, Mr Bruce said, “VMware is actively researching and designing products in partnership with financial services customers that reduce fraud for a variety of potential use cases.”

Photo Credits: vFORUM 2018

huixian@bitcoinlinux.com

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Author: Hui Xian

Have you ever wondered what happens to the medical records poached? The poachers of your medical records will sell it on darknet – the dangerous deep web where crimes take place. A full medical record with bank and insurance details can easily fetch up to US$1000. Veracode, a Boston software security firm, conducted a test and found that the security of health care application is under-performing compared to other industry.

Without appropriate containment, the security breach in healthcare system spread globally like an ‘infectious virus’. Med-H aims to be the cure for the ‘infectious virus’ by using cutting-edge Blockchain technology; it can protect data from being hacked, harvest, tampered or even misused. Another important feature Med-H is the transfer of medical data autonomy back to the patient.

In 2018, SingHealth, one of the major healthcare provider in Singapore suffers the worst cyber-attack in history; more than 1.5 million patients’ records were stolen, including Prime Minister of the state, Lee Hsien Loong. Regarding the implementation of security protocols, healthcare has lagged far behind financial services. Identity thieves could use the medical records to falsify insurance claims and claim the cheque on behalf of the real beneficiary. Moreover, they could fake as the patient to get prescriptions. This could lead to social problems such as misuse of drugs and promotion of illegal drugs market. However, electronic health records are the future of medical care.

Med-H addresses the issue with the main feature of blockchain: immutability. The medical records become tampered-proof once added into the system; when records become un-editable, hackers would not be able to steal the identity and commit insurance fraud. What’s more? Two-factor authentication provided added security when accessing and sharing the medical data. The user can choose when to share specific medical records to the preferred provider.

During Med-H’s presentation at Unchained SAFRA, one of the attendees asked, “What happens during an emergency protocol? How do I provide 2-factor authentications when I’m in the jaws of death?”

“Vital information such as blood type, allergies, and emergency contact can be accessed without a code,” Mr Andy Tang, COO of Med-H, replied. “Thus, emergency treatment will be administered without delay.”

The clinical records from over 6 million patients that is easily accessible become an attractive and easy target for hackers.

“Seeing the lack of security protocols worldwide, Med-H wants to shake up the competition in medical security industry and secure the medical records of the patients,” Mr Verner Alvar, the CEO of Med-H says. “We believe that Med-H can balance the needs of the market and provide solutions for both consumers and businesses.”

What can be worse than being sick? Being hacked. Secure your medical records with Med-H today.

huixian@bitcoinlinux.com

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South Korea, 8th October 2018 – Ground X, the blockchain subsidiary of the leading South Korean mobile platform, Kakao, led by CEO Jason Han, has announced the launch of the Testnet version of Klaytn to its partners, along with the publication of a position paper highlighting Klaytn’s technical architecture and direction on the official homepage.

Focus on improving UX (user experience) / DX (developer experience) environment and conveying the value of blockchain technology

Klaytn UX seeks to improve the inconvenience of UX in existing blockchain platforms by allowing end-users to experience blockchain technology in the most seamless way. The streamlined Klaytn UX eliminates the traditional inconveniences such as wallets, private keys, and cryptograph addresses in order to lower the barriers to blockchain technology for end-users.

Klaytn is distinctive for its enhanced speed and for the performance of the dApps (decentralized applications), which are readily available for mass users. The Testnet block interval has been shortened to less than one second with up to 1,500 TPS (transactions per second) – an impressive statistic made even more so by the fact that the same interval would take an hour for Bitcoin and several minutes for Ethereum.

Klaytn also separates CNs (consensus nodes) and RNs (ranger nodes) to divide roles so that consensus and block replication are performed efficiently. CNs, which are comprised of service providers, are accountable for works requiring high responsibility and consensus, while RNs download newly created blocks that do not require consensus.

To provide a friendly developer environment, Klaytn features tutorials and toolkits for blockchain-based service development. The toolkits include Klaytn Wallet, which allows users to safely guard and transfer their tokens created on Klaytn; KlaytnScope, which lets users monitor all activities on Klaytn, including block creation and transaction; and BLASQ, the incentivized blockchain coworking community where users’ blockchain-related questions and answers are rewarded with tokens.

Ground X plans to continuously foster BLASQ as a blockchain community service where developers can collaborate and operate within the healthy Klaytn ecosystem. Additionally, Ground X will enhance Klaytn Wallet and KlaytnScope so that all of the operating services and data are made transparent to users for fair competition in the market. Subsequently, Ground X will further improve the existing services and continue introducing new toolkits that can efficiently utilize blockchain technology for new services.

Ground X seeks to advance its platform so that the companies providing dApps for mass adoption can use Klaytn to transact data in a safe and transparent way, as well as extract and refine important data to operate services.

Klaytn invites service providers to register for Klaytn Testnet consideration

The name Klaytn comes from Ground X’s mission to serve as a ‘playground,’ through which blockchain developers can research and communicate freely. With this in mind, Klaytn combines the words ‘clay’ and ‘stone,’ which are the main components of the ground. The platform’s tokens are called Klay, and the first Klaytn Testnet is named Aspen, after the symbolic pine tree. Continuing this theme, future Testnet versions will all be named after trees.

Klaytn Testnet is currently open to approximately 10 partners in Korea and around the world, consisting of leading firms from various industries including entertainment, gaming, social media, video streaming, and finance. Any service providers and developers interested in using Klaytn Testnet can register on the official Klaytn homepage, and a selection of additional providers will be made after the initial screening.

Ground X plans to extend the Klaytn Testnet operation exclusively to partners and selected providers at this time. It will share its source code to the public at a later date, and the Klaytn Mainnet will launch in Q1 of 2019.

“The popularization of blockchain means that it’s imperative to provide a practical blockchain service for mass adoption that validates the value and utility of blockchain technology. In order to achieve this, Ground X has designed Klaytn so that it can provide an easy and friendly ecosystem for users, service providers, and developers all at the same time,” said Jason Han, CEO of Ground X.

Klaytn plans to hold its very first meetup for Bay Area -and Silicon Valley- based developers and service providers on October 10th in San Francisco, California during San Francisco Blockchain Week. At this meetup, the Klaytn Testnet will be showcased. To register for this free event, visit https://helloklaytnsf.eventbrite.com.

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